What can we learn from 2023 that will shape 2024? Despite fewer home sales and high mortgage rates, the housing market stayed strong due to not enough homes available
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In the post-pandemic era, the “normal” market is changing. We expect fewer new listings, less inventory (homes for sale), and quicker sales. Compared to 2018, there were 52,000 fewer home sales, 124,000 fewer new listings, and a big drop in available homes (Bright MLS).
Home prices went up by 3.4%, reaching a median of $385,000 (Bright MLS). Even with higher mortgage rates, the demand for homes was more than what was available. Looking ahead, the next three to five years predict a market with more people wanting homes than there are homes available, limited options for buyers, prices going up, homes selling fast, and more cash transactions like before the pandemic.
