What the Experts Predict About Home Prices in the Next 5 Years
If you’re contemplating purchasing a home, it’s crucial to understand what experts anticipate will happen to home prices in the coming years and how that could impact your investment. Despite some negative headlines over the past year, home prices are performing better than anticipated and are on the rise nationwide. Moreover, projections indicate that this upward trend in home prices will continue.
Continued Price Appreciation
Pulsenomics recently conducted its quarterly Home Price Expectation Survey (HPES), polling over 100 economists, investment strategists, and housing market analysts. The survey results reveal expert predictions about home price trends for the next five years. The consensus is that home prices will continue to increase annually through 2027 (refer to the graph below).
If you’ve been concerned about falling home prices due to online articles, the key takeaway is this: Despite regional variations, experts anticipate a nationwide increase in home prices for the foreseeable future, signaling a return to more stable price appreciation.
It’s worth noting that while the projected rise in 2024 may not be as steep as that in 2023, home price appreciation is cumulative. For instance, if your home’s value increases by 3.32% this year, it’s expected to appreciate by an additional 2.17% the following year. This exemplifies why homeownership is a long-term financial win.
What Does This Mean for Potential Homebuyers?
The appreciation of your home’s value post-purchase contributes to an increase in your overall household wealth. To illustrate, consider the following example based on HPES expert projections (see graph below):
Suppose you buy a $400,000 home at the start of this year. According to the HPES forecast, you could potentially amass over $71,000 in household wealth within the next five years.
Therefore, if you’re deliberating on whether or not to buy a home, consider the long-term wealth-building potential that homeownership offers.
The Bottom Line
Expert forecasts suggest that home prices will continue to appreciate at a more normalized rate over the next five years. If you’re prepared to take the plunge into homeownership, doing so now could set you on a path to long-term financial growth as your property value—and consequently, your net worth—increases. Connect with Countryside Homes NJ and RE/MAX Select, to kickstart your homebuying journey today.
Client Testimonials for Countryside Homes NJ
At Countryside Homes NJ and RE/MAX Select, we pride ourselves on delivering exceptional service to our clients. But don’t just take our word for it—read what our satisfied customers have to say. From first-time homebuyers to seasoned real estate investors and new home builders, our clients appreciate our dedication, expertise, and commitment to their success. Here are some of their stories.
Collaborating with Keith LaBrunda and Heather Montalbano from Countryside Homes NJ and RE/MAX Select streamlined the home-buying process for me. They were attentive to my needs and preferences, ensuring they understood exactly what I was seeking in a home and what was within my financial comfort zone. Keith and Heather provided invaluable assistance during the offer stage, sharing insightful details that enabled me to place a successful bid on my desired property. They recommended associates to assist me with securing a mortgage, conducting home inspections, and acquiring homeowner's insurance. Post-purchase, they continued to be a resource, suggesting local companies to contact for internet, water, waste management, oil, and other essential services. The experience of purchasing a home with Keith LaBrunda and Heather Montalbano was seamless and enjoyable.
As first-time homebuyers, the process of finding and purchasing a home felt daunting. But from the moment we reached out to Heather and Keith at Countryside Homes NJ and RE/MAX Select, our worries were put to rest. Their team was incredibly patient, answering all our questions and guiding us through every step. They took the time to understand our needs and preferences, ensuring that we found the perfect home in a neighborhood we love. We were especially impressed by their vast knowledge of the local market and their commitment to ensuring we got the best deal possible. We can't thank them enough for making our dream of homeownership a reality. If you're in the market for a new home, we highly recommend Heather and Keith at Countryside Homes NJ and RE/MAX Select. They truly go above and beyond for their clients!
From the moment we began our home search, Heather at Countryside Homes NJ and RE/MAX Select stood out as the epitome of professionalism and dedication. Her team's in-depth knowledge of the Rockaway Borough area and their unwavering commitment to our needs made our home buying journey not only smooth but truly enjoyable. As new homeowners in Rockaway Borough, NJ, we can confidently say that choosing Heather at Countryside Homes NJ and RE/MAX Select was the best decision we made. Her expertise, patience, and genuine care for our family's needs transformed what could have been a stressful process into a memorable and joyous occasion. We are beyond grateful for her support and would highly recommend her and her team to anyone looking to find their dream home. Thank you for turning our dreams into reality!
Contact a Real Estate Agent
Heather Montalbano
Real Estate Sales Associate
Cell: 973-796-4947
RE/MAX Select
Office: 973-625-0450
Keith LaBrunda
Real Estate Sales Associate
Cell: 973-476-4182
RE/MAX Select
Office: 973-625-0450
RE/MAX Select - Rockaway, NJ
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Gwendolyn Olinski, Esq. is the founder of Olinski Law, LLC, a firm that specializes in all matters of real estate law. With a Juris Doctor from Seton Hall University School of Law, she is certified in Mediation, Arbitration, and Negotiation
Bill Crowell is a dedicated and experienced account executive at Land Quest Title, a leading title insurance and settlement services company. With a strong background in real estate and finance, Bill has been instrumental in the company’s growth and success
For over 20 years, Mark Scocco has been involved in multiple facets of real estate and lending. It’s this diverse experience that you can rely on to help guide you through your mortgage transaction from qualification to closing. Mark will
Bruce Oliver is a highly skilled mortgage professional with Bond Street Mortgage, a leading mortgage lender known for its exceptional service and competitive rates. With a strong background in finance and real estate, Bruce has become an expert in various
Denise Damato-Sulzer is a seasoned insurance professional with Select Advantage Insurance Agency, a leading provider of comprehensive insurance solutions. With years of experience in the industry, Denise has honed her expertise in a wide range of insurance products, including home,
Colleen Waid, owner of Dazzle by Design Home Staging, believes in the power of good design without the necessity of a hefty price tag. She specializes in creating elegant and stylish rooms by rearranging existing furniture, emphasizing focal points, and
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