Experts Project Home Prices Will Increase in 2024 — NIC, THE REALTOR

Absolutely! Even with home prices on the rise across the country, there are still folks out there who are concerned that they might take a dip. In fact, a recent study by Fannie Mae discovered that 24% of individuals believe that home prices will actually decrease in the next 12 months. So, nearly one in every four people are grappling with this worry, and you might be, too.

To ease your concern, let me share what the experts predict about price changes for this year.

Experts Project a Modest Increase

Take a look at the newest predictions for home prices from eight different sources (check out the graph below):

It looks like most experts are predicting that home prices will increase by over 2% by the end of the year.

Looks like we can expect prices to stay steady in 2024 since there are not a lot of houses available for sale and mortgage rates are low, making many people want to buy. According to Selma Hepp, Chief Economist at CoreLogic, these reasons will continue to drive prices up throughout the year.

“With mortgage rates dropping, demand for homes in early 2024 is likely to be strong and will again put pressure on prices, similar to trends observed in early 2023 . . . Most markets will continue to reach new home price highs over the course of 2024.”
— Selma Hepp, Chief Economist at CoreLogic

What Does This Mean for You?

Experts predict that home prices will increase this year, which is great if you're considering buying a home. As a homeowner, you naturally want your house's value to appreciate. This appreciation helps build equity and makes homeownership a solid long-term investment.

If you're thinking about buying a home, it's important to consider that home prices are expected to increase. So, if you're prepared and able to make a purchase, waiting might result in paying more in the future.

Bottom Line

Don't stress about home prices dropping! In fact, a lot of experts think they'll increase this year. If you've got concerns or want to chat about what's going on with prices in our area, feel free to reach out.



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