As we get closer to the end of the year, experts are projecting changes in the housing market in terms of mortgage rates, home sales, and prices in 2025.
As estimated by Fannie Mae, the Mortgage Bankers Association (MBA), the National Association of Realtors (NAR), and Wells Fargo, mortgage rates over the course of the next year are expected to have a gradual decline.
Additionally, you can expect to see an increase in the supply of homes on the market, as well as an increase in demand for homes. Buyers and sellers may be more inclined to make a move because of the projected lower rates. According to Fannie Mae, MBA, and NAR, total home sales are forecast to climb slightly, with an average of about 5.4 million homes expected to sell in 2025. This means more homes will be available for sale, but the increase in buyer activity will cause competition to rise.
Home prices are forecasted to rise nationally by 2.6% next year. Experts agree that next year will bring a more normal rate in increase in home prices.
Staying informed about market trends will help you plan your next move. While national averages provide insight into a greater overview of the market, real estate stays local. It’s always possible for your neighborhood to look different from national averages, which is why it is important to get local insights from a knowledgable Dickens Mitchener agent. If you’re planning to buy, sell, or curious what your home is worth, connect with us for a consultation.
