Incremental Inventory Increase, Sales Comeback: A Few 2024 Housing Predictions

• November 29th 2023

by UrbanTurf Staff

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As a tumultuous year for the housing market winds down, forecasts are being made for what 2024 may bring. 

Bright MLS published its forecast for the DC-area and national housing markets on Wednesday, and we plucked out some of the more interesting predictions for the DC region.

Here are a few:

• Home sales will rise about 11%. This year, sales are down about 24% compared to 2022. 
• Home prices will rise...ever so slightly. Bright predicts that median home prices in the region will increase about 1%. 
• The inventory of homes for sale will rise, but will remain at 77% of the supply before the pandemic began. 
• Mortgage rates will fall below 7% in the first quarter of the year, and end the year around 6.2%.

“After a very difficult market for buyers who have had to contend with a challenging housing market in 2023, Mid-Atlantic home shoppers will find more options in 2024,” Lisa Sturtevant, Bright MLS Chief Economist said. “At the same time, both buyers and sellers will have to reset expectations next year for persistently higher mortgage rates and more negotiations during the transaction.”

For the full forecast from Bright MLS, click here. 

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/incremental_inventory_increase_sales_comeback_a_few_2024_housing_prediction/21730.