Market Trends – February 2024 Update

The trend of limited supply continued to dominate the market, but the lowering of interest rates has helped the market to rebound a bit.  In the past few months we have seen interest rates at their highest in years (over 8%) only to then lower back into the mid to high 6’s.  The Federal Reserve recently indicated they are done raising rates and that inflation indications are looking better, lenders are expecting rates to continue dropping sometime this spring.

On a positive note, home values continue to appreciate significantly over the past three years. If you’ve owned your home for several years or more, you are in a favorable position if you’re thinking about selling. It is expected that a significant increase in housing inventory may occur when interest rates begin to decrease, which could impact pricing, so do not delay in listing your home.

In the North and West Valley, prices have risen considerably compared to the same time in 2023.

Ultimately, pricing will always be influenced by factors such as the property’s condition, recent sales in the area, and the willingness of prospective buyers to pay for a similar home. If you would like to explore your options or delve deeper into this topic, please don’t hesitate to reach out to me via phone or email.