Experts Predict Modest Growth in Home Prices in 2024

Despite a national trend of rising home prices, there’s still a lingering concern among some that prices might decrease. A Fannie Mae survey reveals that 24% of respondents anticipate a decline in home prices over the next year. This statistic highlights that nearly one in four individuals are grappling with this uncertainty, possibly including you.

To alleviate these worries, let’s delve into what specialists in the field are predicting for this year’s home prices.

Predicted Modest Growth in Home Prices

Refer to the accompanying graph for the latest predictions from eight distinct sources:

The graph’s blue bar indicates a consensus among experts that home prices are expected to increase by over 2% by year’s end, contrary to a decrease.

The likelihood of a depreciation in home prices in 2024 is slim, given the ongoing tight housing inventory and the surge in buyer demand driven by lower mortgage rates. These elements are anticipated to continuously propel prices upward throughout the year. CoreLogic’s Chief Economist, Selma Hepp, states:

“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.”

Implications for Prospective Homebuyers

The expert consensus suggests an upward trajectory in home prices this year, which is encouraging news for prospective homebuyers. Owning a home that appreciates in value is a key aspect of building equity, making homeownership a valuable long-term investment.

Moreover, the anticipated increase in home prices implies that delaying a home purchase could lead to higher costs in the future.

Bottom Line

If you’re concerned about a potential drop in home prices, rest assured that the prevailing expert opinion is quite the opposite, with an expectation of a rise in prices this year. Should you have any questions or concerns about local price trends, feel free to reach out to Countryside Homes NJ and RE/MAX Select for a discussion.

Client Testimonials for Countryside Homes NJ

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