The 2024 Housing Market 

It is hard to predict what next year will be in the real estate market.  If we remain optimistic a modest economic growth, slightly increased unemployment, and a gradual decline in inflation would be ideal.  Mortgage interest rates will play a key role in 2024. 

Homes Prices

The COVID market and the uptick trend in home prices from 2020 to 2022 most likely will stop and prices will plateau or have a slight decline.  

Affordability will be a challenge and  the cost of purchasing a home will remained steep. 

Market Size 

With  mortgage interest rates remaining at a higher level compared with the 2020 - 2022 period, some sellers will have a high resistance to sell their homes, and therefore keeping the home supply on the low side and restricting the market size of houses for sale in 2024. We will always have the moves driven by necessity, such as job changes or downsizing, are likely to fuel home sales. 

Homebuyers Challenged

Nothing new on this front, the homebuyers have learned to navigate this real estate market and it will require patience and all the tools at their disposal to find the home of their dreams.

Posted by Vlad Dallenbach on
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