Home Sales Expected To Increase By The End Of 2024

Home sales
After a slow 2023, many real estate experts expect 2024 home sales to increase.

After a dip in 2023, housing market analysts are predicting a resurgence in home sales for 2024. This is in contrast to earlier forecasts for a continued slowdown. Experts anticipate a 9% increase in home sales compared to last year, signaling a potential shift in the market.

While the blistering pace of 2022 is unlikely to return, a moderate increase suggests a period of stabilization. This comes after rising mortgage rates and high home prices pushed affordability out of reach for many buyers in 2023.

Shifting market dynamics for home sales

While the overall number of sales is expected to rise, the landscape of the market will likely continue to evolve. Here are some key trends to watch:

  • Increased Inventory: Inventory levels, which were historically low in 2022 and early 2023, are projected to rise as more sellers re-enter the market. This could lead to a more balanced playing field between buyers and sellers.
  • Moderating Prices: While some areas may see slight price increases, the dramatic price growth witnessed in recent years is expected to slow down. This could improve affordability for first-time homebuyers.
  • Stabilizing Rates: Interest rates are anticipated to remain relatively stable throughout 2024, after significant fluctuations in 2023. This could provide more predictability for buyers looking to lock in a mortgage.

Is now the right time to buy?

With a projected rise in sales and a potential shift in market dynamics, some experts believe 2024 could be an opportune time for home buyers.

However, the decision of whether or not to buy a home is a personal one. Here are some factors to consider:

  • Your Financial Stability: Ensure you have a secure job and a healthy emergency fund before committing to a mortgage.
  • Long-Term Plans: If you plan to stay in the home for several years, you’ll weather any short-term market fluctuations.
  • Local Market Conditions: National trends provide a general outlook, but research your specific area’s market forecast for a more accurate picture.

Summary

The housing market forecast for 2024 is cautiously optimistic. While some uncertainties remain, a potential increase in sales points towards a period of stabilization. With mortgage rates potentially dipping and inventory on the rise, this could be a good time for buyers to consider entering the market.

Remember, it’s always wise to consult with a qualified real estate agent and mortgage professional to discuss your individual needs and financial situation before making any decisions.

Are you thinking about buying or selling real estate in the South Florida area? We can help! Contact Natasha at Live South Florida Realty, Inc. today! Also, be sure to download the free Florida Home Search app for your smartphone or tablet.

By natasha moore

REALTOR® with Live South Florida Realty, Inc.