2024 HOUSING PREDICTIONS!
What are the experts predicting for the 2024 housing market?
Here are some anticipated trends and developments we can expect to see in the upcoming year. Many experts predict that home prices will continue to rise in 2024 at a slightly slower pace compared to previous years. According to National Association of Realtors Chief Economist Lawrence Yun: Home prices are expected to increase by around 3-4% in 2024. Inventory levels are likely to remain below what we as agents deem a balanced market, but should be at higher levels than in 2023.
All eyes will remain on mortgage rates as we have seen the gradual increases over 2023. Forecasters are predicting interest rates to see a slight decline. Buyers will have more financial flexibility to purchase homes at higher prices and this could generate more housing demand. Sellers will also be in a better position to list their homes and find replacement properties. As always, these are predictions and the real estate market continues to remain volatile.
If you would like to know what’s happening in your local area with pricing, demand, and inventory, please reach out to my team and I so we can help assist and guide you through this ever-changing market.
Whether you want to sell your existing home, buy your first home, upsize, downsize, purchase a vacation home, or just talk about options, a real estate professional is your best source for information based on current trends in our area. If you're interested in learning more about the 2023 real estate forecast, don't hesitate to reach out - we're happy to help!