Experts Project Seattle Home Prices Will Increase in 2024
February 6, 2024
Despite the national trend of increasing home prices, a significant portion of individuals remain concerned about a potential downturn. According to a recent survey conducted by Fannie Mae, 24% of respondents anticipate a decline in home prices over the next 12 months. This apprehension affects nearly one in four individuals, potentially including yourself.
To alleviate these concerns, let’s delve into what experts predict will unfold in terms of prices this year.
Experts Project a Modest Increase
Check out the latest home price forecasts from eight different sources (see graph below):
The leftmost blue bar indicates that, on average, industry experts anticipate a rise in home prices by over 2% by the conclusion of this year, rather than a decline.
In 2024, it’s unlikely that prices will depreciate due to the continued tight inventory and the influence of lower mortgage rates, which are driving robust buyer demand. These two factors will persistently drive prices upwards throughout the year. 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?
Moreover, anticipated home price appreciation implies that if you are prepared, eager, and financially capable of purchasing a home, delaying your decision will result in higher costs in the future.
Bottom Line
If you’re concerned about a potential decrease in home prices, rest assured. Numerous experts anticipate an upward trend in prices this year. If you have any inquiries or apprehensions regarding price movements in our local area, feel free to reach out and connect with us.
