Treasure Valley Real Estate Market: What To Expect in 2024

By John West

We understand that our clients are making big life decisions and are trusting us to help them make sure those decisions are wise ones. For us, it is not about transactions, it's about relationships.

If you’re considering buying or selling a home in 2024, it’s essential to understand the current housing market trends. Last year presented challenges such as higher mortgage rates, inflation, and a limited inventory of homes. However, experts are optimistic about the upcoming year, anticipating positive changes. To help you prepare for your real estate plans, I’ll explore three key predictions for the housing market in 2024, covering mortgage rates, housing supply, and home price growth.

Firstly, there’s positive news regarding mortgage rates. They are expected to continue easing, offering hope to buyers dealing with affordability challenges. The recent decline from peaks near 8% has created a more favorable market, fostering optimism for the upcoming year.

The second prediction involves an anticipated growth in the supply of homes for sale as interest rates ease. With greater activity in the housing market, more buyers and sellers are expected to get involved. This upsurge in activity is projected to result in a growing supply of homes for sale, a trend that is already being observed. Changes in life, family, and financial circumstances may prompt more relocations and property listings as interest rates approach 6.5%.

The third prediction is a moderation in home price growth. As mortgage rates drop and inventory improves, home price growth is expected to slow down. Forecasts suggest a more moderate growth rate of around 2.5 to 3% on average for this year and into 2025. This moderation helps to make housing more affordable for those taking advantage of lower rates.

Entering the new year with slight home price gains, increasing inventory, and easing mortgage rates, the overall outlook for the housing market in 2024 appears promising. This contrasts with the challenges of the previous year, marked by high interest rates, minimal inventory, and the worst affordability in over a decade.

If you’re planning to buy or sell a home this year, staying informed about the latest forecasts is crucial. You can call or email us anytime. We’re here to provide the information you need to make informed decisions aligned with your goals.