Welcome to 2024! What can we expect?
Are the higher prices going away in 2024?
The last 12+ months has created pent up demand that is likely to lead to an increase in activity in 2024. Many sellers who have been waiting likely can't wait much longer and will need to list their homes for sale. Interest rates are expected to come down some by spring and more buyers should return to the market with increased purchasing power. All this should lead to more activity and a small level of appreciation in home sale prices. Nationally most organizations including Freddie Mae, Mortgage Bankers Association, National Association of Realtors, and Realtor.com predict approximately a 1-5% rise in sale prices by end of 2024.
An important note is we are starting the year with three months of inventory. Six months of inventory puts us at a neutral market, so we are still technically in a sellers market even though inventory continues to rise making homes stay on the market for longer periods of time than we've seen in the past two years.
