What to Expect in the 2024 Housing Market

As we approach the new year, many are curious about the prospects of buying or selling a home in 2024. Understanding expert predictions for the housing market is crucial for making well-informed decisions. Surprisingly, the outlook for what to expect in the 2024 housing market might be more positive than anticipated.

Predictions Indicate Continued Rise in Home Prices

Recent forecasts from Fannie Mae, the Mortgage Bankers Association (MBA), and the National Association of Realtors (NAR) provide valuable insights:

The forecasts, represented by orange bars in the accompanying graph, suggest an average price increase of about 2.8% by the end of this year, followed by a further 1.5% rise by the end of 2024. This is significant, especially since many anticipated a market crash this year. However, prices remained stable in 2023, primarily due to a shortage of homes for sale relative to the demand. This ongoing supply-demand imbalance is expected to continue exerting upward pressure on prices into the new year.

Looking ahead, the rise in home prices in 2024 is projected to be less steep than in 2023. However, it’s crucial to understand that home price appreciation accumulates over time. This means, based on national averages, a home that increases in value by 2.8% this year is expected to see an additional 1.5% increase next year. This sustained growth underscores the long-term benefits of homeownership.

Expectations for a Slight Increase in Home Sales in 2024

Although 2023 didn’t witness a high volume of home sales, experts predict a modest increase in activity for 2024. The same three organizations have provided projections for the remainder of this year and the next (refer to the graph below):

The forecast suggests a slight improvement in total sales, signaling a positive trend for the housing market and for prospective buyers and sellers. Increased movement in the market creates opportunities for those seeking homes.

In summary, the forecasts indicate a more dynamic housing market in 2024. This is partly due to the constant need for people to move due to life changes like new jobs, family expansions, marriages, or divorces. These factors will continue to drive the housing market next year and beyond. Additionally, a potential decrease in mortgage rates could further stimulate market activity.

Bottom Line

For those contemplating buying or selling, staying informed about future market trends is vital. Being aware of expert forecasts allows for more strategic decision-making. Reach out to Countryside Homes NJ and RE/MAX Select today and let’s discuss these latest predictions and plan your next steps in the housing market journey.

Client Testimonials for Countryside Homes NJ

At Countryside Homes NJ and RE/MAX Select, we pride ourselves on delivering exceptional service to our clients. But don’t just take our word for it—read what our satisfied customers have to say. From first-time homebuyers to seasoned real estate investors and new home builders, our clients appreciate our dedication, expertise, and commitment to their success. Here are some of their stories.

David R. New Homeowner

Collaborating with Keith LaBrunda and Heather Montalbano from Countryside Homes NJ and RE/MAX Select streamlined the home-buying process for me. They were attentive to my needs and preferences, ensuring they understood exactly what I was seeking in a home and what was within my financial comfort zone. Keith and Heather provided invaluable assistance during the offer stage, sharing insightful details that enabled me to place a successful bid on my desired property. They recommended associates to assist me with securing a mortgage, conducting home inspections, and acquiring homeowner's insurance. Post-purchase, they continued to be a resource, suggesting local companies to contact for internet, water, waste management, oil, and other essential services. The experience of purchasing a home with Keith LaBrunda and Heather Montalbano was seamless and enjoyable.

Rachel and Andre First Time Homebuyer

As first-time homebuyers, the process of finding and purchasing a home felt daunting. But from the moment we reached out to Heather and Keith at Countryside Homes NJ and RE/MAX Select, our worries were put to rest. Their team was incredibly patient, answering all our questions and guiding us through every step. They took the time to understand our needs and preferences, ensuring that we found the perfect home in a neighborhood we love. We were especially impressed by their vast knowledge of the local market and their commitment to ensuring we got the best deal possible. We can't thank them enough for making our dream of homeownership a reality. If you're in the market for a new home, we highly recommend Heather and Keith at Countryside Homes NJ and RE/MAX Select. They truly go above and beyond for their clients!

Prestia Family New Homeowners

From the moment we began our home search, Heather at Countryside Homes NJ and RE/MAX Select stood out as the epitome of professionalism and dedication. Her team's in-depth knowledge of the Rockaway Borough area and their unwavering commitment to our needs made our home buying journey not only smooth but truly enjoyable. As new homeowners in Rockaway Borough, NJ, we can confidently say that choosing Heather at Countryside Homes NJ and RE/MAX Select was the best decision we made. Her expertise, patience, and genuine care for our family's needs transformed what could have been a stressful process into a memorable and joyous occasion. We are beyond grateful for her support and would highly recommend her and her team to anyone looking to find their dream home. Thank you for turning our dreams into reality!