Housing Market Expected to Favor Sellers Again in 2024 Due to Low Inventory, Though Potential Late Drop in Interest Rates Could Lead to Surge in Demand
• Experts predict 2024 will still be a sellers' market due to low inventory • Interest rates are expected to remain high in early 2024 before potentially dropping later in the year • New York government is working to increase housing supply to meet demand • If interest rates drop late in 2024, demand could skyrocket leading to bidding wars • Buying remains better than renting long-term, paying your own mortgage versus your landlord's