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But thats not all thats made it hard for buyers.
The lack of available housing caused costly bidding wars, making it much more difficult to own a home.
While its been challenging for homebuyers, there could be changes next year.
In a recentarticleon Ramsey Solutions, Rachel Cruze, No.
1 New York Times bestselling author and financial expert, gave her predictions for the housing market in 2025.
Here are six key takeaways.
Also see10 cities where home prices are expected to drop the most over the next year.
Cruze believes mortgage rates will continue dropping in response.
Meanwhile, there has been growth for the last 13 consecutive months.
Things are moving in a promising direction, but Cruze warned to be cautiously optimistic.
Now, while inventory is increasing, its still nowhere close to pre-COVID levels, she stated.
So you shouldnt get your hopes up about seeing any kind of major price adjustment.
But this is still a great sign because it means the market is getting healthier overall.
Prices arenotgoing to start drastically going down anytime soon, she explained.
In fact, the Federal Home Loan Mortgage Corporation expects prices to grow in 2025.
And according to Cruze, it will likely stay that way with low inventory.
If youre looking to buy, youll have a few more options and maybe less competition.
Yes, prices are still high, but the frenzy is slowing down.
And Cruze expects that trend to continue in 2025.
The market shouldnt determine your decision to buy a house, Cruze said.
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