DO EXPERTS EXPECT HOME PRICES TO RISE IN THE NEXT FIVE YEARS
Dated: December 4 2023
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Despite data indicating a rise in home prices nationwide, a significant number of people remain concerned about a potential price crash. A recent Fannie Mae survey reveals that 23% of consumers believe prices will decrease over the next 12 months. If you share this concern, it's crucial to consider what experts predict for home prices, not just in the next year, but over the next five years.
Experts are projecting ongoing appreciation in home values, as evidenced by the Home Price Expectation Survey (HPES) from Pulsenomics. This survey compiles insights from over 100 economists, investment strategists, and housing market analysts. The latest quarterly release indicates a consistent annual increase in home prices through 2027.
While individual expert opinions may not sway your perspective, the collective forecast provides a more reassuring outlook. Even though the projected increase in 2024 may not be as substantial as in 2023, it's essential to understand that home price appreciation is cumulative. In other words, if experts predict a 3.32% increase this year, it could be followed by a 2.17% rise the next year.
For those worried about declining home prices, the key takeaway is this: despite variations across local areas, experts anticipate a continued nationwide rise in home prices, aligning with a more typical market pace.
So, what does this mean for you? Consider the potential change in a typical home's value over the next few years using HPES projections. For instance, if you purchased a $400,000 home at the beginning of this year, the forecast suggests you could accumulate over $71,000 in household wealth over the next five years.
In conclusion, if you're concerned about a potential decline in home prices, numerous experts assert the opposite. Nationally, home prices are expected to climb not just next year but for years to come. If you have specific questions or concerns about home prices in your local area, don't hesitate to connect with a real estate agent.
GENIA BIRCHFIELD
RE/MAX ELITE, REALTORS
1201 NE WINDSOR DR.
LEE'S SUMMIT, MO 64086
816-651-5591 OR 816-373-8400
Genia Birchfield
Genia Birchfield is a trusted REALTOR® with RE/MAX Elite serving Lee’s Summit, Kansas City, Overland Park, Johnson County, Cass County, Jackson County, and surrounding Missouri and Kansas communiti....
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