Housing Market Predictions for the Rest of 2024
The housing market in 2024 is expected to remain challenging for both buyers and sellers. With mortgage rates still relatively high and inventory levels low, the remainder of the year is likely to be a seller’s market.
The median home sale price in September 2024 reached $404,500, the highest September median on record. While home prices are not expected to decline significantly, the combination of steep prices and elevated mortgage rates will continue to dissuade many would-be buyers. Inventory levels, while improving, remain constrained, with a 4.3-month supply as of September – still below the 5-6 months considered a balanced market.
Experts predict that mortgage rates, which briefly topped 8% in 2023, will likely persist in the 6-7% range through the end of 2024. However, if the Federal Reserve continues its rate-cutting cycle, that could provide some relief and spur more housing market activity. Overall, the housing market is expected to remain competitive, with sellers retaining the upper hand due to limited inventory. Prospective buyers and sellers would be wise to work closely with experienced local real estate agents to navigate the complexities of the current market.
