Housing Market Forecast: Home Prices to Rise 4-7% in 2024

Despite National Increase, Certain Metro Areas Expected to See Price Decline

Home prices are expected to rise between 4% and 7% in 2024, according to Nik Shah, CEO of Home.LLC, who accurately predicted the housing market trend in 2023.
Shah's prediction is based on falling mortgage rates, which are expected to increase demand, and a limited housing supply.
Despite the national increase, certain metropolitan areas like Austin, Boise, and Denver are expected to see a decline in home prices.
Long-term, Shah is bearish on home prices due to declining birth rates and affordability challenges for Gen Z, coupled with an expected increase in supply as baby boomers age.
Separately, some cities are expected to see significant price gains, with Redding, California projected to lead with a 7.3% increase, while several cities in Florida are expected to see price declines.