Housing Market Recap and Predictions for 2024

2024 Real Estate Forecast: A Symphony of Change and Continuity

🔍 Market Overview:

• A mix of continuity and change in both the housing market and the economy.
• Modest economic growth, slightly higher unemployment, and easing inflation set the stage.

💸 Interest Rates Dance:

• Long-term interest rates, including mortgage rates, begin a slow retreat.
• The shift from climbing to falling mortgage rates brings relief to housing affordability.
• However, the urgency once felt by home shoppers takes a breather.

🏡 Home Sales Ballet:

• Less frenzied housing demand and abundant rental options stabilize home sales at low levels.
• Home prices gracefully adjust slightly lower amid a dwindling number of available homes.

📉 Dip in Home Prices, Hello Affordability:

• Home prices, once on a double-digit annual clip from 2020 to 2022, experience a notable burst.
• Mortgage rate climbs lead to a flatline in home price growth, with a dip in early 2023.
• An early-year dip in mortgage rates reignites buyer demand, prompting competition.

🚀 2023 Recap:

• Home prices climb again, though not reaching new monthly peaks.
• Average expectations suggest the 2023 median home price slightly exceeds the 2022 annual median.

📉 Sales Limbo Above 2023's Record Low:

• Existing home sales, pandemic-soared, face headwinds in 2022 due to climbing mortgage rates.
• A brief reprieve in mortgage rates in early 2023 injects life, but renewed climbs exert pressure.
• A higher-than-usual number of recent homebuyers and tales of pandemic purchase regret impact the sales limbo.

🎉 Conclusion:

• The real estate market in 2024 promises a harmonious blend of familiar tunes and new notes.
• Stay tuned for a year where change and continuity dance hand in hand, creating a unique rhythm in Atlanta's real estate scene. 🎶🏡 

Curious about what the trends are in your local neighborhood?  Shoot us an email or give us a call and lets dive into the data.

Anna, Katherine Clare and Ashley

Source: Realtor.com