Last year, most experts thought home prices would only go up a little bit in 2024. Now, those same experts are more optimistic than they were just a couple of months ago.
A chart from Keeping Current Matters shows what the experts originally thought home prices would do in 2024. It stacks those projections up against their current forecasts. Look at how they’ve changed. The numbers have all gone up. Even though it’s normal for experts to change their forecasts as time goes on, these are a big deal.
Why are they revising their forecasts up? It’s probably because they know with rates trending down over the last few months, buyer demand is gonna go back up. And since the supply of homes for sale is still low, that’s a recipe for price growth. Experts are paying close attention to everything that’s happening in the market, and they think home prices are going to keep going up. That’s what you wanna hear if you’re nervous about prices dropping.