2024 Housing Market Trends: Will We See Affordable Home Prices?
Posted by Michael Perna on
As we continue into the 2nd half of 2024, prospective home buyers are keenly observing the evolving housing market trends to determine if affordable home prices are on the horizon. The spring home-buying season, anticipated to be promising, ended up being a thorny challenge for many, with elevated mortgage rates and high home prices stalling sales. However, a silver lining emerged as more resale inventory entered the market, putting some downward pressure on the pace of home price growth. Additionally, the median price for a new home has dipped below that of resale homes, with builders offering incentives to attract buyers. For those living in Metro Detroit or considering moving to Metro Detroit, these trends provide a glimmer of hope. Yet, experts agree…
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