The Neighborhood Minute: Housing Market Predictions for 2024

January 9, 2023

2024 Housing Market Trends to Watch

With a possible end to the Fed’s battle on inflation, 2024 may be a better year for purchasing a home. As inflation continues to cool, mortgage rates should begin to follow suit in the later part of the new year. However, pricing and inventory will still prove to be an obstacle for some buyers. It also looks like a seller’s market is here to stay, and we’ve got expert tips for navigating it.

The Latest Housing Market Trend Report

2024 Housing Market Forecast

The Fed decided to hold mortgage rates steady and hinted at three rate cuts in 2024 at its December meeting.

Affordability will be a challenge due to built-up demand, low inventory and higher rates.

Expect more competition, which could further drive up home prices.

Renting may see a resurgence due to market conditions hitting first-time homebuyers the hardest.

Get Preapproved for a Mortgage in a Seller’s Market

Tight housing inventory is giving sellers the upper hand in the current housing market.

In a seller’s market, buyers need to move quickly, so set a budget and get preapproved for a mortgage early in the process.

A mortgage preapproval is a verification from a lender that you qualify for a mortgage.

Your preapproval will also determine how much you can borrow, your interest rate and monthly payment.

And because rates are still fluctuating, consider following up your preapproval with a mortgage rate lock.

Find a Loan Officer

Tools, Tips and Advice

WesBanco Home Loans

Learn about our mortgage options and find the right mortgage for you.

Six Ways to Use Your Home Equity

Watch this video to learn how to turn your home’s equity into cash

Mortgage Application Checklist

Organize your documents and feel confident applying for a mortgage.

*All information cited can be found on housingwire.com.