Home Prices Are Expected To Climb Moderately
As we move into the latter half of 2024, home prices are expected to rise at a more moderate pace. This continued appreciation is largely due to the persistent low supply of homes for sale. Although inventory has increased compared to recent years, it remains insufficient to meet demand, keeping upward pressure on prices.
For potential buyers, this means prices won’t skyrocket like they did during the pandemic, but they will continue to climb steadily. Acting sooner rather than later could save you money in the long run, with the added assurance that your home’s value will appreciate after purchase.
Mortgage Rates Are Forecast To Come Down Slightly
Good news for both buyers and sellers: mortgage rates are expected to decrease slightly. Even a small drop in rates can significantly lower monthly payments for buyers, making homeownership more affordable. For sellers, lower rates can attract more buyers to the market, helping you sell faster and potentially at a higher price. If you’ve been hesitant to sell due to current rates, this forecast might just be the nudge you need.
Home Sales Are Projected To Hold Steady
Home sales in 2024 are projected to remain steady or even increase slightly compared to last year. With forecasts predicting around 5 million sales, this marks a small rise from 2023. Factors such as job gains, stable mortgage rates, and the release of inventory from homeowners who previously held back are expected to drive this increase.
More inventory and lower mortgage rates mean more opportunities for buyers and sellers alike. Let’s work together to ensure you’re part of this positive market movement.
Bottom Line
Have questions or need help navigating the current market? Reach out to us at Brenner | Hill. We’re here to help you make the most of these trends and find the perfect home or the right buyer.
