Top 5 Questions About the Housing Market

The housing market is tricky and ever-changing. Here I’ll answer the top questions about the housing market. Yes, it applies to Richmond, Virginia!

1. When Will Mortgage Rates Drop?

Predicting mortgage rates is tricky, as they’re influenced by factors like inflation, the job market, and global events. While rates have been volatile recently, experts project a gradual decline starting in 2025, depending on how the economy performs.

2. What Needs to Happen for Prices To Fall?

The truth is, home prices aren’t expected to drop anytime soon. Builders are still catching up after years of underbuilding, and the supply of new and existing homes remains below historical norms. As a result, experts agree prices will continue to rise, albeit at a slower and more sustainable pace than in previous years.

3. Can I Find a Home Before I Relocate?

It’s true—inventory levels remain lower than normal. But there’s good news: the number of homes on the market has grown steadily, with a 29.2% increase compared to last year.

4. Will the Housing Market Improve Next Year?

The outlook for 2025 is positive. With mortgage rates expected to ease and inventory on the rise, home sales are projected to hit 5.2 million, with steady growth in the years ahead. Those who make their move before mortgage rates decline will likely face less competition and better opportunities.

5. Is a Market Crash Coming?

Concerns about a crash stem from memories of the 2008 housing crisis, but today’s market is very different. Back then, many homeowners owed more than their homes were worth. Today, record levels of home equity serve as a safety net, helping people avoid foreclosure even in tough financial times. This strong equity foundation is one of the key reasons experts believe the housing market is stable.

If you are moving to the Richmond, Virginia area and want to learn more about its real estate, reach out! You can find me at BRIANNA WALKER REALTY and BRIANNA WALKER REALTY RICHMOND REALTOR on Instagram!