Home Price Forecast 2023-2024: How Low Will Real Estate Fall?

Housing forecast for 2023 and 2024. Home prices are likely to fall in 2023 and 2024 from the peak home prices of June 2022. The concensus estimate is that home prices will fall as much as 15% by the end of 2023 and 20% by the end of 2024. Even in the worse case scenario, home prices will still be up over the last three years and still exceed the median annual home price increase of 4.7% per year.

The year over year home prices have been falling steadily and will likely turn negative into the Spring of 2023 since 2022 had record high real estate values. Interest rates declining or stabilizing will certainly have a positive effect on the housing market as well.

States like Florida and Texas had substantial home appreciation while California led the US in home prices falling. We look forward to 2023 and 2024 as the housing market will likely moderate despite a potentially small recession.

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