Home Prices Expected To Drop In These 4 Texas Cities
Trying to purchase a home right now in Texas is just plain difficult. The interest rates are not great but even before you start talking about interest rates, the home price itself has gone up so much recently it’s gotten a lot more difficult for people trying to purchase a home. But there seems to be some light at the end of the tunnel soon as Realtor.com released some information recently about some relief on the way in 2024.
According to their forecasting, home prices are expected to fall 1.7% next year although there are larger drops expected in over 20 of the country's largest metro areas. While I might not be looking to buy real estate next year, I still love this news. Being a homeowner gives people pride as they go home each day and pull into their own driveway or parking spot. It’s a feeling that everyone should feel if it’s something they want but recently those goals have been more difficult than ever. It’s nice to hear that costs could be going down next year.
The Largest Home Price Drop is Expected in Texas
The metro area expected to have the largest drop in home prices is Texas. But it’s not just one specific city here in Texas, there are 4 metro areas that are all going to see a drop in home prices. Real estate professionals are also saying that the average rate for a 30-year fixed mortgage is 7.22% currently, and that is expected to drop to around 6.8% next year as well.
2024 Might Be the Year to Buy a Home
Having bought and sold homes in the past, the best thing to do is to start collecting information. Sit down with a banker and find out what you can afford without being house poor. Let’s look at the 4 areas in Texas that are expected the home price drop in 2024.
4 Texas Cities Expected to Have Home Prices Drop in 2024
Gallery Credit: Billy Jenkins