The 2023 housing market was a tough one for home buyers, but especially for those who were hoping to buy a home for the very first time. However, experts are saying that the housing market is already showing signs of improvement for 2024! Keep reading to find out what you could expect from the housing market this year.
Home Prices May Remain Consistent
According to the National Association of REALTORS®, annual median home prices will likely remain the same as they were in 2023. A slight uptick is possible, but the good news is that the median home price in North Carolina is $363,000—well below the sales price limit to qualify for the NC Home Advantage Mortgage™.
Mortgage Rates Could Continue to Decline
Experts agree there are several indicators that mortgage rates will eventually fall to 6% in 2024. While we may not see any big changes in the beginning of the year, we may start to see a drop in rates by summertime.
Expect More Buyers and Sellers in the Market
As mortgage rates move lower, we will start to see more buyers and sellers in the market. Inventory is likely to increase in 2024, but supply may still stay low. Talk to your lender to see how much home you can afford so you can set realistic expectations. Your real estate agent will be able to help you navigate your home search once those expectations have been set.
Overall, things are looking up for potential first-time home buyers in 2024 and the NC Home Advantage Mortgage™ can help make buying a home more affordable. Learn more about our suite of mortgage products today so you can end this year in a home of your own.