Home Prices Will Increase in 2024

Even though home prices continue to rise nationally, many people believe that home prices will drop this year. For sellers, this decrease is a fear, for buyers there are mixed emotions. The truth however, they’re not going to fall. 

Experts Project a Modest Increase

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.

What Does this Mean for You? 

Due to the continued lack of inventory and decreasing mortgage rates, buyer demand is still expected to stay rather strong this year. Any time there is strong demand, prices will rise. For current sellers & buyers looking to purchase a home this year, this is great news. You always want your home value to appreciate. This will allow you to build equity and be grateful for your investment in the long-run. Unfortunately, for buyers unable to buy yet or are deciding to wait, this only means that the house you want today will cost you more later.

Bottom Line

Our advice this year with home prices is simple: do not fear for sellers, and do not wait for buyers. Home prices are not going to decrease and Real Estate presents a great wealth opportunity. If you’re ready to make your investment or would like to discuss further about what is happening with prices and the market, contact Jim Slater today at 612-590-1802. 

Source

Coldwell Banker Realty