Experts Project Home Prices Will Increase in 2024

Even though home prices are going up nationally, some people are still worried they might come down. In fact, a recent survey from Fannie Mae 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.

To help ease that concern, here’s what experts forecast will happen with prices this year.

Experts Project a Modest Increase

Check out the latest home price forecasts from eight different sources (see graph below):

The blue bar on the left means, on average, experts think home prices will go up over 2% by the end of this year – not down.

Prices aren’t likely to depreciate in 2024 because inventory is still tight and lower mortgage rates are leading to strong buyer demand. Those two factors will keep pushing prices up as the year goes on. As Selma Hepp, Chief Economist at CoreLogic, explains:

“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.”

 

What Does This Mean for You?

Experts are saying home prices will go up this year, and that’s good news if you’re thinking about buying a home. When you become a homeowner, you want the value of your house to go up. That appreciation is what builds equity and makes homeownership such a good investment over time.

Beyond that, expected home price appreciation also means if you’re ready, willing, and able to buy, waiting just means it will cost more later.

Bottom Line

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 our area, let’s connect.

 

617-615-9435
mike@mmahoney.com
MA. License #9051300
Real Broker LLC License #423031

☎️ 📆 Schedule a Call with Mike Now

Linkedin Profile | Resume | Brochure  | Client Testimonials | Facebook Page   Twitter   Youtube  Instagram

See all the Properties in Greater Boston @ www.HomesinBostonMass.com

I am Michael Mahoney, a full time Realtor in Greater Boston focused on Norfolk & Suffolk Counties. I have been helping people fulfill the “American Dream” through home ownership, real estate wealth building, and real estate investment for over 2 decades.

My goal is to help people “go from the life they have to the life they dream about” using real estate as means to build wealth and financial security. If you want to make a change, I help people go from the “what if” to the “what is”.

I work in all price points. The majority of my business is repeat clients and the referral of clients from all over Eastern Massachusetts.

I view my role as the advisor who helps people go from the life they have to the life they dream about. I help people go from the “what if” to the “what is”

I have sold everything from mobile homes to amazing estates. I have sold hundreds of homes, multi families and condos in almost every town in Suffolk and Norfolk County. I also sell homes in Plymouth, Bristol and Middlesex Counties. When asked what my specialty is, I often joke and say “from section eights to great estates”.

There is no property too small or too large in the residential space that I would shy away from.

All of my personal sales and marketing endeavors are supported by top-of-the-line personal market research completed carefully with expertise in order to create strategically targeted marketing collateral and campaigns for clients. I personally have a stand by commitment of 7-days a week for my clients. I aim to cultivate my own reputation for quality, professionalism and your results.

From selling hundreds of homes in Greater Boston comes experience and situational awareness that can only be developed over time which is a tremendous value to clients.
Read some testimonials here

The list below is general list of towns where I am actively working.
🗺️📌

Abington  Ashland Attleboro Avon Bellingham Boston Braintree Brockton Canton Dedham Dorchester Dover Foxboro Framingham
Franklin Holbrook Holliston Hopedale  Hyde Park Mattapan Medfield Medway Milford Millis Milton Natick
Norfolk North Attleboro  Norwood Plainville 
Quincy Randolph Roslindale Sharon Sherborn Stoughton Walpole Wellesley
West Roxbury Westwood Weymouth Wrentham

Get the value of Any Boston Area Property Now @ www.HomeValueBoston.com