Are Home Values Going Up or Down in 2024??

by Erin Mara

You may recall that a year ago many ecomonists predicted home values would drop with the interest rates soaring. That didn't exactly materialize. At the end of 2023 we were hearing similar predictions which now are being walked back by Zillow and others. The thing to remember is that real estate is a local story and what's happening in Boise isn't what's happening here. We can drill this down even further. To illustrate, here are some of the year over year numbers for the DC area:

DC proper -4%

Montgomery Co, MD +4%
Arlington, VA +44%

(not a typo & the biggest gainer in 2023)

Falls Church, VA +42.5%

You can see from the wide disparity in these numbers that local markets behave uniquely to say the least. DC is down 4% but within DC Shaw is up 9.7% and Crestwood is down 6%. It's an entirely local story so best to take these national forecasts with a grain of salt.

And if you want to know where your neighborhood and home stand, shoot me a quick reply and I'll happily oblige.

Erin