Experts Project Home Prices Will Increase in 2024

Even as national home prices continue to climb, concerns persist among some about a potential decline. According to a recent Fannie Mae survey, approximately 24% of respondents believe home prices will decrease over the next 12 months, reflecting a prevalent fear in the market.

To allay such apprehensions, let's delve into what industry experts are predicting for home prices this year.

Moderate Increase Projected by Experts

A comprehensive look at the latest home price forecasts from eight distinct sources indicates a positive outlook (refer to the graph below):

The noteworthy blue bar on the left signifies that, on average, experts expect home prices to rise by over 2% by the end of the current year – refuting concerns of a decline.

In 2024, the likelihood of home prices depreciating remains low due to the ongoing tight inventory and the impact of lower mortgage rates, fostering robust buyer demand. Selma Hepp, Chief Economist at CoreLogic, clarifies this by stating:

"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 Homebuyers

For prospective homebuyers, the consensus among experts that home prices will rise is advantageous. Homeownership comes with the desire for one's property value to appreciate, as it builds equity and establishes homeownership as a sound long-term investment.

Furthermore, the anticipated home price appreciation underscores the idea that delaying a home purchase might result in higher costs later on.

Conclusion

If concerns about a potential decline in home prices weigh on your mind, take comfort in the prevailing expert opinion that suggests prices are more likely to increase in 2024. Should you have questions or uncertainties regarding local market dynamics, feel free to connect with us at AgentOwned Realty. We are your trusted local real estate experts in South Carolina, committed to providing valuable insights and guidance.

If you’re looking for your dream home, or if you need to sell your existing home, we can certainly help, our agents are ready and able! Agent Owned is a full service brokerage that can assist you in getting pre-qualified to loan approval. We can help you with title insurance, home insurance and the warranties you need to protect your most valuable asset. At AgentOwned, we have helped thousands of people buy and sell their homes, we have been in business for over 30 years and know what it takes to get the job done right the first time. 

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