
In 2024, contrary to widespread predictions, we didn’t see a nationwide dip in home prices.
Several key factors contributed to this surprising stability in the housing market.
Strong Economic Factors
First off, a strong economy was a major player, marked by low unemployment and rising wages, which boosted buyers’ purchasing power.
Millennials, in particular, showed a strong desire for homeownership, driving demand as they made their way into the market.
Interest Rate Stability
While interest rates increased compared to previous years, they eventually leveled out at a rate that many buyers found manageable.
This stability kept potential buyers engaged rather than pushing them away.
On the flip side, sellers were hesitant to slash their asking prices, eager to hold on to the equity they’d built during the housing boom.
Conclusion
In summary, a mix of strong demand from buyers, limited housing supply, and steady interest rates combined to keep home prices stable throughout 2024.
Source: Housingwire