Key takeaways
- Buying and selling activity during the first quarter of the year is usually slow but picks up momentum closer to spring.
- Experts are encouraged by mortgage rates declining recently, which could motivate more house-hunters to begin their search.
- Buyers will continue to face low housing supply challenges and, if rates keep dropping, more competition from rival shoppers.
We may be in the thick of winter, but many homebuyers and sellers are starting to have warm thoughts about the housing market. That’s because, looking ahead, market indicators suggest we’ll see increased activity thanks to lower mortgage rates. Yet home prices remain high and inventory levels are tight in many markets.
How will the first quarter of 2024 shake out when it comes to rates, prices, sales activity and more? We asked top real estate experts to identify upcoming trends and offer their predictions.
What to expect in Q1 2024
The first quarter of the year is often a slower one for real estate due to colder weather and the inclination among buyers and sellers to wait things out until closer to spring.
We typically see housing inventory remaining low until February and then ramping up.
— Lawrence Yun, Chief Economist, National Association of Realtors
“We typically see housing inventory remaining low until February and then ramping up from March onward,” says Lawrence Yun, chief economist for the National Association of Realtors. “Homebuying and open…
