2024 Housing Market Predictions: Affordability Improving, More Options for Buyers

Zillow economists predict that the US housing market in 2024 will see more homes listed for sale as homeowners lose patience waiting for mortgage rates to fall, potentially leading to greater housing supply. While home prices may not decrease, the rate of growth is expected to level off, providing Americans with some relief. Demand for single-family rentals is expected to increase as families seek affordable options, and more markets across the country are likely to reflect growing rental demand in downtown centers. With fewer options, buyers may face less competition from flippers, but will still need to invest in DIY home improvements. Additionally, advancements in artificial intelligence are expected to streamline the home-shopping and home-selling experience, benefiting both real estate agents and home shoppers.