Press release
Zillow predicts more homes for sale, improved affordability in 2024
Home buying will remain expensive, so expect a competitive market for homes that need some work and for single-family rentals Affordability will remain a
About this update from Zillow Group, Inc.
[{"type":"text","content":"Home buying will remain expensive, so expect a competitive market for homes that need some work and for single-family rentals\nAffordability will remain a challenge, but Zillow expects buyers to have more options and a bit more financial breathing room in 2024. Rental market competition will be strong, especially for single-family rentals and units with an easy commute to downtown office hubs. Artificial intelligence in real estate will make a leap, improving the home-buying and selling process for buyers, sellers and their agents. SEATTLE, Nov. 30, 2023 /PRNewswire/ -- The housing market's headline news this year has been the affordability challenge brought on by mortgage rates reaching 20-year highs. Looking ahead to 2024, Zillow® predicts home buyers will have a bit more breathing room — but only a bit. \n\n \n \n \n \n \n \n\n \nBuying a home will remain expensive, keeping pressure on the rental market to cater to families that will be renting for longer than previous generations. Many who buy will turn to homes that need some work, according to Zillow's predictions, and do-it-yourself upgrades and repairs will keep new homeowners busy. \n\"I expect the beginning of a long healing process to kick off in the housing market next year,\" said Skylar Olsen, Zillow chief economist. \"We know there are a huge number of households in prime home-buying ages waiting for the winds to turn in their favor. While still presenting challenges, the market will be better for buyers, with more homes to choose from and improved affordability. Many will continue to look toward rentals, and given renter demographics single-family rental demand in particular will be strong. Recent deliveries should keep rent growth down, and concessions high in that market, too. This is our breather year.\"\nMore homes will hit the market as homeowners accept that current mortgage rates are sticking around\"Higher for longer\" is the key refrain regarding mortgage rates as Zillow economists look ahead to the next year in housing. It's becoming clear that high mortgage rates have some staying power. Zillow economists expect more homeowners who locked in long-term payments when rates were near all-time lows to list their homes for sale, as they grow weary of waiting for the historically low rates of 2021 to return.\nA very small pool of homes for sale has kept comp...