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Home Price Forecasts Revised UP for 2024

Mike Battistelli

Expert Home Price Forecasts for 2024 Revised Up

24 Feb 2024 by Mike Battistelli, Franklin/Nashville TN Realtor®

Over the past few months, experts have revised their 2024 home price forecasts based on the latest data and market signals, and they’re even more confident prices will RISE...not fall.

If you look at the column on the right, you'll see they've all updated their forecasts and now think PRICES WILL GO UP more than they originally thought. And some of the differences are major.

Two big factors are keeping such strong upward pressure on home prices. The first is how few homes are for sale right now.

According to Business InsiderLow home inventory is a chronic problem in the US. This has generally kept home prices up . . .”

The chart above shows what seven expert organizations think will happen to home prices in 2024. It compares their first 2024 home price forecasts (made at the end of 2023) with their newest projections.
 
And if mortgage rates trend down as the year goes on, as they’re expected to do, that could lead to more buyer demand and even higher home price forecasts.
 
At first, experts believed home prices would only go up a little this year. But now, they've changed their minds and forecast prices will grow even more than they originally thought.
 
Let’s connect so you know what to expect with prices in our area.
 
Mike Battistelli
TN Realtor®, Certified Real Estate Advisor
407-221-4855 Text/Talk
 
 

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