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A Roundup of 2024 Housing Market Forecasts

Happy New Year, EMTAR members! Ready or not, 2024 is here, and real estate experts, economists, gurus, news outlets, websites, and other prognosticators** have released their views on how the year will play out in home sales, demand, prices, mortgage rates, and more. Here are summaries of some of those forecasts with links to learn more if you and/or your clients are interested. Have a great 2024!

 “Tennessee housing market 2024 forecast: Where prices will fall and what homebuyers should know”
The Tennessean/USA Today Network

“Predictions for the real estate market in 2024 show a general decrease in prices and sales across the nation . . .” Read more >>>

“NAR Forecasts 4.71 Million Existing-Home Sales, Improved Outlook for Home Buyers in 2024”
National Association of REALTORS®

“NAR predicts 4.71 million existing-home sales in 2024, up 13.5% from 4.1 million anticipated in 2023. Annual median home prices are expected to remain largely unchanged at the national level in 2024, for the second straight year, modestly improving affordability from rising income. Austin, Dallas-Fort Worth, Nashville, Philadelphia and Washington, D.C. join five other metropolitan areas among NAR’s top 10 housing markets with the most pent-up housing demand in 2024 . . .” Read more >>>

“2024 Housing Market Forecast and Predictions: Housing Affordability Finally Begins to Turn around”

“As we look ahead to 2024, we see a mix of continuity and change in both the housing market and economy. Against a backdrop of modest economic growth, slightly higher unemployment, and easing inflation longer term interest rates including mortgage rates begin a slow retreat. The shift from climbing to falling mortgage rates improves housing affordability, but saps some of the urgency home shoppers had previously sensed. Less frenzied housing demand and plenty of rental home options keep home sales relatively stable at low levels in 2024, helping home prices to adjust slightly lower even as the number of for-sale homes continues to dwindle . . .” Read more >>>

“Housing market predictions: Six experts weigh in on the real estate outlook for 2024”
USA Today

“No other phrase has defined the 2023 housing market as much as the ‘mortgage rate lock-in effect’— a phenomenon that brought the industry to a standstill, putting downward pressure on everything from inventory levels to home sales. The pandemic-era sub-5% mortgage interest rates that 85% of mortgage holders are locked in to kept homeowners from selling their home and buying another at elevated interest rates, which peaked at 7.79% the week ending Oct. 26, according to Freddie Mac. But will things change this year? . . .” Read more >>>

“Is 2024 a good year to buy a home?”

The year 2023 was “the least affordable housing market in a generation. Sales of existing homes dipped below 4 million units, reaching levels last seen in 2010. But still, even with fewer buyers, home prices kept climbing because there weren’t enough homes on the market and competition pushed prices higher. Will this picture improve in 2024? What should homebuyers expect next year? . . .” Read more >>>

“Logan Mohgashami’s 2024 housing market and rate forecast”

“The 2023 housing market faced one of the same roadblocks we saw in 2022: mortgage rates were too high for home sales growth. Now that we’re in 2024, the Federal Reserve‘s rate hike cycle is over, so let’s look at what that means for housing demand and home prices. However, a yearly forecast has limitations and in this crazy housing and economic cycle, if people give you a yearly forecast without guidance as variables change, you’ll be dealing with stale data. Every Saturday I publish a weekly housing market tracker with forward-looking data and insights so you can adjust quickly to market conditions. . . .” Read more >>>

“Housing Market Predictions for 2024: When Will Home Prices Be Affordable Again?”

“. . . despite this easing [of mortgage rates], a perfect storm of still-high mortgage rates and home prices amid historically low housing stock continues to put homeownership out of reach for many—most notably first-time buyers—who remain more pessimistic than ever about being able to afford a home as we close in on 2024 . . .” Read more >>>

“Housing market predictions for 2024”

“Low levels of inventory mean that sellers continue to have the upper hand in the housing market. . . . Mortgage rates have come down from their peak but are still high, and steep home prixes are dissuading would-be buyers. . . . If rates were to drop further in 2024, that would spur the market for both buyers and sellers. . .” Read more >>>

**For links to more 2024 predictions, visit this search page on Google.

About EMTAR: Chartered in 1969, our Association’s 1,300+ REALTORS® are a proud part of the 36,000+ members of Tennessee REALTORS® and of the 1.5 million+ members of NAR, all working to serve the public and protect the rights of America’s property owners. EMTAR members are known not only for their unmatched real estate excellence and high ethical standards, but also for being generous, hospitable, others-focused, loyal, hardworking, and eager to help wherever and whenever help is needed.

2024 real estate, home prices, home sales, housing market forecast, mortgage rates