The average mortgage interest rate available to finance a home purchase more than doubled to 6.6% by the end of 2023, which contributed to the decline in Devonshire home prices.
Despite these changes, there are reasons to remain optimistic about the market's future, particularly in 2024. Lower mortgage rates are expected to play a significant role in driving the market forward. With lower interest rates, potential homebuyers are more likely to invest in the neighborhood, boosting sales and stabilizing prices.
Furthermore, continuous commercial development is anticipated to have a positive impact on the real estate market. This influx of residents will likely lead to an increased demand for housing, potentially resulting in a rise in home prices.
Lastly, nearby road improvement projects are also reasons to be optimistic about the real estate market in the future. Better infrastructure and enhanced transportation connections make the neighborhood more accessible and desirable, attracting both residents and potential investors.Taking all these factors into consideration, it is reasonable to expect a rebound in prices in the near future.