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Will the Housing Market Crash in 2024?
16.12.2023 - 14:44 / bhg.com
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It seems experts and real estate agents have been anticipating a housing market crash since the pandemic as home prices skyrocketed and interest rates on mortgages doubled, but it hasn't happened yet. Is 2024 the year?
“The housing market is entering 2024 at an interesting point,” says Danielle Hale, Realtor.com’s chief economist. “While many experts anticipated significant price declines in 2023, the housing market largely defied those expectations with home sales prices dipping on a year-over-year basis for just four months, and typical home asking prices falling for just two. The factors that led analysts to expect home price declines remain largely unchanged or worse.”
What’s on the horizon for the coming year? Experts have mixed views, but most agree a crash isn’t likely. Instead, they’re anticipating what they’re calling “a full reset,” a “downturn,” or a “correction.”
With each passing season, we have yet to see the drop so many feared was coming. Indeed, several agents warned last year of a correction in the market that would signal a shift back to normal prices and more inventory plus less competitive bidding. Still, in many parts of the country, the market seems as competitive as ever, especially for first-time buyers.
“Real estate is a major driver in our economy and the Fed must see the logjam that now exists. It’s a question of when (mortgage) rates will start to drop meaningfully, not if they will,” says Melissa Cohn, the regional vice president of William Raveis Mortgage. “My guess is that Christmas won’t come for the real estate sector until the beginning of 2024.”
When the pandemic hit and many employees began working from home, renters decided they wanted more space, and
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