While ups and downs are nothing new in the world of real estate, the residential market has experienced a particularly wild ride recently. Low interest rates and record sales during the pandemic gave way to 2023’s surge in rates, as the Fed attempted to curb inflation, with many homeowners choosing to stay in their current homes instead of taking on a new mortgage at a much higher rate. So, what should we expect as we head into 2024? Here are our predictions for Phoenix residential real estate in the new year: