2024 Home Price Estimates
Credit: MBS HWY
We have been screaming it from the roof-top for months now - if you can, purchase your new home now as the future looks bright (if you are a seller). Home prices are expected to increase yet again, especially in the coming 4 years.
When rates drop (which they will in 2024), demand floods the market, competition sky-rockets and home prices increase. Most are estimating an appreciation rate in 2024 of 4.50%+.
“Many are estimating an appreciation rate of 4.50 - 5.00% in 2024.”
Let’s look at the 5-year forecasts (Q4, 2023 - Q4 2028):
2024: 4.50% - 5.00% appreciation
Most Pessimistic Estimates (through 2028): 10.00%
Most Optimistic Estimates (through 2028): 39.60%
If your goal is to purchase your first home or a new home, please (please!) get rolling forward on your pre-approval today. Some pre-approvals take a couple weeks to get in order, depending upon your situation.