In 2024, potential homeowners who delayed property purchases may regret their decision as both mortgage rates and home values have surged. First-time buyers are facing the toughest market in decades, with 30-year mortgage rates reaching 6.9% and home values rising by 4.8% to an average of $410,100. Despite some markets seeing price declines, the overall trend shows increasing prices, particularly in the Northeast and Midwest, making it difficult for eager buyers to build equity.
"Renters who are looking to transition into homeownership may find it increasingly difficult, as both mortgage rates and home values are significantly higher now than a year ago."
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