The Second Half of 2024's Real Estate Market Forecast

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Now that we are venturing into the second half of the year, real estate industry experts have been making their predictions for what we should expect for home prices, home sales and mortgage rates.

Home Prices

Experts are saying that home prices for the second half of the year will continue to increase at a more normal pace. Seven industry experts including Fannie Mae, HPES, MBA, Goldman Sachs, NAR, Zillow and Freddie Mac all have varying positive predictions of increases. The average for all is 2.9% The reason for the continued momentum in appreciation is the supply of homes. Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), explains:

“One thing that seems to be pretty solid is that home prices are going to continue to go up, and the reason is that we don’t have housing inventory.”

Even though inventory has been on the rise, it is still low in total. The basic supply and demand theory applies here which keeps the pressure to increase prices. So for those who are looking to buy property, the good news is that prices shouldn’t be surging like they did, they will just increase at a more normal pace.

Home Sales

The total number of home sales is also expected to increase. Fannie Mae, MBA and NAR all average out to predict 4.8 million home sales which is a small increase over 2023. Lawrence Yun, Chief Economist at NAR, explains why:

“Job gains, steady mortgage rates and the release of inventory from pent-up home sellers will lead to more sales.”

With inventory growing and mortgage rates being more favorable for buyers, we should expect to see some more homes being sold this year compared to last year.

Mortgage Rates

Finally, mortgage rates are expected to dip just a bit. According to Fannie Mae, MBA (Mortgage Bankers Association) and NAR they average their predictions of 6.73% for Q3 and 6.57% for Q4 of this year. Even a small drop in rate can have a large impact on buying power for those looking to purchase. This also can also help those looking to sell as it makes for better market conditions for all.

Beth Dickerson

Boston, MA

Primary phone
(617) 510-8565
Email
[email protected]
Address
277 Dartmouth St. , 2nd Floor,
Boston, MA 02116

About The Author

One of Boston’s most reputable real estate brokers, Beth Dickerson has achieved more than $2 billion in sales and thousands of successful real estate transactions over her nearly thirty-year tenure. Beth has received national acclaim from the real estate industry and represents some of the most prestigious residents and properties across Massachusetts. Her enduring record as a top producer comes from the intuitive gift of sensing her clients’ needs. She has built a business that is referral-based at its core—a testament to her relationship-driven approach and penchant for exceeding expectations. It is this nuanced expertise that Beth leverages to guide many of her clients-turned-friends through some of the greatest milestones of their lives.

Beth was the proprietor of her own real estate company before joining the residential division of R. M. Bradley in 1993, where she was a top producer for more than a decade. In 2003, she founded her own boutique real estate firm, Dickerson Real Estate, before merging with Gibson Sotheby’s International Realty in 2007. Today, Beth attributes her success to her comprehensive marketing and advertising strategies, exclusive contact network, and unparalleled insight into neighborhoods like Back Bay, Beacon Hill, the South End and Waterfront. With an understanding that no two clients are alike, she works with clients in all phases of life—from first-time buyers to luxury developers, seasoned sellers and beyond. Beth offers clients the resources to aggressively market their property locally, nationally and globally, and her attention to detail, drive and enthusiasm are unmatched.

Beth has appeared in prestigious media outlets including The Wall Street Journal, Mansion Global, The Boston Globe, and Boston magazine, and was prominently featured as Greater Boston’s real estate expert on WCVB Chronicle in 2020. She has had the honor of serving as President of the Downtown Council of the Greater Boston Real Estate Board. For over ten years, she has been a Co-Chair and Committee Member for the Massachusetts General Pediatric Hospital for Children’s Storybook Ball. She serves as a Board Member of the Community Music Center of Boston and a member for the Perkins School for the Blind, Emerald Necklace Park Conservancy, Justine Liff Luncheon, Youth Villages and the Boys & Girls Club of Boston, among dozens of other organizations throughout the Boston area.

A long-time resident of Boston’s Back Bay, Beth was an active member of the community as she raised her two children: she served as treasurer of the Clarendon Street Playground and was an avid supporter of the Hill House Community Center.