Leave a Message

Thank you for your message. We will be in touch with you shortly.

Expert Quotes on the 2024 Housing Market Forecast

December 19, 2023

Real Estate Tips

Expert Quotes on the 2024 Housing Market Forecast

If you’re thinking about buying or selling a home soon, you probably want to know what you can expect from the housing market in 2024. In 2023, higher mortgage rates, confusion over home price headlines, and a lack of homes for sale created some challenges for buyers and sellers looking to make a move. But what’s on the horizon for the new year?

The good news is, many experts are optimistic we’ve turned a corner and are headed in a positive direction.

Mortgage Rates Expected To Ease

Recently, mortgage rates have started to come back down. This has offered hope to buyers dealing with affordability challenges. Mark Fleming, Chief Economist at First Americanexplains how they may continue to drop:

Mortgage rates have already retreated from recent peaks near 8 percent and may fall further . . .

Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), says:

“For home buyers who are taking on a mortgage to purchase a home and have been wary of the autumn rise in mortgage rates, the market is turning more favorable, and there should be optimism entering 2024 for a better market.”

The Supply of Homes for Sale May Grow

As rates ease, activity in the housing market should pick up because more buyers and sellers who had been holding off will jump back into action. If more sellers list, the supply of homes for sale will grow – a trend we’ve already started to see this year. Lisa Sturtevant, Chief Economist at Bright MLSsays:

Supply will loosen up in 2024. Even homeowners who have been characterized as being ‘locked in’ to low rates will increasingly find that changing family and financial circumstances will lead to more moves and more new listings over the course of the year, particularly as rates move closer to 6.5%.”

Home Price Growth Should Moderate

And mortgage rates pulling back isn’t the only positive sign for affordabilityHome price growth is expected to moderate too, as inventory improves but is still low overall. As the Home Price Expectation Survey (HPES) from Fannie Mae, a survey of over 100 economists, investment strategists, and housing market analysts, says:

“On average, the panel anticipates home price growth to clock in at 5.9% in 2023, to be followed by slower growth in 2024 and 2025 of 2.4 percent and 2.7 percent, respectively.” 

To wrap it up, experts project 2024 will be a better year for the housing market. So, if you’re thinking about making a move next year, know that early signs show we’re turning a corner. As Mike Simonsen, President and Founder of Altos Researchputs it:

“We’re going into 2024 with slight home-price gains, somewhat easing inventory constraints, slightly increasing transaction volume . . . All in all, things are looking up for the U.S. housing market in 2024.”

Bottom Line

Experts are optimistic about what 2024 holds for the housing market. If you’re looking to buy or sell a home in the new year, the best way to ensure you’re up to date on the latest forecasts is to partner with a trusted real estate agent. 

 

Expert Quotes on the 2024 Housing Market Forecast." Keeping Current Matters, 19 Dec. 2023, www.keepingcurrentmatters.com/2023/12/19/expert-quotes-on-the-2024-housing-market-forecast/.

Explore Our Other Blogs

Stay Updated On Our Most Recent Blog Posts

Is Your San Jose Property an Asset or a Liability? A Realtor’s Portfolio Review for Evergreen & Silver Creek

Real Estate

Is Your San Jose Property an Asset or a Liability? A Realtor’s Portfolio Review for Evergreen & Silver Creek

Brian Ng  |  June 13, 2025

Is Your San Jose Property an Asset or a Liability? A Realtor’s Portfolio Review for Evergreen & Silver Creek
Smart Start for First-Time San Jose Investors: Top 3 Fears & How a Local Realtor Guides You

Real Estate

Smart Start for First-Time San Jose Investors: Top 3 Fears & How a Local Realtor Guides You

Thao Dang Pham  |  June 12, 2025

Smart Start for First-Time San Jose Investors: Top 3 Fears & How a Local Realtor Guides You
Best San Jose Neighborhoods for Families: Top Schools, Safety & Community Guide

Buyer's Real Estate Tips

Best San Jose Neighborhoods for Families: Top Schools, Safety & Community Guide

Brian Ng  |  June 11, 2025

Best San Jose Neighborhoods for Families: Top Schools, Safety & Community Guide
Beyond the Sale: How a Trusted Realtor Safeguards Your San Jose Real Estate Investments

Seller's Real Estate Tips

Beyond the Sale: How a Trusted Realtor Safeguards Your San Jose Real Estate Investments

Thao Dang Pham  |  June 10, 2025

Beyond the Sale: How a Trusted Realtor Safeguards Your San Jose Real Estate Investments
Feeling Stuck in San Jose Real Estate? A Realtor’s Roadmap for Undecided Buyers, Sellers & Investors in Evergreen & Silver Creek

Real Estate

Feeling Stuck in San Jose Real Estate? A Realtor’s Roadmap for Undecided Buyers, Sellers & Investors in Evergreen & Silver Creek

Brian Ng  |  June 9, 2025

Feeling Stuck in San Jose Real Estate? A Realtor’s Roadmap for Undecided Buyers, Sellers & Investors in Evergreen & Silver Creek
Buying your first home on a budget? Get smart tips for first-time buyers in San Jose, from financing to finding affordable homes. | Block Change Real Estate

Buyer's Real Estate Tips

Top Tips for First-Time Home Buyers on a Tight Budget

Thao Dang Pham  |  June 6, 2025

Top Tips for First-Time Home Buyers on a Tight Budget

Let's Talk

You’ve got questions and we can’t wait to answer them.

FOLLOW US ON INSTAGRAM