Experts Project KC Home Prices Will Increase in 2024
Home prices are increasing nationwide, and Kansas City is no exception. However, some homeowners are concerned this trend won't last, and Kansas City home prices will soon decrease. Are you experiencing this worry? Know that you are not alone. A recent survey from Fannie Mae found that 24% of people believe home prices will decline over the next 12 months, meaning almost one out of every four people are dealing with this fear.
To help ease these anxieties, here's what housing market experts predict will happen with Kansas City home prices this year.
Experts Project a Modest Increase
Check out the latest home price forecasts from eight different sources (see graph below):
The blue bar on the left indicates that, on average, experts think Kansas City home prices will increase over 2% by the end of this year – not decrease.
KC prices aren't likely to depreciate in 2024. With tight inventory and lower mortgage rates, buyer demand is still strong. These two factors will continue pushing prices up throughout the year. As Selma Hepp, Chief Economist at CoreLogic, explains:
"With mortgage rates dropping, demand for homes in early 2024 is likely to be strong and will again put pressure on prices, similar to trends observed in early 2023 . . . Most markets will continue to reach new home price highs over the course of 2024."
What This Means for You
Market experts predict Kansas City home prices will increase this year. If you are considering buying a home, this is great news! When you become a homeowner, you want the value of your house to rise. This appreciation builds equity and makes homeownership a worthwhile investment over time.
If you're ready, willing, and able to buy, now is the time! With expected home price appreciation, waiting could mean a higher cost down the road.
Are you worried Kansas City home prices are headed for a decline? You can rest easy. Many KC housing market experts believe prices will rise throughout 2024. The Just Say Home Team is ready to answer your questions, relieve your anxieties, and equip you with up-to-date knowledge on home prices in the Kansas City area.