Renowned economist Matthew Gardner returns to downtown Riverside to share his highly anticipated 2024 Real Estate Market Forecast for the Inland Empire region. With a stellar track record for accurate predictions and insightful analysis, Matthew’s forecast promises to provide invaluable information to homeowners, investors, and industry professionals.
Windermere Tower Properties is hosting the 2024 Real Estate Market Forecast tomorrow at The Box Riverside (3635 Market Street, Riverside 92501) from 6 p.m. to 8 p.m. Tickets are just a $10 donation to the Windermere Foundation, which provides resources to low-income and homeless families in our region or you can use the promo code MARKET24 for a complimentary ticket.
Matthew’s forecast builds his expertise and comprehensive research and analysis to answer the real estate questions on everyone’s mind. Such as, are we in a housing bubble? Where are mortgage rates headed? When is the right time to buy or sell? How will the economy impact our local real estate market?
Matthew Gardner is a sought-after speaker and commentator known for his engaging presentations, insightful analysis, and pragmatic forecasts. He has the unique ability to demystify complex economic concepts for a diverse audience while being entertaining and humorous. Matthew specializes in residential market analysis, commercial/industrial market analysis, financial analysis, and regional economics, with over 30 years of professional experience.
Interested in a preview of what Matthew has to share? Here are some of his top 10 national predictions in 2024:
- Still no housing bubble: This was number one on his list last year, and so far, his forecast was spot on. He is calling it out again in 2024 because the market actually performed better than expected in 2023.
- Mortgage rates will drop, but not quickly: the U.S. economy has been remarkably resilient, which has led the Federal Reserve to indicate that they will keep mortgage rates higher for a longer to tame inflation. However, data shows inflation and the broader economy are starting to slow, which should allow mortgage rates to ease in 2024.
- Listing activity will rise modestly: Although a modest increase in listing activity is expected in 2024, many homeowners will be hesitant to sell and lose their current mortgage rate. The latest data shows 80% of mortgaged homeowners in the U.S. have rates at or below 5%.
- Home prices will rise, but not much: While many forecasters said home prices would fall in 2023, that was not the case, as the lack of inventory propped up home values. Given that it’s unlikely that there will be a significant increase in the number of homes for sale, don’t expect prices to drop in 2024.
- Home values in markets that crashed will recover: During the pandemic, there were a number of more affordable markets across the country that experienced significant price increases, followed by price declines post-pandemic. This year, expect most markets to match their historic highs or get close to it.
- New construction will gain market share: While new construction remains tepid, builders are benefiting from the lack of supply in the resale market and are taking a greater share of listings. This is coming at a cost through lower list prices and increased incentives such as mortgage rate buy-downs.
- Housing affordability will get worse: With home prices continuing to rise and the pace of borrowing costs far exceeding income growth, affordability will likely erode further in 2024.
- Government needs to continue to take housing seriously: The government has started to take housing and affordability more seriously, with several states already having adopted new land use policies aimed at releasing developable land.
- Foreclosure activity won’t impact the market: many expected that the end of forbearance would bring a veritable tsunami of homes to market, but that didn’t happen. At its peak, almost 1 in 10 homes in America were in the program, but that has fallen to below 1%.
- Sales will rise but remain the lowest in 15 years: 2023 will likely be remembered as the year when home sales were the lowest since the housing bubble burst in 2008. Expect the number of homes for sale to improve modestly in 2024.
Come listen to Matthew’s insights on what to expect from the Riverside and Inland Empire real estate this year. For your complimentary ticket sponsored by Windermere Tower Properties, go to Windermere Tower Properties.
