Housing Market Puzzle...2024 Market Trends

The last few years, since Covid hit the real estate housing market has broken into several different pieces and trying to put those pieces together has been quite a challenge. The one thing you can count on in the real estate market is that nothing, ever stays the same.

The current imbalance between rates and pricing of homes has been a huge factor. I am hoping this current imbalance will prove to be short term, and better opportunities in 2024.

There are many so called, expert opinions about the housing market in 2024, the real estate pros at the Marketplace Homes have thoughts as well. Some I may agree with and others...not so much. Lets take a look at a few.

*The experts predict rising prices in 2024, in most U.S. cities, but at a slower pace. "I personally don't see that in our local rural market. I think the higher end of the market, may slip down in value and the homes $150,000 and less will stay stable.

*The low inventory will continue. Many experts report that there will not be enough homes for buyers. According to Freddie Mac, we are currently short 1.5 million to 3.4 million homes. "I agree I think in our local market, we will continue to not have enough inventory for buyers."

*Mortgage Rates, will drop and stick around 6%. The higher interest rates have been a thorn in the side of many buyers in 2023. I think the rates may drop some, but not much in 2024, still causing some buyers to wait it out on their home decision. But I do think there will be a modest drop.

Bottom Line: Housing prices, inventory, affordability, mortgage rates, price growth or decline, and buyer expectations are in in flux. All these variable combine to create a seller's market, buyer's market, or a hybrid of both. I think real estate agents, and home sellers need to be adaptable. Again, remember the one steady thing about the real estate market for my 41 plus years, is that it never stays the same.