2024: A Year of Relief for Homebuyers as Prices Drop and Sales Spike

Redfin predicts that in 2024, homebuyers will catch a break as home prices are expected to fall by 1% and new listings increase. The shift towards a buyer's market is attributed to factors such as inflation tapering off, declining mortgage rates, and more homeowners listing their properties for sale. Additionally, Redfin anticipates an increase in home sales by 5% and changes in the real estate industry, including more transparency in agent fees and a rise in direct transactions between buyers and listing agents. The rental market is also expected to see growth as young families embrace renting due to high housing costs. However, President Biden may face challenges in his re-election bid due to the lack of housing affordability.