2024 Texas Real Estate Forecast
2024 promises to be a big year with the election on the horizon. What do the exxperts think this will mean for the real estate market in Texas?
According to the Texas A&M Real Estate Research Center, Texas should expect to see an increase in rental prices while home values stay steady. They also predict there will be more inventory as we progress through the year. Why more inventory? New construction is expected to make a return to its pre-pandemic numbers!
The Federal Reserve has also announced that interest rates will drop 3-4 times this year. Don't get your hopes up too much though, those pandemic rates won't be making a comeback this year. Many speculate that by 2025 we will be down in the 6% area.
What does this mean for you?
Now is still a good time to buy a home, with rental prices increasing, its a great time to start build your own wealth by building equity in a home.
Want to read more about these market predictions? Check out this article by the Community Impact.