A number of 2024 real estate market forecasts have been revised now that we are fully into the year.

Economists at the National Association of Realtors now think that the median price of existing homes will rise 1.9% this year, up from their previous forecast of 0.7%.

Zillow originally forecast a very slight drop of 0.2%, now they expect a rise of 3.5%.

Freddie Mac, which is a mortgage financing company, has home prices rising, up 2.8%, while before they thought 2.6%, so not much of a change.

Fannie Mae originally forecast a rise of 2.8% but they have revised to 3.2%.

CoreLogic, which is another company known for their market predictions, has revised their forecast of home prices rising 2.5% this year up to 2.8%, per their February 2024 update.

Goldman Sachs, the investment banking firm, has adjusted their forecast from a slight price decline from 2023 to a rise of 5% in home prices.

To me, what the above shows is that no one can know exactly what is going to happen in 2024 real estate home sales. (Thank you to KCM and Fast Company for the searchable updates!)

In 2023, most of these forecasts were adjusted throughout the year. I expect to see the same this year, as we have already seen in February.

What does this mean for the Towson real estate market?

My feeling is that prices and demand for homes will probably fluctuate depending on interest rates and supply of homes for sale.

Each week may be different, and we may see seasonal changes. With interest rates settling some, we are seeing higher demand and more competition with this low inventory market.

Your Towson neighborhood may be different than a Timonium neighborhood just up the street. Real estate is very local. Call me to help you navigate this changing Timonium real estate market!