January 16, 2024

By Isabel Guzman, Realtor®

Video Transcription

What are the experts predicting for the 2024 housing market? Hi, I’m Isabel Guzman Broker Associate and Realtor with eXp
Realty. Here are some anticipated trends and developments we can
expect to see in the upcoming year. Many experts predict that home prices will continue to rise
in 2024 at a slightly slower pace compared to previous years. According to National Association
of Realtors Chief Economist Lawrence Yun: Home prices are expected to increase by around
3-4% in 2024. Inventory levels are likely to remain below what we as agents deem a balanced
market, but should be at higher levels than in 2023. All eyes will remain on mortgage rates as
we have seen the gradual increases over 2023. Forecasters are predicting interest rates to see
a slight decline. Buyers will have more financial flexibility to purchase homes at higher prices
and this could generate more housing demand. Sellers will also be in a better position to list
their homes and find replacement properties. As always, these are predictions and the real
estate market continues to remain volatile. If you would like to know what’s happening in your
local area with pricing, demand, and inventory, please reach out to my team and I so we can
help assist and guide you through this ever-changing market. I'm Isabel and I'm always happy to help!