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2024 Real Estate Forecast

By
Real Estate Agent with Optima Properties BK 496540

NAR economist Yun predicts home sales will begin to rise next year – by 13.5% compared to 2023, and the median home price will reach $389,500 – an increase of 0.9% from this year. “Metro markets in southern states will likely outperform others due to faster job increases, while markets in the Midwest will experience gains from being in the most affordable region.”

Yun expects rent prices to calm down further in 2024, which will hold down the consumer price index. He predicts foreclosure rates will stay at historically low levels in 2024, comprising less than 1% of all mortgages.

Read full article on Optima Properties' Blog

Comments(5)

Richard Weeks
Dallas, TX
REALTOR®, Broker
Great information, thanks for sharing.  I hope you have a great day.
Jan 02, 2024 03:21 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Kim. Generally speaking looks like he may be on target for 2024. Enjoy your day.

Jan 02, 2024 05:11 AM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

It is highly probable as inventories being low set a higher price and with a slight reduction in interest rates it also helps.

Jan 02, 2024 07:21 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Kim and thank you for the view of the market and here is to a great 2024 to you.

 

Jan 02, 2024 09:12 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good evening Kim,

The article may be somewhat accurate for 2024. We will see!!

Jan 02, 2024 03:12 PM