If you are thinking about buying or selling a home soon, you probably want to know what to expect from the housing market in 2024. The good news is that many experts are optimistic we have turned a corner.
Mortgage Rates Expected To Ease
Recently, mortgage rates have started to come back down, offering hope to buyers dealing with affordability challenges.
“Mortgage rates have already retreated from recent peaks near 8 percent and may fall further.” — Mark Fleming, Chief Economist at First American
“For home buyers who have been wary of the autumn rise in mortgage rates, the market is turning more favorable, and there should be optimism entering 2024.” — Jessica Lautz, NAR
The Supply of Homes for Sale May Grow
As rates ease, activity in the housing market should pick up because more buyers and sellers who have been holding off will jump back into action.
Home price growth is expected to moderate as inventory improves. On average, experts anticipate home price growth of 2.4% in 2024, followed by 2.7% in 2025.
Bottom Line
Experts are optimistic about what 2024 holds. Let us connect with HTX Realty Group to ensure you are up to date on the latest forecasts.