As of fall 2024, the U.S. housing market is showing signs of improvement after a period of volatility. Buyers can expect a more affordable landscape, with increased inventory and slower price growth. Home prices are predicted to rise by around 6.1% year-over-year by 2024, driven by tight inventory and persistent demand. Additionally, home listings saw a 36.6% increase compared to the previous year, offering buyers more options. Sellers, however, may experience slower sales as mortgage rates remain relatively high, moderating demand and keeping the market balanced heading into 2025.

The housing market in fall 2024 is shaped by a mix of trends, including fluctuating mortgage rates, shifting buyer behavior, and economic factors. Below are some key points highlighting the market’s status during this period:

1. Mortgage Rates Show Some Stability: Mortgage rates, a critical driver of housing affordability, have slightly stabilized this fall. Although rates remain elevated compared to pre-pandemic levels, they are lower than earlier in 2024. The decrease in mortgage rates provides some relief to prospective homebuyers who have been cautious about purchasing due to high borrowing costs. As a result, more buyers are re-entering the market, creating a competitive landscape for homes in desirable areas.
2. Increase in Inventory: One of the most notable shifts in fall 2024 is the increase in housing inventory. The number of homes for sale has risen significantly, offering more choices to buyers than in recent years. This trend is driven by homeowners looking to capitalize on the current market conditions and by developers completing new projects. As a result, buyers face less competition for properties, particularly in mid-tier and higher-end segments.
3. Slow Price Growth: After years of rapid price escalation, the housing market is now experiencing slower price growth. Fannie Mae predicts home prices will rise by 6.1% year-over-year by the end of 2024, a significant drop compared to the double-digit increases seen during the pandemic housing boom. The slowdown in price growth is largely due to increasing inventory and the balance between buyer demand and affordability concerns.
4. Buyer’s Market in Some Regions: In several regions across the U.S., fall 2024 has transitioned into more of a buyer’s market. With the combination of slower price growth, stabilizing mortgage rates, and an increase in inventory, buyers are gaining negotiating power. This trend is particularly noticeable in areas where price inflation outpaced local incomes, such as parts of the West Coast and certain urban centers. However, some highly sought-after neighborhoods continue to see competitive bidding, especially in suburban and rural areas that gained popularity post-pandemic.
5. Seller Adaptations: Sellers are adjusting to the new market conditions by becoming more flexible with pricing and closing terms. As demand softens slightly, especially in higher-priced markets, sellers are no longer commanding the same premium as in recent years. This trend is encouraging more price negotiations, offering opportunities for buyers to secure better deals. However, in areas with strong local economies and job markets, sellers still maintain leverage, keeping prices firm.
6. Persistent Demand for Affordable Housing: While the overall market is seeing slower growth, demand for affordable housing remains high. This is driven by a combination of first-time homebuyers and lower-income buyers eager to enter the market before mortgage rates potentially rise again. Unfortunately, supply chain constraints and rising construction costs have limited the availability of affordable housing, contributing to continued upward pressure on prices in this segment.
7. Outlook for 2025: As 2024 draws to a close, many experts predict a continued balancing of the housing market. Price growth is expected to moderate further, and mortgage rates may see more stability. While some predict a 3.9% home price rise for 2025, others anticipate ongoing affordability challenges due to lingering economic uncertainties. The evolving dynamics between supply and demand will shape the housing market’s trajectory into the next year.

With improvements in mortgage rates and evolving home affordability, many individuals and families are considering relocating. This increased mobility can create a surge in demand for moving services. Moving companies in Sacramento adapt to these market trends to provide efficient and responsive services. Understanding the dynamics of the housing market, such as inventory fluctuations and buyer behaviors, will enable us to better position ourselves and meet the needs of our customers during this transitional season.

Fuller Moving Services: Trusted Movers in Sacramento

Fuller Moving Services is one of the trusted Sacramento movers for a seamless and stress-free moving experience. With years of expertise in the industry, we specialize in residential and commercial moves, ensuring that every aspect of your relocation is handled with care and professionalism. Our dedicated team of movers is trained to manage all types of belongings, from fragile items to heavy furniture, using the latest techniques and equipment. We pride ourselves on our commitment to customer satisfaction, offering personalized solutions tailored to your unique needs. Choose Fuller Moving Services for a reliable and efficient move that exceeds your expectations.

Ready to Move? Find Out How Market Changes Can Benefit You!

As we head into the fall of 2024, the housing market presents both opportunities and challenges for those considering a move. With interest rates stabilizing and inventory levels fluctuating, now is an ideal time to explore your options. Fuller Moving Services, one of the best Sacramento moving companies, is here to guide you through every step of the moving process, ensuring a smooth transition to your new home. Whether you’re upsizing, downsizing, or relocating for work, our dedicated team is ready to assist you. Don’t wait for the perfect moment—contact us today for a free consultation and let us help you make the most of the current housing market! Your new beginning starts here with Fuller Moving Services.