Here are three market predictions for the remainder of the year.
What does the housing market look like for the rest of 2024? Here are three things that are expected to happen in real estate for the remainder of the year.
1. Home prices will rise at a slower pace. The average price appreciation forecast is 2.9%, according to seven of the most trusted sources in the industry. This is a good opportunity for buyers because they can save money if they buy sooner rather than later. Just keep in mind that prices are not expected to drop. They will continue climbing, but just at a slower pace.
2. Mortgage rates to slightly drop. Mortgage projections in Q3 are hovering at 6.73% and in Q4 at 6.57%. This information comes from Fannie Mae, the Mortgage Bankers Association, and the National Association of Realtors.
3. Home sales will hold steady. The average of three forecasts is about $5 million in sales in 2024. Lawrence Yun, chief economist at NAR, explained that job gains, steady mortgage rates, and a release of inventory from pent-up home sellers will lead to more sales.
I hope this helps you understand our market and plan a strategy when buying or selling your house. If you are looking to buy or sell, send me a text, give me a call at (773) 965-4100, or send me an email at ressie@kw.com. I’d love to have a chat with you.
