2024 Housing Market Predictions: Affordability, Demand, and Options

Zillow economists have shared their six predictions for the US housing market in 2024. They expect higher mortgage rates to lead to more homes being listed for sale as people lose patience waiting for rates to fall. While home prices may not decrease, the rate of growth could level off, providing some relief to buyers. Zillow also predicts higher demand for single-family rentals as families seek affordable options, and more markets across the country reflecting growing rental demand in downtown centers. With fewer options, buyers may overlook small flaws in properties and face less competition from flippers. Additionally, advancements in artificial intelligence are expected to streamline the home-shopping and home-selling experience.