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What type of market shift is my neighborhood experiencing? by Zina O’Callaghan

What type of market shift is my neighborhood experiencing?

It truly depends on the neighborhood in which you are looking. Inventory remains below normal in many areas. Mortgage rates are expected to dip slightly. It appears that home prices will continue to rise at a more balanced pace than in recent years. The National Association of REALTORS® forecasts home prices to rise by 0.6%. Goldman Sachs forecasts home prices to rise by 4.4%. Morgan Stanley and Fannie Mae both forecast a 3.0% increase in home prices (forecasts as of October 2024).

Buyers are still looking for their dream home. Most Buyers who want to downsize have not changed their minds. They are just required to have patience. Buyers who need more space are in the same predicament. So why are prices still climbing up? Demand. We are hopeful that sellers who feel less “rate-locked” will lift supply this year. The boost in demand will push prices upward.

In our market where the housing inventory remains below normal, this may push prices upward. The upside is more homes entering the market will help moderate price growth. Our hope is that home prices will be positioned to rise steadily and at a more sustainable rate. Why work with Zina and St. Joseph Group?
The graphs below are Live – Always updated with the latest data. Each data point is 12 months of activity. Click and see…