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Will 2024 Be The Year Of Affordable Homeownership?

WRE News December 1, 2023

Buyer

Will 2024 Be The Year Of Affordable Homeownership?

Next year could see a new wave of homeowner affordability, according to the 2024 Housing Forecast released by Realtor.com.

Realtor.com is forecasting average mortgage rates of 6.8% in 2024, with rates edging down over the year to reach 6.5% by the end of the year. Home prices are expected to ease slightly and drop by 1.7% – the first decline in 12 years – while rents will also drop by 0.2%.

The forecast also includes a 0.1% year-over-year uptick in home sales, to 4.07 million. Also in the forecast: the typical monthly purchase cost for the median priced home listing next year is expected to be slightly less than $2,200 per month, or about 35% of the typical household income. Realtor.com stressed that will be an improvement from 2023, when purchase costs ate up nearly 37% of income and the typical for-sale home cost $2,240.

“Our 2024 housing forecast reveals the green shoots we’ve been waiting to see in the housing market and should give buyers some optimism after a grueling few years,” said Realtor.com Chief Economist Danielle Hale. “Although mortgage rates are expected to ease throughout the course of the year, the continuation of high costs will mean that existing homeowners will continue to have a high threshold for deciding to move, but we will start to see some interest.”

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