2024 Real Estate Market Forecast: Insights from Krista Klause

As we move into the second half of 2024, here's what experts predict for home prices, mortgage rates, and home sales. 🌟

Home Prices Are Expected To Climb Moderately 📈

Home prices are forecasted to rise at a more normal pace. Despite increased inventory compared to the last few years, overall supply remains low. Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), says:

"One thing that seems to be pretty solid is that home prices are going to continue to go up, and the reason is that we don’t have housing inventory."

While you won't face the skyrocketing prices seen during the pandemic, prices will still climb, albeit more slowly. This means getting into the market sooner could save you money in the long run, and you can feel confident that your home will appreciate in value. 🏠

Mortgage Rates Are Forecast To Come Down Slightly 📉

Good news for buyers and sellers alike: mortgage rates are expected to dip slightly. According to Fannie Mae, the Mortgage Bankers Association (MBA), and NAR, even a small decrease in mortgage rates can significantly lower your monthly payments.

For sellers, lower rates will attract more buyers, helping you sell faster and possibly at a higher price. It might also help you decide to sell if you've been hesitant due to current rates. 📊

Home Sales Are Projected To Hold Steady 🔄

In 2024, the number of home sales is expected to be about the same as last year, with a slight increase possible. The average forecast from Fannie Mae, MBA, and NAR predicts around 5 million sales in 2024, up from 4.8 million in 2023.

Lawrence Yun, Chief Economist at NAR, explains:

"Job gains, steady mortgage rates, and the release of inventory from pent-up home sellers will lead to more sales."

With more inventory available and mortgage rates expected to decrease, we can anticipate a few more homes sold this year, allowing more people to move. Let’s work together to ensure you’re one of them. 🏘️

Bottom Line

If you have any questions or need help navigating the market, reach out to a local real estate agent. For personalized advice and expert guidance, contact Krista Klause, your trusted realtor. 🌟