Ongoing Home Price Appreciation Over the Next 5 Years? AgentOwned's Real Estate Experts Share

As your local real estate expert in South Carolina, AgentOwned Realty is committed to providing you with valuable insights into the housing market. We understand that concerns about home prices can be unsettling, especially with the prevailing belief that another market crash might be imminent. According to a recent survey by Fannie Mae, 23% of consumers share this apprehension, raising valid concerns about the future of home prices within the next 12 months.

To address these worries, we turn to the collective wisdom of experts who project not only the immediate future but also the next five years in the real estate market. The Home Price Expectation Survey (HPES) from Pulsenomics emerges as a reliable resource, incorporating forecasts from over 100 economists, investment strategists, and housing market analysts.

The consensus among these experts is clear – ongoing appreciation is anticipated in the real estate market. The latest quarterly release of the HPES reveals that home prices are expected to rise steadily each year through 2027. While the projected increase in 2024 may be slightly less than that of 2023, it's crucial to understand that home price appreciation is cumulative. In other words, a 3.32% increase this year could be followed by a 2.17% rise the next.

For those who fear a decline in home prices, it's essential to grasp the overarching message: despite local variations, experts project a sustained upward trajectory in home prices across the country. This trajectory aligns with a more normal pace for the market.

So, what does this mean for you? If you remain unconvinced, let's delve into the numbers. The HPES expert projections paint a compelling picture of how the value of a typical home could evolve over the next few years. Consider this example: if you purchased a $400,000 home at the beginning of this year, factoring in the HPES forecast could potentially result in accumulating more than $71,000 in household wealth over the next five years.

In conclusion, if you find yourself worrying about a potential fall in home prices, take comfort in the consensus among experts – nationally, home prices are anticipated to continue their ascent not just next year, but for the foreseeable future. If you have any questions or concerns about the trajectory of home prices in our local area, don't hesitate to connect with us at AgentOwned Realty. We're here to guide you through the dynamic landscape of real estate in Charleston, SC.

If you’re looking for your dream home, or if you need to sell your existing home, we can certainly help, our agents are ready and able! Agent Owned is a full service brokerage that can assist you in getting pre-qualified to loan approval. We can help you with title insurance, home insurance and the warranties you need to protect your most valuable asset. At AgentOwned, we have helped thousands of people buy and sell their homes, we have been in business for over 30 years and know what it takes to get the job done right the first time. 

Each agent has access to a team of qualified professionals from attorneys to mortgage specialists and access to a knowledge base of highly experienced Brokers that can handle any situation. Find the right agent now at: https://www.agentowned.com/all-agents 

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