What Experts Predict for Home Prices in the Next 5 years
If you are planning to purchase a home, it’s important to know what experts predict for home prices in the future. This will help you determine how your investment might be affected. While you may not have heard much good news about home prices in the past year, they are doing better than expected. They are also rising across the nation. And data shows, experts forecast home prices will keep appreciating.Experts Project Ongoing AppreciationPulsenomics polled over 100 economists, investment strategists, and housing market analysts in the latest quarterly Home Price Expectation Survey (HPES). The results show the panelists’ projections for home prices in the next five-year period. Here are the expert predictions that home prices will rise every year until 2027 (see graph). Although home prices vary depending on the local market, experts predict that prices will continue to increase across the country in years to come. These numbers show a return to normal home price increases. While the projected increase for 2024 may not be as large as the one in 2023, home price appreciation is cumulative. If these experts are right, your home’s price will increase by 2.17% in the following year after it has risen by 3.32%. What Does This Mean For You?Once your home is purchased, price appreciation increases its value and this grows your household’s wealth. Check out the graph to see how the value of a typical home could change over the next few years based on the HPES’ expert projections. If you take into account the HPES forecast, you could accumulate more than $71,000 of household wealth over the next 5 years. Bottom LineAccordingly, experts expect home prices to increase at a normal pace over the next five-year period. If you are ready to become a home owner, buying now can help you achieve long-term success. Home values (and your net worth) will continue to grow. Contact a local agent to begin the homebuying procedure today.
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