The winds of change are swirling through the US real estate landscape, blowing away the record-breaking frenzy of 2021 and ushering in a new era of cautious optimism.

Predicting the trajectory of this intricate market is no easy feat, but by analyzing key factors like interest rates, inventory levels, and buyer behavior, we can shed light on what 2024 holds for different regions across the country.

National Pulse: A Shift from Sizzle to Simmer

Gone are the days of double-digit home price appreciation and bidding wars waged over fixer-uppers. After reaching historic highs in 2022, the national median home price growth is expected to plateau or even experience modest declines in 2024. This shift is mainly driven by the surge in mortgage rates, which have more than doubled since early 2022 and are projected to hover around 6.3% throughout the year. This translates to dampened affordability, particularly for first-time buyers, potentially leading to a slowdown in overall sales volume.

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