Expert Home Price Forecasts for 2024 Revised Up
Over the past few months, experts have revised their 2024 home price forecasts for Portsmouth, New Hampshire, and the surrounding New Hampshire Seacoast area. They’re more confident than ever that prices will rise, making it an opportune time for both buyers and sellers to act. If you’re considering buying or selling a home in Portsmouth or the New Hampshire Seacoast, now is the time to reach out to Ann Cummings and Jim Lee, your trusted local Realtors.
So, let’s see exactly how experts’ thinking has shifted – and what’s caused the change.
2024 Home Price Forecasts: Then and Now
The chart below shows what seven expert organizations think will happen to home prices in 2024. It compares their first 2024 home price forecasts (made at the end of 2023) with their newest projections:
The middle column shows that, at first, these experts thought home prices would only go up a little this year. But if you look at the column on the right, you’ll see they’ve all updated their forecasts and now think prices will go up more than they originally thought. And some of the differences are major.
Two big factors are keeping such strong upward pressure on home prices. The first is how few homes are for sale right now. According to Business Insider:
“Low home inventory is a chronic problem in the US. This has generally kept home prices up . . .”
Experts have adjusted their forecasts significantly, predicting a more substantial increase in home prices than originally thought. This shift is driven by a combination of factors, including a limited supply of homes for sale and increased buyer demand. In Portsmouth, New Hampshire, there are currently only 21 active listings for single-family homes, a number that has been steadily declining for several years.
A lack of housing inventory has been pushing prices up for a long time now – and that’s not expected to change dramatically this year.
But what has changed a bit is mortgage rates.
Late last year when most housing market experts were calling for home prices to rise only a little bit in 2024, mortgage rates were up and buyer demand was more moderate.
Now that rates have come down from their peak last October, and with further declines expected over the year, buyer demand has picked up. That increase in demand, along with an ongoing lack of inventory, has caused the experts to feel the upward pressure on prices will be stronger than they expected a couple months ago.
Let’s see how that is working in the local market.
Basically, it’s all about supply and demand. With supply still so limited, anything that causes demand to go up will likely cause prices to go up, too. The current average sales price for a single-family home in Portsmouth, NH is $993,900.
Bottom Line
At first, experts believed home prices would only go up a little this year. But now, they’ve changed their As your local real estate experts, Ann Cummings and Jim Lee are here to help you navigate the Portsmouth, New Hampshire, real estate market with confidence. Whether you’re buying or selling, their personalized approach and in-depth market knowledge ensure a seamless experience. Reach out to Ann and Jim today to take the first step toward achieving your real estate goals in Portsmouth, New Hampshire, and the New Hampshire Seacoast.
