---
title: Winter 2024 Real Estate Market Update
description: Get the latest real estate news with this quick and easy-to-understand update!
---

[Articles | Churchill Mortgage ](https://www.churchillmortgage.com/articles)

# [Winter 2024 Real Estate Market Update](https://www.churchillmortgage.com/articles/2024-winter-market-update)

 Written by [Churchill Mortgage](https://www.churchillmortgage.com/articles/author/churchill-mortgage) | January, 10, 2024

Get the latest real estate news with this quick and easy-to-understand update!

## Real Estate Market:

- The [average rate of a 30-year fixed home loan](https://fred.stlouisfed.org/series/MORTGAGE30US) as of January 4, 2024, is 6.62%, which is a 2.2% increase from the same time last year. Mortgage rates remain higher than we'd like, but with the Fed's last three decisions to hold rates steady, we are seeing a minor rate decrease.
- In November 2023, the [median sales price of existing homes](https://fred.stlouisfed.org/series/HOSMEDUSM052N) in the U.S. lowered to $387,600. That's a 5.4% decrease from June 2023.
- [Housing inventory](https://tradingeconomics.com/united-states/total-housing-inventory) is down 1.7% from October 2023 but up 0.9% from a year ago. Housing inventory remains one of the biggest hurdles for buyers in 2024 as homeowners stay put with their record-low rates from 2020 and 2021.
- U.S. homeowners hold [$32.6 trillion in equity](https://fred.stlouisfed.org/series/OEHRENWBSHNO), up 53% from 2020, and the average homeowner has [$274k in equity](https://www.bankrate.com/home-equity/homeowner-equity-data-and-statistics/) due to home price increases. 
- The FHFA officially released the [2024 conforming loan limits](https://singlefamily.fanniemae.com/media/37446/display), with the limit for a single unit increasing to $766,550. That's $40,350 more you can use to finance your new home! 

## Financial Market:

- The [U.S. annual inflation rate](https://www.usinflationcalculator.com/inflation/historical-inflation-rates/) increased to 3.4% in December, which was [0.2% stronger](https://www.fxstreet.com/news/us-cpi-data-preview-inflation-set-to-accelerate-slightly-to-32-in-december-core-to-fall-further-202401110300) than the forecasted 3.2%. However, inflation this year has risen at its slowest pace in more than two years.
- [216,000 new jobs](https://www.cnbc.com/2024/01/05/heres-where-the-jobs-are-for-december-2023-in-one-chart.html) were added in December 2023, up from the previous months, marking a steady pace in hiring. [Unemployment](https://fred.stlouisfed.org/series/UNRATE) held steady at 3.7%.
- Real gross domestic product (GDP) increased at an [annual rate of 4.9%](https://www.bea.gov/data/gdp/gross-domestic-product) in the third quarter of 2023. That's 2.8% higher than Q2 - A growing GDP signifies a healthy economy.

## What This Means for You

We’re seeing more experts agree now is a better time to buy since home values have trended down slightly, and winter months historically mean more negotiating power for buyers. 

Current home buyers can navigate rates by leveraging our [Rate Relief program](https://www.churchillmortgage.com/rate-relief). Future home buyers can sign up for our [Rate Watch program](https://www.churchillmortgage.com/rate-watch) and get alerted if rates drop later this year.

Want to get in touch with a Mortgage Expert to find out if one of these options is right for you? [Click here](https://www.churchillmortgage.com/get-started) to get started!

[View full post](https://www.churchillmortgage.com/articles/2024-winter-market-update)

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