Market Watch

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2024 Northern Virginia Real Estate Market Forecast

The real estate market over the last few years has been a wild ride Everyone wants to know what 2024 holds. So let's dig into some of the common predictions from top economists. The end of 2023 saw a welcome decrease in interest rates and most economists are predicting that rates will continue to make modest declines with rates in 2024 hovering in the low to mid 6's. This bit of improved affordability will bring additional buyers off the sidelines. It may also allow some sellers to enter the market who have been holding off on selling due to their reluctance to give up their sub 3% interest rates. Home values are predicted to make modest increases with most predictions ranging from a 1% to 4% gain at the national level. The Chief Economist for the National Association of Realtors evaluated 100 of the largest US metro areas and the DMV made the list of top ten markets with the largest pent-up housing demand, the greatest likelihood for home price appreciation, and the greatest likelihood for an increase in the number of home sales for 2024.  So goodbye 2023! We are looking forward to 2024 providing more opportunities for both buyers and sellers. It's never too early to start planning your next move, so if you want to discuss how to reach your real estate goals this year, just call, text, or email.