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How Will the Housing Market Look In the New Year?

A city skyline

After holding its breath for much of the past 18 months, the real estate market may finally get a chance to exhale in 2024.

That’s the consensus of real estate experts in both the Chicago area and nationwide, sparked mostly by the Federal Reserve signaling in mid-December that it may begin cutting interest rates in 2024 now that inflation has been brought to heel.

In a report for Illinois Realtors accompanying data that highlighted the depth of the shortage of homes for sale, Dan McMillen, Professor of Real Estate, wrote that “the recent trends toward lower inflation, interest rates and unemployment rates can be expected to lead to a rebound in the market if trends continue.”