Look into the Crystal Ball

2024 housing market predictions.

by MIKE HALL, Owner/Agent/Broker

While the experts can’t definitively tell us what the future holds, they can provide a prediction based on past and current market trends. Will changes in inventory or supply, mortgages rates, and home prices make housing more affordable in 2024? Unfortunately, unaffordability persists as the biggest issue for homebuyers.[1]

Let’s look at these factors.

 

Inventory

Inventory of existing homes for sale will continue to remain low. Current homeowners are unswayed to sell given their current low mortgage rates; thus sellers will maintain an advantage.[2] New housing starts have picked up slightly and will influence inventory, however, just not enough to make a large dent.[3] 

 

Mortgage rates

Mortgage rates have steadily declined since their peak of 7.79% in 2023.[4] Despite the decline, rates are still high compared to pre- and early pandemic years, so supply will remain low. These high rates are still dissuading buyers.[5]

 

Home prices

Home prices are likely to remain higher than pre-pandemic prices, despite cooling slightly from 2022 highs. Prices will also rise with appreciation and lack of inventory, making homebuying unaffordable for many.[6]

 

What other factors are affecting the market?[7]

  • Foreclosures: continue to remain low at 60% of pre-pandemic levels
  • Economy: low unemployment, wage growth, and declining inflation have strengthened the economy

Curious about navigating the 2024 housing market? Get ahead of the game and explore your options today! Whether you're a home buyer, seller, or looking for a rental property, our expert Red Edge agents are here to guide you through the market's twists and turns. Connect with us now to turn these predictions into opportunities and make your real estate goals a reality. Your dream home may be closer than you think!


[1] https://money.com/housing-market-forecast-2024/

[2] https://money.com/housing-market-forecast-2024/

[3] https://www.forbes.com/advisor/mortgages/real-estate/housing-market-predictions/

[4] https://www.forbes.com/advisor/mortgages/real-estate/housing-market-predictions/

[5] https://www.bankrate.com/real-estate/housing-market-2024/

[6] https://www.bankrate.com/real-estate/housing-market-2024/

[7] https://www.forbes.com/advisor/mortgages/real-estate/housing-market-predictions/

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