https://www.youtube.com/watch?v=raHYdN3t5vk
A housing market correction is possible but potentially unlikely.
Appreciation of housing value YoY is at 5.1% (Jan 2024) which is normal pre-covid. Median Sales Price is 402,242. To note, Median Sales Price in 2020 was $290,807
According to this article, a balanced market has about 6 months of Housing Inventory. As of 2024, inventory has consistently been below 3 months.
Also in this article is discussion of possibility of a crash. Which they state that it is unlikely due to the financial stability of homeowners. Reference 1
According to this next article, housing prices are expected to rise between 10.3-46.5% (depending on how conservative the group is on this growth). Housing prices have grown due to shrinking supply of homes. Reference 2