Tarrant and Denton County Market Updates
We saw the market cool a bit during the last few months, and the good news is, many experts are optimistic we’ve turned a corner and are headed in a positive direction.
If you’re thinking about buying or selling a home soon, you probably want to know what you can expect from the housing market in 2024.
Mortgage Rates Expected To Ease
Recently, mortgage rates have started to come back down. This has offered hope to buyers dealing with affordability challenges. Mark Fleming, Chief Economist at First American, explains how they may continue to drop:
“Mortgage rates have already retreated from recent peaks near 8% and my fall further…”
Supply of Homes for Sale May Grow
As rates ease, activity in the housing market should pick up because more buyers and sellers who had been holding off will jump back into action. If more sellers list, the supply of homes for sale will grow.
Home Price Growth Should Moderate
Mortgage rates pulling back isn’t the only positive sign for affordability. Home price growth is expected to moderate too, as inventory improves but is still low overall.
To wrap it up, experts project 2024 will be a better year for the housing market. So, if you’re thinking about making a move next year, know that early signs show we’re turning a corner.
Experts are optimistic about what 2024 holds for the housing market. If you’re looking to buy or sell a home in the new year, let’s chat about what that looks like for you.