Home Prices 2024
Will Home Prices Rise or fall in 2024? Home prices are usually determined by Supply & Demand. During and after the pandemic people still needed to move. There was still demand yet a limited supply of homes this factor made home prices climb.
Fast forward to 2023, We still had a good supply of buyers in the spring and summer. As mortgage rates climbed we had fewer home buyers. Homes on the market sat longer than usual. For instance homes that were selling in the first 2 weeks in the spring and summer and seeing bidding wars, Began to sit on the market for 30, 60 and 90 days as more home buyers said the rates are too high, I can’t afford a home and gave up.
Home Prices 2024-
Thankfully, home mortgage rates that went into the 8’s have come down to the mid 6’s and expect to hover around 5.75 in the coming months as the Feds are expecting to have 2 rates decreases.
This move will bring more home buyers into the market and more home sellers willing to move.
To find a strategy that works for you and your real estate needs call or text Karen Martin Realtor 774-930-8181 Safe Harbor Realty Westport, MA
I have been helping home buyers and home sellers since 2003 and can help guide you to make a good decision.