Housing Market Expected to Remain Competitive for Buyers in 2024 Despite Slight Improvements
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Home prices and mortgage rates remain high, while inventory is still tight, so the housing market in 2024 will likely still favor sellers.
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If mortgage rates drop in 2024, that could spur more buyers and sellers to enter the market.
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Home sales are predicted to increase slightly in 2024 compared to 2023, but not dramatically.
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Housing inventory may increase somewhat in 2024, but is unlikely to hit balanced market levels.
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It will likely still be a seller’s market in 2024, though buyers may start to gain more negotiating power.