2024 Housing Market Analysis | YCRG's Comprehensive Real Estate Forecast

As we approach the new year, gaining a clear perspective on what 2024 holds is essential, especially if you’re considering buying or selling a house. The expert projections for the housing market may surprise you – in a good way. Let’s dig into the specifics.

Expected Continuous Home Price Appreciation

Close examination of recent home price forecasts from reputable sources such as Fannie Mae, the Mortgage Bankers Association (MBA), and the principle will continue influencing price trends into the new year.

While 2024 is expected to exhibit a slower price growth rate than 2023, it’s crucial to remember that home price appreciation accumulates over time. Continuous year-on-year growth is a core reason for owning a home being a profitable long-term investment.

Increase in Sales Predicted

National Association of Realtors (NAR) reveals some interesting trends. The collected data suggests an approximate average increase of about 2.8% in prices by the end of this year and a further rise of 1.5% by the end of 2024.

Despite the common assumption of a market crash this year, house prices have steadily increased. The primary reason for this is the prevalent scarcity of houses compared to the high demand by potential buyers. This supply and demand economic principle will continue influencing price trends into the new year.

While 2024 is expected to exhibit a slower price growth rate than 2023, it’s crucial to remember that home price appreciation accumulates over time. Continuous year-on-year growth is a core reason for owning a home being a profitable long-term investment.

Increase in Sales Predicted

Although 2023 saw a lower home sales volume than previous years, experts predict more trading activity in 2024. This increased activity is an encouraging sign for buyers and sellers as it offers more options and opportunities. Regardless of market conditions, people will continue to move due to life events – job changes, childbirth, marriage, or divorce.

Final Thoughts

Knowledge of market trends is invaluable when considering major decisions like buying or selling a house. Stay updated with the latest forecasts and make the most informed choices possible. Engage with one of our local real estate agent to discuss these forecasts and create a plan tailored to your circumstances.