The Latest 2024 Housing Market Forecast

As we head into the new year, you might be wondering if it's a good time to buy or sell a home in 2024. To help you decide, let's check out what the housing market experts are saying. And guess what? The forecasts are looking better than you might think. Here's the lowdown.

Home Prices: Still on the Rise

According to folks at Fannie Mae, the Mortgage Bankers Association (MBA), and the National Association of Realtors (NAR), home prices are expected to end this year up by about 2.8%. And wait for it – they're likely to go up another 1.5% by the end of 2024. That's pretty good news considering some folks were worried prices might take a nosedive this year.

The reason prices didn't plummet? Well, there just weren't enough homes for sale compared to the number of people wanting to buy. It's like a classic supply and demand situation. And that shortage is still hanging around, pushing prices up as we roll into the new year.

Looking ahead, the experts think home prices will keep going up next year, though maybe not as much as in 2023. But here's the thing – even if the increase isn't as big, it adds up over time. So, if the experts are right, your home's value could go up by 2.8% this year and another 1.5% next year. That's one of the reasons why owning a home can be a smart move in the long run.

More Sales on the Horizon

2023 didn't see a ton of home sales compared to usual, but the experts are predicting a bit more action in 2024. Take a look at what these three groups are projecting for this year and the next:

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While the forecast is for a slight increase in total sales, it's still good news for the housing market and for folks like you who might be buying or selling. More people moving around means more options for buyers looking for a new place.

In a nutshell, the housing market is expected to pick up in 2024. People will always be on the move for various reasons like new jobs, growing families, marriages, or divorces. These life changes will keep the housing market active next year and beyond. And if mortgage rates drop, we might see even more action in the market.

Wrapping it Up

If you're thinking about making a move in the housing market, it's crucial to know what the experts are saying about the future. Being in the loop lets you make the best decision possible. So, let's talk about these forecasts together and come up with a plan for your next move!