![](\"https:\/\/i0.wp.com\/sandpointrealtyidaho.com\/blog\/wp-content\/uploads\/2023\/11\/20231115-The-Latest-2024-Housing-Market-Forecast.png?w=1220&ssl=1\")
\n![\"The](\"https:\/\/i0.wp.com\/sandpointrealtyidaho.com\/blog\/wp-content\/uploads\/2023\/11\/20231115-The-Latest-2024-Housing-Market-Forecast.png?w=358&ssl=1\")
\nThe new year is right around the corner, and you might be wondering if 2024 will be the right time to buy<\/a> or sell a home<\/a>. If you want to make the most informed decision possible, it\u2019s important to know what the experts have to say about what\u2019s ahead for the housing market. Spoiler alert: the projections may be better than you think. Here\u2019s why.<\/p>\n Take a look at the latest home price forecasts from Fannie Mae<\/em><\/a>, the Mortgage Bankers Association<\/em><\/a> (MBA), and the National Association of Realtors<\/em><\/a> (NAR):<\/p>\n \u00a0 As you can see in the orange bars on the left, on average, experts forecast prices<\/a> will end this year up about 2.8% overall, and increase by another 1.5% by the end of 2024. That\u2019s big news, considering so many people thought prices would crash<\/a> this year. The truth is, prices didn\u2019t come tumbling way down in 2023<\/a>, and that\u2019s because there just weren\u2019t enough homes for sale compared to the number of people who wanted or needed to buy them, and that inventory crunch is still very real. This is the general rule of supply and demand, and it continues to put upward pressure on prices as we move into the new year.<\/p>\n Looking forward, experts project home prices<\/a> will continue to rise next year, but not quite as much as they did this year. Even though the expected rise in 2024 isn\u2019t as big as in 2023, it\u2019s important to understand home price appreciation is cumulative. In simpler terms, this means if the experts are right, according to the national average, after your home\u2019s value goes up by 2.8% this year, it should go up by another 1.5% next year. That ongoing price growth is a big part of why owning a home<\/a> can be a smart decision in the long run.<\/p>\n While 2023 hasn\u2019t seen a lot of home sales relative to more normal years in the housing market, experts are forecasting a bit more activity next year. Here\u2019s what those same three organizations project for the rest of this year, and in 2024 (see graph below<\/em>):<\/p>\n \u00a0<\/strong> While expectations are for just a slight uptick in total sales, improved activity next year is a good thing for the housing market, and for buyers<\/a> and sellers like you. As people continue to move, that opens up options for hopeful buyers who are looking for a home.<\/p>\n So, what do these forecasts show? The housing market is expected to be more active in 2024. That may be in part because there will always be people who need to move<\/a>. People will get new jobs, have children, get married or divorced \u2013 these and other major life changes lead people to move regardless of housing market conditions. That will remain true next year, and for years to come. And if mortgage rates come down, we\u2019ll see even more activity in the housing market.<\/p>\n If you\u2019re thinking about buying or selling, it\u2019s important to know what the experts are forecasting for the future of the housing market. When you\u2019re in the know about what\u2019s ahead, you can make the most informed decision possible. Connect with a local <\/span>real estate agent<\/a> to chat about the latest forecasts, and craft a plan for your next move.<\/span><\/p>\n<\/div>\n\n<\/body>","protected":false},"excerpt":{"rendered":" The new year is right around the corner, and you might be wondering if 2024 will be the right time to buy or sell a home. If you want to make the most informed decision possible, it\u2019s important to know what the experts have to say about what\u2019s ahead for the housing market. Spoiler alert: […]<\/p>\n","protected":false},"author":1,"featured_media":4378,"comment_status":"registered_only","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[12],"tags":[29,27,20,18,28],"class_list":["post-4377","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-insight","tag-idaho-real-estate","tag-north-idaho-homes","tag-rain-silverhawk","tag-real-estate","tag-sandpoint-idaho"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\tExperts Forecast Ongoing Home Price Appreciation<\/strong><\/h4>\n
![](\"https:\/\/i0.wp.com\/sandpointrealtyidaho.com\/blog\/wp-content\/uploads\/2023\/11\/20231115-Home-Price-Forecasts-for-2023-and-2024.png?w=1220&ssl=1\")
<\/a><\/p>\n\nProjections Show Sales Should Increase Slightly Next Year<\/strong><\/h4>\n
![](\"https:\/\/i0.wp.com\/sandpointrealtyidaho.com\/blog\/wp-content\/uploads\/2023\/11\/20231115-Total-Home-Sales-Forecasts-for-2023-and-2024.png?w=1220&ssl=1\")
<\/a><\/p>\n\nBottom Line<\/h3>\n