Housing market predictions: the forecast for the next 5 years
t’s been a wild real estate ride over the last few years. After a red-hot market characterized by bidding wars, low interest rates and elevated prices, mortgage rates increased to the highest level in 20 years, leading to a slowdown of both buying activity and purchase prices. Yet, with inventory still low, home price tags remain high in many parts of the U.S.
There are plenty of predictions about where the housing market is going in 2023. But what about farther out? After all, buying a home often requires long-term planning. We asked several residential real estate experts to peer into their crystal balls and give us a five-year forecast of the housing market. Here’s looking at you, 2027.