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  1. Housing
  2. Home Buying

Here’s How Far Home Prices and Mortgage Rates Could Drop in 2024

By: Mary Ellen Cagnassola
Mary Ellen Cagnassola, expert in Social Security, retirement, housing, and Reporter at Money
Mary Ellen Cagnassola
Reporter | Joined May 2024
Mary Ellen (M.E.) Cagnassola joined Money as a reporter in 2022. She covers U.S. rent and real estate with a focus on market trends and affordability.
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Editor: Brad Tuttle
Brad Tuttle, expert in Personal finance, shopping, consumer trends, and Senior Editor at Money
Brad Tuttle
Senior Editor | Joined January 2014
Brad Tuttle is a senior editor at Money with over 10 years’ experience covering a vast number of personal finance topics, including careers, cars, travel, budgeting, investing, insurance, credit cards, consumer psychology, real estate, banking, and shopping and deals.
See full bio
Published: Dec 29, 2023 5 min read
Suburban house with a for sale sign
Money; Shutterstock

The new year could finally bring good tidings for homebuyers — or at least the beginning of improved housing affordability.

Historically high mortgage rates and housing prices that stymied homebuyers this year are expected to ebb a bit in 2024, according to real estate brokerage Realtor.com’s housing market forecast. While home shoppers shouldn’t expect major relief from today’s crushing homeownership costs, small gains in affordability are expected to help some buyers get a foot in the door.

Renters can also look forward to somewhat better conditions as new construction hits the market in the coming months.

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