2024 Housing Market Predictions: Homebuyers to Benefit from Falling Mortgage Rates and Soaring Sales

Redfin and Zillow have released their annual predictions for the 2024 housing market. Both real estate companies forecast that homebuyers may catch a break as mortgage rates decrease and listings increase. Redfin predicts a 1% decline in home prices, an increase in new listings, and a 5% rise in home sales. They also anticipate a steady decline in mortgage rates, although they will remain above 6%. Redfin believes that renting will lose its stigma as many millennials and Gen Zers find buying a home too expensive. Additionally, Redfin suggests that high housing costs could pose a challenge for President Joe Biden's re-election bid in 2024.