As the end of another year approaches, it’s only natural that we begin to look ahead. After all, there’s no better time to start planning for the future than right now. That’s especially true if you’re considering making a move in 2024. So what should you expect from the housing market in the year ahead? Well, according to the latest forecast from the National Association of Realtors, there’s reason to be hopeful. That’s because the NAR sees a relatively stable market ahead, and even some slight improvement in affordability conditions. In fact, they expect mortgage rate increases to calm and the average rate to be lower than this year’s. They also expect home prices to remain relatively flat, rising less than 1 percent in 2024 from 2023. Also in the forecast, the NAR predicts the national median existing home price to be $389,500 next year and they see sales rising 13.5 percent after this year’s 17.5 percent drop. (source)
