When will housing heat up in 2024? It depends on when the economy cools. When that occurs, rates will drop, and the housing market will heat up. No matter what, there will be more homeowners opting to sell their homes, pending sales will increase and surpass 2023 levels, and there will be more closed sales. How hot the housing market gets in 2024 depends upon when the overall economy downshifts.

For sellers who do not price their home carefully and must reduce their price down the road, they will likely net less upon closing.

As rates surge higher and affordability diminishes even more, smaller changes in the market times shift the market in favor of the buyer.

As rates have edged higher and higher this year, the housing market has been slowing down from it insane pace, and now homes are taking a little longer to sell.