The Latest 2024 Housing Market Forecast

<article class="post-850393 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-850393"><span class="entry-date">November 15, 2023</span><div class="entry-header center-block text-center"><h1 class="entry-title">The Latest 2024 Housing Market Forecast</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=The+Latest+2024+Housing+Market+Forecast&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fthe-latest-2024-housing-market-forecast%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div><img alt="The Latest 2024 Housing Market Forecast Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/20231115-The-Latest-2024-Housing-Market-Forecast.webp" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width="358"/>
<p>The new year is right around the corner, and you might be wondering if 2024 will be the right time to <a href="https://www.simplifyingthemarket.com/2023/10/26/affordable-homeownership-strategies-for-gen-z/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">buy</a> or <a href="https://www.simplifyingthemarket.com/2023/10/24/the-perks-of-selling-your-house-when-inventory-is-low/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">sell a home</a>. If you want to make the most informed decision possible, it’s important to know what the experts have to say about what’s ahead for the housing market. Spoiler alert: the projections may be better than you think. Here’s why.</p>
<h4><strong>Experts Forecast Ongoing Home Price Appreciation</strong></h4>
<p>Take a look at the latest home price forecasts from <a href="https://www.fanniemae.com/media/49326/display" rel="noopener noreferrer" target="_blank"><em>Fannie Mae</em></a>, the <a href="https://www.mba.org/docs/default-source/research-and-forecasts/forecasts/2023/mortgage-finance-forecast-oct-2023.pdf" rel="noopener noreferrer" target="_blank"><em>Mortgage Bankers Association</em></a> (MBA), and the <a href="https://cdn.nar.realtor/sites/default/files/documents/forecast-q4-2023-us-economic-outlook-10-26-2023.pdf" rel="noopener noreferrer" target="_blank"><em>National Association of Realtors</em></a> (NAR):</p>
<p> <a href="https://www.simplifyingthemarket.com/content/images/20231114/20231115-Home-Price-Forecasts-for-2023-and-2024.png?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank"><img decoding="async" src="https://files.keepingcurrentmatters.com/content/images/20231114/20231115-Home-Price-Forecasts-for-2023-and-2024.png"/></a></p>
<p></p>
<p>As you can see in the orange bars on the left, on average, experts forecast <a href="https://www.simplifyingthemarket.com/2023/11/02/dont-believe-everything-you-read-about-home-prices/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">prices</a> will end this year up about 2.8% overall, and increase by another 1.5% by the end of 2024. That’s big news, considering so many people thought prices <a href="https://www.simplifyingthemarket.com/2023/09/27/why-todays-housing-inventory-shows-a-crash-isnt-on-the-horizon/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">would crash</a> this year. The truth is, prices didn’t come tumbling way down in <a href="https://www.simplifyingthemarket.com/2023/10/23/why-home-prices-keep-going-up/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">2023</a>, and that’s because there just weren’t enough homes for sale compared to the number of people who wanted or needed to buy them, and that inventory crunch is still very real. This is the general rule of supply and demand, and it continues to put upward pressure on prices as we move into the new year.</p>
<p>Looking forward, experts project <a href="https://www.simplifyingthemarket.com/2023/10/11/the-latest-expert-forecasts-for-home-prices-in-2023/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">home prices</a> will continue to rise next year, but not quite as much as they did this year. Even though the expected rise in 2024 isn’t as big as in 2023, it’s important to understand home price appreciation is cumulative. In simpler terms, this means if the experts are right, according to the national average, after your home’s value goes up by 2.8% this year, it should go up by another 1.5% next year. That ongoing price growth is a big part of why <a href="https://www.simplifyingthemarket.com/2023/11/07/homeowner-net-worth-has-skyrocketed/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">owning a home</a> can be a smart decision in the long run.</p>
<h4><strong>Projections Show Sales Should Increase Slightly Next Year</strong></h4>
<p>While 2023 hasn’t seen a lot of home sales relative to more normal years in the housing market, experts are forecasting a bit more activity next year. Here’s what those same three organizations project for the rest of this year, and in 2024 (<em>see graph below</em>):</p>
<p><strong> </strong><a href="https://www.simplifyingthemarket.com/content/images/20231114/20231115-Total-Home-Sales-Forecasts-for-2023-and-2024.png?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank"><img decoding="async" src="https://files.keepingcurrentmatters.com/content/images/20231114/20231115-Total-Home-Sales-Forecasts-for-2023-and-2024.png"/></a></p>
<p></p>
<p>While expectations are for just a slight uptick in total sales, improved activity next year is a good thing for the housing market, and for <a href="https://www.simplifyingthemarket.com/2023/10/25/invest-in-yourself-by-owning-a-home/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">buyers</a> and sellers like you. As people continue to move, that opens up options for hopeful buyers who are looking for a home.</p>
<p>So, what do these forecasts show? The housing market is expected to be more active in 2024. That may be in part because there will always be people who <a href="https://www.simplifyingthemarket.com/2023/10/18/what-are-the-real-reasons-you-want-to-move-right-now/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">need to move</a>. People will get new jobs, have children, get married or divorced – these and other major life changes lead people to move regardless of housing market conditions. That will remain true next year, and for years to come. And if mortgage rates come down, we’ll see even more activity in the housing market.</p>
<h3>Bottom Line</h3>
<p><span style="color: black;">If you’re thinking about buying or selling, it’s important to know what the experts are forecasting for the future of the housing market. When you’re in the know about what’s ahead, you can make the most informed decision possible. Connect with a local </span><a href="https://www.simplifyingthemarket.com/2023/10/30/a-real-estate-agent-helps-take-the-fear-out-of-the-market/" rel="noopener noreferrer" target="_blank">real estate agent</a><span style="color: black;"> to chat about the latest forecasts, and craft a plan for your next move.</span></p>
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