Experts Increase 2022 Home Price Projections
Experts are now predicting that home prices will rise in all 50 states throughout the year, and that they will appreciate by double digits. Not only did experts raise their expectations for nationwide house price growth by 2022 (shown in green on the chart below), but most of them also increased them from their initial 2022 forecasts (in green on the chart below).As the graph demonstrates, most sources have revised upwards, with more appreciation predicted in 2022 than they originally anticipated this January. But why are experts so certain that the housing market will continue to rise?Experts predict that home values will continue to rise in most areas, and that they’ve revised their original predictions for this year. Will house prices decline? According to the most recent projections, experts are certain that property values will increase slower in 2022 than they did in 2021.
As the chart shows, most sources adjusted up, and now call for more appreciation in 2022 than they originally projected this January. But why are experts so confident the housing market will see ongoing appreciation? It’s because of supply and demand in most markets. As Bankrate says:
“After all, supplies of homes for sale remain near record lows. And while a jump in mortgage rates has dampened demand somewhat, demand still outpaces supply, thanks to a combination of little new construction and strong household formation by large numbers of millennials.”
Knowing that experts forecast home prices will continue to appreciate in most markets and that they’ve actually increased their original projections for this year should help you answer the question: will home prices fall? According to the latest forecasts, experts are confident prices will continue to appreciate this year, although at a more moderate rate than they did in 2021.
If you’re concerned about home values decreasing, don’t be. Many experts have revised their expectations to suggest that house prices will continue to rise in most areas throughout the year. Let’s connect if you want to know what’s going on with home values in our region.