What’s Going on in Our Housing Market?

By Vicki Schamel

Has been a dedicated Realtor for over 30 years. She first entered real estate to balance work and raising her two young daughters, but it soon grew into a lifelong passion.

Where are home prices heading in our current market? A recent report from Fannie Mae dug into this question for the next five years. These experts are deeply involved in studying our industry, so if you’re planning on buying or selling relatively soon, this is crucial information.

According to their latest release, home prices are expected to rise steadily until 2028. Here are the predicted increases:

- 2024: 2.78%

- 2025: 3.36%

- 2026: 3.87%

- 2027: 4.18%

- 2028: 4.11%

This consistent growth is great news for homeowners, as it means building equity over time. Taking good care of your home can even lead to higher appreciation rates than these averages, which are reflective of national trends and relevant to our local market as well.

For those waiting on the sidelines for prices to drop, these statistics might be disappointing. However, with mortgage rates fluctuating around seven percent, now could be an excellent time to buy and start building equity. Experts don’t foresee a significant drop in home prices, so delaying your purchase might not be the best strategy.

If you need assistance or are looking to connect with a realtor, feel free to call, text, or visit me at the office.