2024 Housing Market Predictions: Price Fluctuations and Top Cities to Buy Homes

A new report from Realtor.com predicts that the Portland real estate market could see a significant drop in home prices of 7.4% in 2024, higher than the national average decline of 1.7%. Austin, Texas is expected to have the steepest decline at 12.2%. The report suggests that the shift in housing affordability may attract first-time buyers, but high mortgage rates could deter current homeowners from moving. While the market may stabilize next year, challenges such as low home sales, limited inventory, and scarcity of move-in ready homes in desirable areas are expected to persist.