Housing Market Predictions for 2024

• Real Estate Tips
• June 15, 2023

What are the Housing Market Predictions for 2024?

As we look ahead to 2024, the housing market is likely to continue its upward trend in many areas. There are several factors contributing to this trend. There has been a surge in real estate investment, booming supply and demand, and repeated highs in housing prices. Furthermore, the COVID-19 pandemic has led to changes in housing preferences and increased demand for suburban and rural areas, driving up prices in those markets. In addition to these factors, the growing population in many urban areas is also contributing to the continued growth of the housing market. Experts predict that the housing market will experience sustained growth in the coming years, with housing prices expected to increase by an average of 7% per year.

Should I Wait to Buy a Home Until 2024?

While the housing market is predicted to continue its upward trend in many areas over the next few years, it’s important to note that real estate markets can be unpredictable and may experience fluctuations. Waiting until 2024 to buy a home is not necessarily the best decision, as housing prices are likely to continue rising in the meantime. Additionally, interest rates and lending requirements may change over the coming years, making it more difficult or expensive to finance a home purchase. Therefore, for those who are considering purchasing a home in the near future, it may be wise to start exploring options now and work with real estate professionals to navigate the current market and find opportunities that fit your budget and housing needs.

I’m Ready to Buy a Home. What’s Next?

It’s important to keep in mind that waiting until 2024 to make a home purchase is not necessarily the best idea, as the market could continue to rise in the meantime. If you are ready to purchase a home, the next step is to contact a real estate agent!