Experts Project Home Prices Will Increase in 2024

<article class="post-916400 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-916400"><span class="entry-date">January 23, 2024</span><div class="entry-header center-block text-center"><h1 class="entry-title">Experts Project Home Prices Will Increase in 2024</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=Experts+Project+Home+Prices+Will+Increase+in+2024&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fexperts-project-home-prices-will-increase-in-2024%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
<div class="fb-share-button display-inline-block" data-href="https://gilliggroup.com/blog/experts-project-home-prices-will-increase-in-2024/" data-layout="" data-size=""><a class="facebook solid fb-xfbml-parse-ignore" data-tracking="Post,Social Post Link Clicked,Twitter" href="https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fexperts-project-home-prices-will-increase-in-2024%2F&amp;src=sdkpreparse" target="_blank"><span class="force-hidden">Facebook</span></a></div>
<a class="pinterest solid display-inline-block" count-layout="horizontal" href="https://pinterest.com/pin/create/link/?url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fexperts-project-home-prices-will-increase-in-2024%2F&amp;description=Experts+Project+Home+Prices+Will+Increase+in+2024" target="_blank"><span class="force-hidden">Pinterest</span></a>
<a class="linkedin solid display-inline-block" href="https://www.linkedin.com/shareArticle?mini=true&amp;url=https://gilliggroup.com/blog/experts-project-home-prices-will-increase-in-2024/?shareSlug%3Dexperts-project-home-prices-will-increase-in-2024" target="_blank"><span class="force-hidden">LinkedIn</span></a>
<a class="email dashicons dashicons-email solid display-inline-block" href="mailto:?subject=From gilliggroup.com: Experts Project Home Prices Will Increase in 2024&amp;body=Experts Project Home Prices Will Increase in 2024%0D%0Dhttps://gilliggroup.com/blog/experts-project-home-prices-will-increase-in-2024/" target="_blank"><span class="force-hidden">Email</span></a>
</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="Experts Project Home Prices Will Increase in 2024 Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/20240123-Experts-Project-Home-Prices-Will-Increase-in-2024.webp" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width="358"/>
<p>Even though home prices are going up nationally, some people are still worried they might come down. In fact, a recent <a href="https://www.fanniemae.com/research-and-insights/surveys-indices/national-housing-survey/national-housing-survey-archive" rel="noopener noreferrer" target="_blank">survey</a> from <em>Fannie Mae</em> found that 24% of people think home prices will actually decline over the next 12 months. That means almost one out of every four people are dealing with that fear, and you might be, too.</p>
<p>To help ease that concern, here’s what experts forecast will happen with prices this year.</p>
<h4><strong>Experts Project a Modest Increase</strong></h4>
<p>Check out the latest <a href="https://www.simplifyingthemarket.com/2024/01/12/home-prices-forecast-to-climb-over-the-next-5-years-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">home price</a> forecasts from eight different sources (<em>see graph below</em>):</p>
<p><a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240122/20240123-2024-Home-Price-Forecasts.png" rel="noopener noreferrer" target="_blank"><img decoding="async" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240122/20240123-2024-Home-Price-Forecasts.png"/></a></p>
<p></p>
<p>The blue bar on the left means, on average, <a href="https://img03.en25.com/Web/MortgageBankersAssociation/%7Ba8f4bf3d-95ec-42be-9c8d-3eb49e52f553%7D_Mortgage_Finance_Forecast_Jan_2024.pdf" rel="noopener noreferrer" target="_blank">experts</a> think <a href="https://www.zillow.com/research/2024-housing-predictions-33447/" rel="noopener noreferrer" target="_blank">home prices</a> will go up over 2% by the end of this year – not down.</p>
<p><a href="https://www.freddiemac.com/research/forecast/20231220-us-economy-expanded-in-2023" rel="noopener noreferrer" target="_blank">Prices</a> aren’t likely to depreciate in 2024 because <a href="https://www.simplifyingthemarket.com/2024/01/16/why-you-may-want-to-seriously-consider-a-newly-built-home/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">inventory</a> is still tight and lower <a href="https://www.simplifyingthemarket.com/2024/01/08/what-lower-mortgage-rates-mean-for-your-purchasing-power/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">mortgage rates</a> are leading to strong <a href="https://www.simplifyingthemarket.com/2024/01/17/2-reasons-why-todays-mortgage-rate-trend-is-good-for-sellers/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">buyer demand</a>. Those two factors will keep pushing <a href="https://www.fanniemae.com/newsroom/fannie-mae-news/q4-2023-home-price-expectations-survey" rel="noopener noreferrer" target="_blank">prices</a> up as the year goes on. As Selma Hepp, Chief Economist at <em>CoreLogic</em>, <a href="https://www.cnn.com/2023/12/26/business/us-home-prices-record-high-october/index.html" rel="noopener noreferrer" target="_blank">explains</a>:</p>
<blockquote><p><em>“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 . . . </em><strong><em>Most markets will continue to reach new home price highs over the course of 2024.</em></strong><em>”</em></p></blockquote>
<h4><strong>What Does This Mean for You?</strong></h4>
<p>Experts are saying <a href="https://twitter.com/NewsLambert/status/1730642488346472787" rel="noopener noreferrer" target="_blank">home prices</a> will go up this year, and that’s good news if you’re <a href="https://www.simplifyingthemarket.com/2024/01/03/thinking-about-buying-a-home-ask-yourself-these-questions/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">thinking</a> about <a href="https://www.simplifyingthemarket.com/2024/01/16/why-you-may-want-to-seriously-consider-a-newly-built-home/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">buying a home</a>. When you become a <a href="https://www.simplifyingthemarket.com/2024/01/15/homeownership-is-still-at-the-heart-of-the-american-dream/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">homeowner</a>, you want 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">value</a> of your house to <a href="https://www.simplifyingthemarket.com/2024/01/11/the-dramatic-impact-of-homeownership-on-net-worth/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">go up</a>. That appreciation is what builds <a href="https://www.simplifyingthemarket.com/2024/01/09/ways-your-home-equity-can-help-you-reach-your-goals/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">equity</a> and makes homeownership such a good investment over time. </p>
<p>Beyond that, expected home price appreciation also means if you’re ready, willing, and able to <a href="https://www.simplifyingthemarket.com/2024/01/05/achieving-your-homebuying-dreams-in-2024-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">buy</a>, waiting just means it will cost more later. </p>
<h3>Bottom Line</h3>
<p>If you’re worried home prices will come down, don’t be. Many experts believe they’ll actually go up this year. If you have questions or worries about what’s happening with prices in your area, it’s a good idea to talk to a real estate agent.</p>
</div>
</div></article>