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Real Estate Market Forecast

February 15, 2024

What will the houseing market look like for the next few years?  Based on current trends and expert opinions, there are a few key things that we can expect to see in the next few years.  

Overall, the housing market is expected to remain strong in the next five years. However, there are some key factors that could impact the market, such as rising interest rates and a growing supply of homes.

Home prices will continue to rise but at a slower pace. The rapid rise in home prices that we saw in recent years is likely to slow down in the next few years. However, home prices are still expected to rise, albeit at a more moderate pace.

The supply of homes for sale will increase. The lack of available homes for sale has been a major driver of rising home prices in recent years. However, as more homes are built and come onto the market, we can expect to see some relief from the supply shortage.

Mortgage rates will rise. The Federal Reserve is raising interest rates to combat inflation. This has made it more expensive to borrow money, which has led to a decline in demand for homes. However, in the subsequent years, a reversal in this trend is projected, as interest rates are anticipated to gradually recede, potentially culminating in a resurgence of demand in the housing market.

The housing market will remain competitive. Even with rising interest rates and a growing supply of homes, the housing market is still expected to remain competitive in the next few years. This is due to a number of factors, including strong job growth, population growth, and a limited supply of land.

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