The 2024 Real Estate Market: How Bad Was It?

2024 was a challenging year for real estate, with high prices and high mortgage rates slowing down sales, and squeezing some buyers out of the market entirely. But 2024 was not the doom and gloom predicted by some social media influencers. Nor was 2023. Nor was 2022.

Home values rose nationally in 2024, with some regions outperforming others, and of course differing numbers in local markets favoring some cities and neighborhoods. In fact, pending home sales rose higher in 2024 than they did in 2023.

Mortgage rates have been high for the last two years and are still high; 7.07% at the time this post is being written. And most predictions have rates remaining well above 6% for the duration of 2025:

• Fannie Mae rates will average 6.4% 
• Goldman Sachs rates stay over 6% 
• Mortgage Bankers Association predicts rates average between 6.4% to 6.6%
• Realtor.com rates remain above 6.2%.
• Wells Fargo predicts rates at 6.3%

2024 had some challenges, especially for those who purchased in the first half of 2022 and needed to sell now. But there has been no real estate “crash” and there doesn’t appear to be one on the horizon. Home values and mortgage rates are still high, but there is enough demand to keep the market moving.

Contact The Burke Team to buy and sell real estate in the Dallas – Fort Worth Metroplex, or for a referral outside our area.