HOUSING MARKET PREDICTIONS FOR 2024

by Heather Meyers

Housing Market Predictions For 2024: When Will Home Prices Be Affordable Again? 😱 Mortgage rates for hopeful home buyers have decreased during the holiday season, dropping over half a percent since late October, reaching an average of 6.95% for a 30-year fixed rate, as reported by Freddie Mac. This marks the seventh consecutive week of rate declines. However, the persistently high mortgage rates, coupled with elevated home prices and a shortage of housing stock, create challenges for aspiring homeowners, particularly first-time buyers, who are increasingly pessimistic about their ability to afford a home as we approach 2024.

🏡Housing Market Forecast for 2024 In 2023, aspiring home buyers faced challenges with surging mortgage rates, reaching a high of 7.79%, and median home prices exceeding $400,000 in the third quarter. Average monthly payments in July hit a record $2,306. However, 2024 may offer some relief as experts anticipate softened home prices in certain areas, and the Federal Reserve signals a potential end to its rate-hiking campaign due to slowing inflation. Despite these positive signs, affordability issues are expected to persist in 2024, driven by pent-up demand, low inventory, and the continuation of elevated mortgage rates until the Fed enacts cuts to the federal funds rate. In 2024, potential homebuyers may find a more favorable market compared to the challenges of 2023. Buying a home this 2024? Let's talk about it! Message me for a free consultation.