WHATS ON THE HORIZON FOR THE 2024 HOUSING MARKET?
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 as a balanced market, but should be at higher levels than we’ve seen in 2023.
All eyes will remain on mortgage rates as we have witnessed gradual increases over the course of this year. Forecasters are predicting interest rates will decline, however, slightly. Buyers will have more financial flexibility to purchase homes, although at higher prices, and this could generate more demand for housing. Sellers will also be in a better position to list their homes and find their next home, more easily that we have seen, over the past couple of year, as there will likely be more inventory in 2024, and that is a good thing!
As always, these are predictions and the real estate market continues to remain volatile. If you would like to know what is 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. If you would like to know more about your home value and equity in your home, feel free to reach out to my team and I at so we can get you accurate information on your home value and the equity you may have.
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!