There’s a lot of talk about home prices these days. While they’re going up across the country, some people are still worried they might drop. A survey from Fannie Mae showed that about 1 in 4 people think home prices might actually fall in the next year. If you’re feeling this way, you’re not alone.
Let’s clear up some of that worry by looking at what the experts are saying about home prices in 2024.
Anticipated Growth in Home Values
Check out the latest home price forecasts from a variety of sources (see graph below):
The blue bar on the left shows that, on average, experts think home prices will rise by more than 2% by the end of the year. So, they’re not expecting prices to drop.
Why? Well, there aren’t a lot of Triangle area homes for sale, and more people want to buy because of lower mortgage rates. This means prices are likely to keep going up. As Selma Hepp, Chief Economist at CoreLogic, explains:
With mortgage rates dropping, demand for homes in early 2024 is likely to be strong and will again put pressure on prices, similar to trends observed in early 2023 . . . Most markets will continue to reach new home price highs over the course of 2024.”
What Does This Mean for You?
If you’re thinking about buying a house in Raleigh, it’s good news that prices are expected to go up. It means the value of your home could increase, and that’s a big part of what makes owning a home a smart move.
Also, if home prices are going to rise, waiting to buy could mean paying more later on. So, if you’re ready to buy a Triangle area home, it might be a good idea to start looking now.
Bottom Line
Worried about home prices falling? Most experts think they’ll actually go up this year. If you have questions or concerns about buying a home in Raleigh, Linda Craft Team Realtors is here to help. Let’s talk about what this means for you.