What are the experts predicting for the 2024 housing market?
Hi, I’m Tanja Odzak, eXp Realty, and I help people sell and buy homes here in the East Bay.
So what are some anticipated trends and developments we can expect to see in the upcoming year? Many experts predict that home prices will rise in 2024 at a slightly slower pace compared to previous years. According to National Association of Realtors Chief Economist Lawrence Yun, home prices are expected to increase by around 3-4% in 2024. Inventory levels are likely to remain below what’s considered a balanced market, but should be at higher levels than 2023.
We have seen a lot of mortgage rate increases in 2023, and a lot of volatility… especially recently, with rates surpassing 8%… the highest they’ve been in almost 23 years! And while they’ve come down since then, all eyes will remain focused on mortgage rates. However, forecasters are predicting interest rates to see a slight decline. Buyers will have more financial flexibility to purchase homes at higher prices and this could generate more demand on housing. Sellers will also be in a better position to list their homes and find replacement properties.
As always, these are predictions and the real estate market continues to remain volatile. If you would like to know what is happening anywhere in the East Bay with regard to pricing, demand and inventory, call me! I’d love to help you and guide you through this ever changing market.
And if you need to sell a home… ask me about my home selling plans.. I took the pain out of negotiating with a Realtor and made it SUPER simple. Really! Choose Silver, Gold, or Platinum- Pick your Plan and Pick your Price. I’m Tanja and I sell homes. Let’s get you going, Call me today!
I’m a Top Producing Realtor® in the OAKLAND / BERKELEY / EAST BAY AREA. I’ve been in the San Francisco East Bay Area since I came up to do my undergrad at UC Berkeley (a long time ago!), with a short stint at UC Davis while getting my Master’s. I take my duties as a Realtor® and Fiduciary very seriously, I enjoy educating my sellers and buyers along the way. Putting People, Before Profit.
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