Veros Real Estate Solutions’ (Veros®) Q1 2024 VeroFORECASTSM predicts a 2.9% nationwide home price increase over the next year, showing an upward revision from the previous quarter. The prediction of a 2.9% increase in home prices over the next year comes amid a backdrop of low housing inventory and resilient demand despite elevated mortgage rates.
Even with high prices and mortgage rates, the housing market continues to see an upward price trend, fueled by strong competition among homebuyers. Additionally, the entry of millennials into their prime home-buying years is contributing to increased demand. Projections indicate that the top 10 housing markets, concentrated in the Northeast and Midwest regions, are poised for appreciation growth of 6%-7.5% over the coming year. Conversely, weaker markets, primarily situated in Texas, Louisiana, and Kentucky, are expected to experience slight depreciation, attributed to elevated unemployment rates and sluggish economic growth.
Based on data from 300+ Metropolitan Statistical Areas, the report provides valuable insights into economic and geographic variables shaping the market.
Read the full VeroFORECAST housing market outlook report which provides detailed insights into market trends and projections. regardless
