Wondering what the 2024 housing market might bring for homebuyers? Sharing the latest 2024 forecast from Housingwire:
Mortgage rates: While rates reached more than a two-decade high in 2023, they cooled at the end of the year. Expect them to settle between 6% and 6.5% in 2024. This is higher than pandemic levels but lower than 2023 peaks.
Home sales: The number of home sales is predicted to pick up in 2024 but will still be below average due to ongoing uncertainties in the economy and the housing market.
Home prices: The direction of home prices depends on market dynamics. If sellers enter the market before first-time buyers, expect a modest dip in prices early in the year. If buyers enter first, it will be a competitive market with rising prices. However, any price drop is likely to be short-lived due to low inventory levels.
Inventory: Inventory will increase somewhat in 2024, but it will still be low largely due to demographic factors, such as Baby Boomers staying in their homes longer and fewer homes available for downsizing.
Renting: Rental deals may be more attractive than buying in the early part of 2024 due to new apartment constructions and rent declines. Nonetheless, the demand for homeownership remains strong among millennials, a group that’s underrepresented in current homeownership statistics.
Thinking about buying this year? Send me a message, and I’ll send you my Buying Guide. It lays out what you can realistically expect when you're ready to take the leap.
Source: Here's what you can expect from the 2024 housing market - HousingWire