As we move into the latter half of 2024, here’s what experts anticipate for home prices, mortgage rates, and home sales in the Danville real estate market.
Home Prices Are Expected to Climb Moderately
Home prices in Danville are forecasted to rise at a more gradual pace. The graph below shows the latest forecasts from seven of the most trusted sources in the industry:
The reason for continued appreciation? The limited supply of homes for sale. Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), explains:
“One thing that seems to be pretty solid is that home prices are going to continue to go up, and the reason is that we don't have housing inventory.”
While inventory has increased compared to the past couple of years, it remains relatively low overall. This scarcity keeps upward pressure on prices. If you’re considering buying a home in Danville, the good news is that prices won’t skyrocket as they did during the pandemic. However, prices aren’t expected to drop either. They’ll continue climbing, just at a slower pace.
Entering the market sooner rather than later could save you money in the long run. Plus, you can feel confident that experts predict your home will grow in value after you buy it.
Mortgage Rates Are Forecast to Come Down Slightly
One of the best pieces of news for both buyers and sellers in Danville is that mortgage rates are expected to decrease slightly, according to Fannie Mae, the Mortgage Bankers Association (MBA), and NAR (see chart below):
When you buy, even a small drop in mortgage rates can significantly impact your monthly payments. For sellers, lower rates will attract more buyers, helping you sell faster and potentially at a higher price. If you’ve been hesitant to sell due to current rates, this might be the encouragement you need.
Home Sales Are Projected to Hold Steady
For 2024, the number of home sales in Danville is expected to be similar to last year and may even rise slightly. The graph below compares the 2024 home sales forecasts from Fannie Mae, MBA, and NAR to the 4.8 million homes sold last year:
The average of these forecasts predicts about 5 million sales in 2024 – a modest increase from 2023. Lawrence Yun, Chief Economist at NAR, explains why:
“Job gains, steady mortgage rates, and the release of inventory from pent-up home sellers will lead to more sales.”
With more inventory available and mortgage rates expected to decrease, we can expect a slight increase in home sales this year compared to last year. This means more people will be able to move. Let’s work together to make sure you’re one of them.
Bottom Line
If you have any questions or need help navigating the Danville real estate market, reach out. We're here to guide you through every step of the process.
