Home Prices in 2024

Explained

If you’ve been putting off listing your home, you’ll want to save this post.

The real estate market has done a lot of crazy things over the last few years, but one thing has stayed consistent: home prices are on the rise.

the past few years

Now, in 2022, home prices were increasing at a rapid, unsustainable rate. But in 2023, those rates leveled out and now home prices are increasing at a historically normal rate of about 3.3% (according to NAR).

this year

As we enter 2024, we’re seeing that there are still more buyers than homes available to buy, which means home prices will continue to increase (experts at NAR predict by another 1.5%)

“While rising interest rates have reduced affordability—and therefore demand—they have also reduced supply through the mortgage rate lock-in effect. Overall, it appears the reduction in supply has outweighed the decrease in demand, thus house prices have started to increase . . .” – Freddie Mac

So what does this mean for you as a seller?

It means if you’ve thought about selling your home, now may be the best time!

Of course, you’ll need a place to live after you sell, so you’ll need a plan in place! The best place to start to make a decision and come up with a plan? Email me! We can grab coffee and spend 30-45 minutes talking about what would work best for you!

Bottom line

Home prices are still increasing, just at a slower, more sustainable pace, so listing your home NOW vs LATER could be in your best interest.

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