Experts Project Home Prices Will Increase in 2024

Even though home prices are going up nationally, some people are still worried they might come down. In fact, a recent\[survey](https://www.fanniemae.com/research-and-insights/surveys-indices/national-housing-survey/national-housing-survey-archive) from _Fannie Mae_ found that 24% of people think home prices will actually decline over the next 12 months. That means almost one out of every four people are dealing with that fear, and you might be, too. To help ease that concern, here's what experts forecast will happen with prices this year. #### Experts Project a Modest Increase Check out the latest [home price](https://www.simplifyingthemarket.com/en/2024/01/12/home-prices-forecast-to-climb-over-the-next-5-years-infographic/?a=713258-9a8342bcf821027012880bf1d7cccbf7) forecasts from eight different sources (_see graph below_)The blue bar on the left means, on average, [experts](https://img03.en25.com/Web/MortgageBankersAssociation/%7Ba8f4bf3d-95ec-42be-9c8d-3eb49e52f553%7D_Mortgage_Finance_Forecast_Jan_2024.pdf) think [home prices](https://www.zillow.com/research/2024-housing-predictions-33447/) will go up over 2% by the end of this year – not down. [Prices](https://www.freddiemac.com/research/forecast/20231220-us-economy-expanded-in-2023) aren’t likely to depreciate in 2024 because [inventory](https://www.simplifyingthemarket.com/en/2024/01/16/why-you-may-want-to-seriously-consider-a-newly-built-home/?a=713258-9a8342bcf821027012880bf1d7cccbf7) is still tight and lower [mortgage rates](https://www.simplifyingthemarket.com/en/2024/01/08/what-lower-mortgage-rates-mean-for-your-purchasing-power/?a=713258-9a8342bcf821027012880bf1d7cccbf7) are leading to strong [buyer demand](https://www.simplifyingthemarket.com/en/2024/01/17/2-reasons-why-todays-mortgage-rate-trend-is-good-for-sellers/?a=713258-9a8342bcf821027012880bf1d7cccbf7). Those two factors will keep pushing [prices](https://www.fanniemae.com/newsroom/fannie-mae-news/q4-2023-home-price-expectations-survey) up as the year goes on. As Selma Hepp, Chief Economist at _CoreLogic_, [explains](https://www.cnn.com/2023/12/26/business/us-home-prices-record-high-october/index.html): ###### _“With mortgage rates dropping, demand for homes in early 2024 is likely to be strong and will again put pressure on prices, similar to trends observed in early 2023 . . ._ _Most markets will continue to reach new home price highs over the course of 2024.__”_ #### What Does This Mean for You? Experts are saying [home prices](https://twitter.com/NewsLambert/status/1730642488346472787) will go up this year, and that's good news if you're [thinking](https://www.simplifyingthemarket.com/en/2024/01/03/thinking-about-buying-a-home-ask-yourself-these-questions/?a=713258-9a8342bcf821027012880bf1d7cccbf7) about [buying a home](https://www.simplifyingthemarket.com/en/2024/01/16/why-you-may-want-to-seriously-consider-a-newly-built-home/?a=713258-9a8342bcf821027012880bf1d7cccbf7). When you become a [homeowner](https://www.simplifyingthemarket.com/en/2024/01/15/homeownership-is-still-at-the-heart-of-the-american-dream/?a=713258-9a8342bcf821027012880bf1d7cccbf7), you want the [value](https://cdn.nar.realtor/sites/default/files/documents/forecast-q4-2023-us-economic-outlook-10-26-2023.pdf) of your house to [go up](https://www.simplifyingthemarket.com/en/2024/01/11/the-dramatic-impact-of-homeownership-on-net-worth/?a=713258-9a8342bcf821027012880bf1d7cccbf7). That appreciation is what builds [equity](https://www.simplifyingthemarket.com/en/2024/01/09/ways-your-home-equity-can-help-you-reach-your-goals/?a=713258-9a8342bcf821027012880bf1d7cccbf7) and makes homeownership such a good investment over time. Beyond that, expected home price appreciation also means if you’re ready, willing, and able to [buy](https://www.simplifyingthemarket.com/en/2024/01/05/achieving-your-homebuying-dreams-in-2024-infographic/?a=713258-9a8342bcf821027012880bf1d7cccbf7), waiting just means it will cost more later. ### Bottom Line If you're worried home prices will come down, don’t be. Many experts believe they’ll actually go up this year. If you have questions or worries about what’s happening with prices in our area, let’s connect. Posted by [Ryan Drowne](https://www.thedavidgreengroup.com/blog/author/ryandrowne/) on January 23rd, 2024 Enjoy this blog post? 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