2024 Housing Market Outlook
Posted by arhome realty on
2024 housing market outlook
As we step into the new year, the real estate market continues to evolve, presenting both challenges and opportunities. Below are key factors shaping the 2024 housing market and what they mean for those looking to buy or sell their homes.
1. low inventory levels.
Looking forward, demand will most likely continue to exceed supply. Illinois specifically has a slow growth in the number of homes being built compared to the rest of the country. Predictions of slight mortgage rate declines would help bring more home sellers into the market and increase the amount of inventory, however, it is unlikely that we'll see a drastic change from the status quo.
2. mortgage rates could decrease.
While mortgage rates have…
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