November 29, 2023
The Latest 2024 Housing Market Forecast
Will 2024 be the right time to buy or sell a home? To make the most logical decision possible, it’s important to know what experts are saying regarding the housing market, and it may sound better than what you’re thinking.
Experts Forecast Ongoing Home Price Appreciation
While many people believe that the prices will crash in 2024, the forecast predicts 2023 will end at about 2.8% appreciation overall, with another 1.5% increase predicted by the end of 2024. With the lack of housing inventory that we have faced all year, prices never did tumble in 2023, and the inventory crunch is still very real pushing prices upward. However, prices will likely not rise as much as they did in 2023. The good news for homeowners is that price appreciation is cumulative, stating that if the forecast is correct, your home value increased 2.8% this year, and will increase another 1.5% in 2024, which is exactly why owning a home is a great investment.
Projections Show Sales Should Increase Slightly Next Year
Even though we faced the challenge of low inventory this year, the amount of homes sold was quite low relative to more normal years in the past, stating that overall there were fewer buyers and sellers active in the market. In 2024 we can expect to see a slight increase in activity, which is a good sign for the housing market, and for buyers and sellers alike, however, it will not necessarily be normal by any means. We will see a larger increase in activity only if mortgage rates come down of course.
If you’re thinking about buying or selling, it’s important to know what the experts are forecasting for the housing market’s future. When you’re in the know about what’s ahead, you can make the most informed decision possible. SRG is always willing to discuss these forecasts together and craft a plan for your next move, don’t hesitate to reach out.