Leave a Message

Thank you for your message. We will be in touch with you shortly.

Explore Our Properties

Experts Project Home Prices Will Increase in 2024

The Gentry Team January 23, 2024

Even though home prices are going up nationally, some people are still worried they might come down. In fact, a recent survey from Fannie Mae found that 24% of people think home prices will actually decline over the next 12 months. That means almost one out of every four people are dealing with that fear, and you might be, too.
 
To help ease that concern, here’s what experts forecast will happen with prices this year.
 

Experts Project a Modest Increase

Check out the latest home price forecasts from eight different sources (see graph below):
 
 
The blue bar on the left means, on average, experts think home prices will go up over 2% by the end of this year – not down.
 
Prices aren’t likely to depreciate in 2024 because inventory is still tight and lower mortgage rates are leading to strong buyer demand. Those two factors will keep pushing prices up as the year goes on. As Selma Hepp, Chief Economist at CoreLogic, explains:
 
“With mortgage rates dropping, demand for homes in early 2024 is likely to be strong and will again put pressure on prices, similar to trends observed in early 2023. Most markets will continue to reach new home price highs over the course of 2024.”
 

What Does This Mean for You?

Experts are saying home prices will go up this year, and that’s good news if you’re thinking about buying a home. When you become a homeowner, you want the value of your house to go up. That appreciation is what builds equity and makes homeownership such a good investment over time.
 
Beyond that, expected home price appreciation also means if you’re ready, willing, and able to buy, waiting just means it will cost more later.
 

Bottom Line

If you’re worried home prices will come down, don’t be. Many experts believe they’ll actually go up this year. If you have questions or worries about what’s happening with prices in our area, let’s connect.

Recent Blog Posts

Stay up to date on the latest real estate trends.

Lock-and-Leave Second Homes in Pinehurst: A Buyer’s Guide
USGA in Pinehurst: What It Means for Housing Demand
What’s Next for Home Prices and Mortgage Rates?

Here are what experts are saying about both prices and rates.

The Best Time To Sell Your House Is When Others Aren’t Selling

If you’re ready to sell now, beat the competition before it comes onto the market.

Why Buying or Selling a Home Helps the Economy and Your Community

You’re not just meeting your own needs, you’re also making a positive impact on the community.

What Everyone’s Getting Wrong About the Rise in New Home Inventory

You may have seen talk online that new home inventory is at its highest level since the crash.

History Shows the Housing Market Always Recovers

Every slowdown in the past has eventually given way to more activity, and this one will too.

Should You Still Expect a Bidding War?

If concerns about bidding wars have been holding you back, it may be time to take another look.

From Frenzy to Breathing Room: Buyers Finally Have Time Again

If you tried to buy a home a few years ago, you probably still remember the frenzy.

View All

Work With Real Locals

If working with a team that truly gives back to the community matters to you, we would make a great match. Reach out today to get started on buying or selling your home with a team that knows Moore County inside and out. With decades in the industry and an exceptional team of sales specialists, The Gentry Team has sold more homes than any other real estate firm in Moore County—and more than the total volume of most real estate companies in the region. This level of experience is unmatched, allowing us to help you sell your home for top value while anticipating and handling every detail along the way. We work collaboratively, combining our collective expertise to achieve the very best results for our clients. It is an approach built on trust, teamwork, and proven success. When you work with real locals, you get real results.

Contact Us
Get in Touch
Contact Details

THE GENTRY TEAM

(910) 295-7100

[email protected]



5 Chinquapin Rd
Pinehurst NC 28374