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Experts Project Home Prices Will Increase in 2024

Wednesday, January 24, 2024   /   by Janelle Flay

Experts Project Home Prices Will Increase in 2024




Even though home prices are going up nationally, some people are still worried they might come down. In fact, a recent survey from Fannie Mae found that 24% of people think home prices will actually decline over the next 12 months. That means almost one out of every four people are dealing with that fear, and you might be, too.


To help ease that concern, here's what experts forecast will happen with prices this year.


Experts Project a Modest Increase


Check out the latest home price forecasts from eight different sources (see graph below):




The blue bar on the left means, on average, experts think home prices will go up over 2% by the end of this year – not down.


Prices aren’t likely to depreciate in 2024 because inventory is still tight and lower mortgage rates are leading to strong buyer demand. Those two factors will keep pushing prices up as the year goes on. As Selma Hepp, Chief Economist at CoreLogicexplains:


“With mortgage rates dropping, demand for homes in early 2024 is likely to be strong and will again put pressure on prices, similar to trends observed in early 2023 . . . Most markets will continue to reach new home price highs over the course of 2024.

What Does This Mean for You?


Experts are saying home prices will go up this year, and that's good news if you're thinking about buying a home. When you become a homeowner, you want the value of your house to go up. That appreciation is what builds equity and makes homeownership such a good investment over time.


Beyond that, expected home price appreciation also means if you’re ready, willing, and able to buy, waiting just means it will cost more later. 


Bottom Line


If you're worried home prices will come down, don’t be. Many experts believe they’ll actually go up this year. If you have questions or worries about what’s happening with prices in our area, let’s connect.


  home prices, housing market, keeping current matters, real estate, jason gorman real estate team, housing inventory, home equity, housing supply, home seller, buyers, spring market, sellers market, buying a home, first time home buyer, real estate investments, investing, 2024 real estate

Jason Gorman Real Estate Team Keller Williams Premier Realty
Jason Gorman
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Woodbury, MN 55125
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The data relating to real estate for sale on this web site comes in part from the Broker Keller Williams Premier Realty of the Regional Multiple Listing Service of Minnesota, Inc. Real estate listings held by brokerage firms other than Lakes Area Realty are marked with the Broker ReciprocitySM logo or the Broker ReciprocitySM thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers.” Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items.” Copyright2024Regional Multiple Listing Service of Minnesota, Inc. All rights reserved. Data last updated February 29, 2024
The data relating to real estate for sale on this web site comes in part from the Broker ReciprocitySM Program of the Regional Multiple Listing Service of Minnesota, Inc. Real Estate listings held by brokerage firms other than Jason Gorman - Jason Gorman Real Estate Team / Keller Williams Premier Realty are marked with the Broker ReciprocitySM logo or the Broker Reciprocity and detailed information about them includes the name of the listing brokers. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Copyright2024Regional Multiple Listing Service of Minnesota, Inc. All rights reserved. Data last updated February 29, 2024
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