Revealing an Expert’s 2024 Real Estate Market Predictions

By DeVonna Meyer

DeVonna has spent over 43 years building lifelong relationships in South County and has sold hundreds of homes from San Jose, Morgan Hill, Gilroy, and Hollister Cities.

As we enter the new year, experts are making predictions about the housing market in 2024. After a volatile 2023, let’s look at what the real estate experts have to say. Take note of these three housing market predictions:

Prospective buyers are expected to return to the market in 2024 after being inactive in 2023 due to high mortgage rates. This shift is caused by several variables that suggest interest rates may drop, making the market more accessible. It is possible that last year’s steep 8% rates are unlikely to happen again.

There will be more inventory in 2024, mainly because sellers will need to sell and can no longer wait for things to improve. As a result, there will be more listings available on the market for buyers, increasing demand.

In addition, a greater number of buyers are anticipated to buy fixer-uppers or older homes over turnkey properties. This is attractive for buyers because of  the lower-to- nonexistent fees for the property. Compared to turnkey properties, buyers find this new trend to be more appealing.

These are not hard and fast guarantees but only projections, as we all know that the real estate market is volatile. 

Please don’t hesitate to contact me if you would like more information on the housing market in your area. I can help you plan your next strategic move, whether you’re thinking about buying or selling. You can call me, send a text, or email me, and I’ll be more than happy to be of service.