The 2024 Housing Market Explained: For those living in Metro Detroit or considering moving to Metro Detroit, the year presents a mix of challenges and opportunities. The market is marked by high home prices and interest rates around 6 to 6.5%. Understanding supply and demand is crucial for buyers and sellers living in Metro Detroit. Despite modest appreciation and a slight increase in inventory, the market remains resilient, especially for those moving to Metro Detroit. The dynamics of 2024 mirror those of 2023, offering a familiar landscape for anyone living in or moving to Metro Detroit.

Home affordability is at its lowest in over a decade, yet interest rates have dropped. Significant improvement in affordability for those living in Metro Detroit requires either a drop in home prices, wage growth, or a larger decrease in interest rates. For those moving to Metro Detroit, the trend of rising home prices and declining affordability continues. In Metro Detroit, a home bought for $300,000 at a 2.75% rate now costs over $2,515 monthly due to price and rate hikes.

The supply and demand principle is key, with 2024 expected to bring increased supply and lower interest rates, impacting those living in or moving to Metro Detroit. The recent mortgage rate decline reflects economic rebalancing, with inflation and job growth aligning with Federal Reserve targets. This is crucial for those living in or moving to Metro Detroit. Interest rates are unlikely to rise above 8%, benefiting those in Metro Detroit.

Interest rates in 2024 will likely be around 6 to 6.5%, affecting home affordability for those living in or moving to Metro Detroit. This rate is not low enough to dramatically change affordability for those living in Metro Detroit. A modest home value appreciation is expected, but the high growth rates of previous years are over. This impacts both current residents and those considering moving to Metro Detroit.

Many potential sellers in Metro Detroit are staying put due to low mortgage rates. For example, a homeowner in Metro Detroit moving from a $300,000 house at a 3% rate to a $650,000 house faces a payment jump to $3,327, deterring many from selling. This results in a one-for-one trade in the market, with no net gain in inventory, crucial for those living in or moving to Metro Detroit.

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