The housing market hasn't been easy to navigate in the last few years, with high mortgage rates and inflation making the average homeowner feel weary. But things are starting to look up—if slowly—across the market, according to Zillow’s 2024 Housing Market Predictions.
The online real estate marketplace says the new year will see more homes put up for sale, plateauing prices, and continued demand for single-family rentals—the latter due to a trend of households waiting to buy. Downtown areas might rise in demand, and house flippers may come into competition with first-time buyers looking for fixer uppers.
In October, the average percent of earnings spent on mortgage payments peaked at 40%, the highest-ever level recorded by Zillow since the platform started compiling data in the '90s. Many homeowners are waiting for interest rates to drop before moving into a new house, but the market’s stagnancy may result in an increase of homes put up for sale. This means you can expect more options at various price points if you're a buyer (though a majority will still be on the expensive side).
Houses may get slightly more affordable, with prices plateauing—dropping by a slight 0.2% in value in 2024. According to Zillow, mortgage rates are more difficult to predict now. But looking at inflation trends gives reason for hope: The slow market, stagnant prices, and steady mortgage rates (referred to as “higher for longer” by the home-buying industry) allow shoppers to take their time to build up their savings.
Even so, prohibitively high housing prices continue to make the single-family rental market thrive. Young families are hunting for leases that provide privacy and a backyard without the long-term commitment and
If you’re tackling a renovation in the new year, you might have big goals and even bigger dreams. But even if your contractor won’t say it, you might want to rein it in.
With 2024 around the corner, we at Modern Farmer are looking ahead to a whole new year of stories and reporting that will help inform and enable people to get involved and help build a more equitable and resilient food system.
Clutter is a normal pain that almost everyone faces, especially when you’re juggling a busy work schedule, kids, pets, and all other facets of life. But with a new year comes a new opportunity to get your home in order and make a resolution (or two) to keep clutter at bay.
If you’re sick of being blindsided by inflated price tags at the grocery store, you’re not alone—volatile prices and frequent shortages made 2023 a tough year for food shoppers. Though pandemic-era inflation eased slowly this year, certain products still spiked in price, leaving families to improvise their weekly shops. Plus, global conflicts and extreme weather events made certain foods more expensive or increasingly sparse throughout the year.
We've enjoyed an exciting season of Color of the Year announcements, from Behr's deep black-gray choice to Pantone's peachy pick to half a dozen brands in between.
As it turns out, not all home organization products are created equal, and professional organizers are strongly against purchasing eight particular types of items that they do not find to be functional or well-made.
Whether you’re house hunting, looking for a new apartment, or considering a move, Zillow surfing is one of the most lovely experiences you can have online. There’s no comment section or social media aspect to it; it’s simply a tool for exploration and fun, and, boy, did we take advantage of that this year.
It’s the classic January flex when we start looking forward to the end of winter and the re-awakening of the garden.
As we look toward 2024 together, we're wondering what will be in store for the interior design world. While it’s impossible to predict the future, keeping a keen eye on trends is all part of the job for interior designers and home decor experts.