Can You Buy a House in 2024?
Many have speculated about the housing market with some predicting a market crash as far back as 2019. Today, experts have a wide range of opinions about what will happen in 2024 but, generally, the housing market looks pretty good.
The primary reason for conservative optimism is that there is more demand than housing inventory and that keeps prices steady. Home prices will fall if demand plummets.
The National Association of Realtors states that median home prices will see a slight increase of .09 percent in 2024, averaging around $389,500. That is especially true in Georgia because this state has a tight house inventory. However, their forecast states that may not last as prices can dip some later in the year.
Others are more optimistic, especially for Georgia, saying this year will be a good one for buyers and sellers. They expect sales in Georgia to keep rising until demand slows down. A tight inventory typically means sellers can get a price closer to what they expect.
A price dip could come sooner than later. Georgia real estate statistics show that home sales decreased by 17.8 percent in September compared to the fall of 2022. Only 10,000 homes were sold that month in 2023 compared to 12,000 in September 2022.
Another factor is whether those seeking a home can get a loan. Banks have tightened qualifying eligibility standards including raising the credit score required for any type of loan. Most people must have at least a 630 credit score to apply for any bank loan now when it was once 600.