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Experts Project Seattle Home Prices Will Increase in 2024


February 6, 2024


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Despite the national trend of increasing home prices, a significant portion of individuals remain concerned about a potential downturn. According to a recent survey conducted by Fannie Mae, 24% of respondents anticipate a decline in home prices over the next 12 months. This apprehension affects nearly one in four individuals, potentially including yourself.

To alleviate these concerns, let’s delve into what experts predict will unfold in terms of prices this year.

Experts Project a Modest Increase

Check out the latest home price forecasts from eight different sources (see graph below):

The leftmost blue bar indicates that, on average, industry experts anticipate a rise in home prices by over 2% by the conclusion of this year, rather than a decline.

In 2024, it’s unlikely that prices will depreciate due to the continued tight inventory and the influence of lower mortgage rates, which are driving robust buyer demand. These two factors will persistently drive prices upwards throughout the year. As Selma Hepp, Chief Economist at CoreLogicexplains:

“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?

Industry experts are forecasting an increase in home prices for this year, which is positive news for potential homebuyers. As a homeowner, you aim for your property’s value to appreciate over time. This appreciation is essential for building equity and highlights why homeownership is a valuable long-term investment.

Moreover, anticipated home price appreciation implies that if you are prepared, eager, and financially capable of purchasing a home, delaying your decision will result in higher costs in the future.

Bottom Line

If you’re concerned about a potential decrease in home prices, rest assured. Numerous experts anticipate an upward trend in prices this year. If you have any inquiries or apprehensions regarding price movements in our local area, feel free to reach out and connect with us.

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