Home Prices Projected to Keep Rising – NAR Forecast for 2021-2030
It's no secret that the housing market has been on a tear lately, with prices and demand hitting new highs. But what does the future hold? According to a new report from the National Association of Realtors (NAR), the next few years could see even more growth.
The NAR's report looks at both the short-term and long-term outlook for the housing market, and both paint a rosy picture. In the short-term, the NAR is forecasting a 5.1% increase in home prices in 2021, followed by a 5.0% increase in 2022. That would put the median home price at around $312,500 by the end of 2022.
As for the long-term, the NAR is even more bullish. They're predicting that home prices will rise by an average of 4.1% per year between 2023 and 2030. That would put the median home price at around $413,000 by the end of 2030.
So if you're thinking about buying a home, it looks like the next few years could be a good time to do it. Prices are expected to keep going up, but at a slower pace than we've seen recently.