Riding the Tides of the Housing Market in 2024

2024-01-19T11:52:13-05:00January 21st, 2024|Categories: Appraisal|Tags: |

Riding the tides of the Housing Market in 2024. Picture this: after cresting the peak in the preceding years, the market surged downhill dramatically, with sales of pre-existing homes recording a precipitous drop of 19% year-over-year. Consequently, this market chill is reflected in the median home price. Which ascended to a notch of $387,600 in November 2023, a 4% rise from the preceding year, despite the stinging winds of turbulence. Furthermore, mortgage rates echoed the gale of instability, dipping and rising unpredictably. Culminating in an average of 6.9% in the fateful year of 2023, following a spike beyond the 7% [...]