Housing Report and 2024 Predictions

 


Central Ohio November Housing Report and 2024 Predictions. In Central Ohio new builds and homes for sale/listings expected to remain low, ensuring 2024 a will continue a Sellers Market. In that light, Rents and Home Sales Prices expected to maintain steady with slower increases than last few years increases—noting interest rates slightly down, however rents and sales prices are not predicted to be  coming down. See National Report from Zillow,  remember our Ohio Market is not average. Low housing inventory —that is homes for sale and new build inventory  —-will keep home prices rising. 


National News 

Home values, mortgage costs tick down

Year-over-year growth in the Zillow Home Value Index (ZHVI) continues to climb, though that hides more recent home price trends. With mortgage rates still above 7% for prime borrowers in November, ZHVI’s monthly growth rate went more negative than is typical in November. 

  • The typical home in the U.S. is worth $347,415.
  • The typical monthly mortgage payment, assuming 20% down, is $1,925. That is up 9% from last year and has increased by 120% since pre-pandemic.
  • Home values rose month-over-month in just two of the 50 largest U.S. metro areas: Miami (0.3%) and Las Vegas (0.1%). 
  • The largest monthly drops were in New Orleans (-1.6%), Austin (-1.3%), San Antonio (-1%), Minneapolis (-1%) and San Francisco (-0.8%).
  • Home values are higher than last year in 37 of the 50 largest metro areas. Annual appreciation is strongest in Hartford (11.3%), Milwaukee (8.5%), San Diego (7.6%), Providence (7.4%) and Boston (7.2%).
  • The largest annual home value drops were in New Orleans (-8.9%), Austin (-8.2%), San Antonio (-3%), Jacksonville (-1.5%) and Memphis (-0.9%).

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