Housing Market Forecast 2024 & 2025: Predictions for next 5 years
According to some experts, the real estate forecast for the next 5 years shows that it will be a balanced market
In 2023, the national annual median price for homes for sale is projected to rise by another 5.4%, which is less than half the pace seen in 2022
Chief economist for the National Association of Realtors Lawrence Yun believes we are likely to see total price growth across the country of between 15% – 25% over the next five years
According to Goldman Sachs, home prices in the United States will fall 5 to 10% over the next year
Assuming no major shocks occur, we should see 30-year fixed rate mortgage rates of 5.5–6% within the next two years
According to survey respondents, the inexpensive Midwest markets that are least likely to see home price declines over the next 12 months are Columbus, Indianapolis, and Minneapolis
Markets expected to cool the fastest — with 77% of respondents expecting declines — are those that experienced the most growth during the pandemic, such as Boise, Austin, and Raleigh
Rent growth should remain strong in the short term as high home prices keep many would-be first-time buyers in the rental market