Home Prices Still Growing – Just at a More Normal Pace

If you’re feeling a bit overwhelmed by all the talk about home prices and market trends, you’re not alone.

Insights from the Fannie Mae Home Price Expectations Survey (HPES) is projecting home prices to continue climbing over the next 5 years.

Although we won’t be seeing the same acceleration of home prices that we have over the past few years. We will begin to see more normal levels of appreciation. Home price growth in 2023 came in around 5.9%; respectively the expectations for 2024 and 2025 is 2.4% and 2.7%.

How does this affect you?

Based on this forecast, if you bought a $400,000 house this year, experts say it could gain over $72,000 in equity over the next 5 years.

If you are wanting to buy a home in 2024, now is the time to start the conversation. Your journey to homeownership is unique, Vine Lending Team is here to guide you every step of the way. While no one can say for certain where home prices will go, making sure you have the latest information can help you make an informed decision.