A stagnant market and high interest rates have troubled potential buyersheres what to expect in the new year.
But things are starting to look upif slowlyacross the market, according toZillows 2024 Housing Market Predictions.
Downtown areas might rise in demand, andhouse flippersmay come into competition with first-time buyers looking forfixer uppers.
Credit:Brie Williams
Houses may get slightly more affordable, with prices plateauingdropping by a slight 0.2% in value in 2024.
According to Zillow, mortgage rates are more difficult to predict now.
Even so, prohibitively high housing prices continue to make the single-family rental market thrive.
Young families are hunting for leases that provide privacy and a backyard without the long-term commitment and additional costs.
For buyers making the jump to homeownership,fixer-uppersare becoming more appealing with their lower inventory and higher costs.
These buyers tend to add sensory gardens or brutalist design on their wishlists, rather thanclofficesor Tuscan kitchens.
Zillow also says artificial intelligence will continue to improve the home shopping experience for both buyers and sellers.
