In years prior, the U.S. sees around 5.2 million existing home sales with a 4% rise in prices. However, recent times have been far from normal. Over the last few years we have seen increases between 8-15%. In 2023, home sales are expected to drop to their lowest since 2010. While a slight recovery is anticipated in 2024, sales will likely remain below the average.
Amidst economic and housing market uncertainties, certain trends can be anticipated. Mortgage rates, after peaking in late 2023, will decrease in 2024, stabilizing between 6% and 6.5%. This won't match the low rates seen during the pandemic, signaling a new era for mortgages. This shift will likely recalibrate consumer expectations, leading to an increase in both buyers and sellers.
The direction of home prices in 2024 could hinge on whether sellers or first-time buyers enter the market first. If sellers lead, we might witness a temporary dip in prices, especially in less affordable areas. But, if buyers take the lead, the market could become highly competitive with rising prices.
Despite attractive rental market deals due to high apartment construction, the aspiration for homeownership remains robust. Demographic factors, including the largest millennial age group now in their early 40s and their lower homeownership rates compared to previous generations, suggest a strong, latent demand for homes. A potential increase in homeownership could emerge with a fall in mortgage rates and a rise in inventory in 2024.
However, inventory levels will likely stay low, partly due to baby boomers holding onto their homes longer, influenced by low mortgage rates and limited downsizing options. These demographic dynamics will likely keep home prices stable and growing in most markets in 2024. Yet, unpredictable factors like new COVID-19 strains, geopolitical tensions, economic downturns, and the impact of the presidential election could sway housing market activity. In essence, while the housing market faces several variables, demographic trends, and economic conditions suggest a steady yet evolving landscape for home buying and selling in 2024.
I hope you have found this blog post super helpful. If there is anything else we can do for you, including helping you sell (or buy) a home, I would be honored to assist. I hope you have a great day/evening.
We are so happy you found our little corner of the interwebs. We look forward to y'all reaching out to us. We love to answer questions and welcome them. Recently we created some local maps, and you can download those by clicking the image/link above. Below, you will find an index of some very helpful information to assist you in learning more about the Houston suburbs. If you are relocating to our neck of the woods, we hope you reach out to us, because we would love to help you by being your local realtor and friend. Thoughtfully written for you. Hugs, Jo.
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If you are overwhelmed..
Now if you are feeling overwhelmed on where you should plant your roots, I would love to talk to you. You can schedule a call with me by click this link: http://byjoandco.com/call or just send us an email: [email protected]. There are some amazing communities all over the Houston suburbs. In this post, https://search.byjoandco.com/blog/best-neighborhoods-in-houston/, I deep dive into all the different suburbs/neighborhoods that you might want to consider, and why. There are many resources here, so please reach out if you are curious what to look at next! Thank you for trusting us.
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