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  1. Housing
  2. Housing Market

Housing Market Forecast: 4 Expert Predictions for 2024

By: Leslie Cook
Leslie Cook, expert in Mortgages, housing market, home renovations, consumer credit, and Editor, Real Estate at Money
Leslie Cook
Editor, Real Estate | Joined November 2019
Leslie Cook is Money’s lead mortgage reporter covering trends in the housing market, mortgage rates and real estate. She also writes about home renovation trends and tips.
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Editor: Julia Glum
Julia Glum, expert in the IRS, taxes, credit scores, saving, colleges, mobile payment apps, and News Editor at Money
Julia Glum
News Editor | Joined February 2018
Julia Glum joined Money in 2018 and specializes in covering financial trends that affect everyday Americans' wallets. She also writes Dollar Scholar, a weekly newsletter that teaches young adults how to navigate the messy world of money.
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Published: Jan 03, 2024 7 min read
House
Olive Burd / Money; Shutterstock

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Here’s a piece of good news for rate-weary buyers: Relief is on the way. After months of turmoil, the housing market should be slightly calmer in 2024.

Although the factors that tanked affordability in 2023 — mainly high mortgage rates and lack of inventory — will still be at play in 2024, no one expects conditions to get any worse for buyers and sellers. In fact, many housing experts believe the new year will be a turning point for real estate: They say home sales should (somewhat) rebound, mortgage rates and prices should move lower, and more sellers will list their homes.

To be sure, these improvements will be gradual, and “housing affordability is still going to be the No. 1 issue for homebuyers,” says Danielle Hale, chief economist at Realtor.com. But slightly lower mortgage rates and prices will help lower the costs of homeownership.

What else can we expect from the 2024 housing market? Here’s what experts predict will happen with mortgage rates, inventory, home prices and sales in the near future.