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Home Prices Will Grow Again in 2024, Per Report

  • March 9th 2023

by UrbanTurf Staff

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home-price-scenarios.jpg
Various home price scenarios. Click to enlarge.

A recent survey of housing experts predicts that home prices will bottom out this year and start rising again in 2024. 

Zillow's latest Home Price Expectation (ZHPE) survey expects home prices to fall 1.6% through December, before rising again annually in the years ahead. 

"Starting next year, the panel foresees price growth picking back up, at an average clip of 3.5% per year through 2027 – the same rate that prices grew in the relatively stable period from 1987-1999, before the housing boom and bust cycle in the 2000s," according to a Zillow article. 

Those surveyed also expect mortgage rates to trend downward in the coming months, with the first quarter of 2023 being the high point for rates. 

Tomorrow, Bright MLS will publish its February report on the DC-area housing market and it will be interesting to see what direction prices are headed in the region. 

See other articles related to: dc housing prices

This article originally published at https://dc.urbanturf.com/articles/blog/home_prices_will_grow_again_in_2024_per_report/20737.

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