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Fannie Mae Predicts Housing Prices in 2022, 2023
Dated: March 8 2022
Views: 162
The main driver of ever increasing housing prices (and all those bidding wars) is a lack of housing supply. By extension a lack of inventory in the housing market which is driving up prices. These factors combined with (still) historically low interest rates and younger people hungry for their own piece of the American dream will continue to drive housing prices higher.
Last year Fannie Mae predicted that the median housing price would rise 7.9% this year. Now Fannie Mae predicts housing prices will rise by 11.2%, or from $355,000 to $384,000.
Relief may come yet next year, Fannie Mae is predicting a rise in the median price to $395,000 which is an increase of 4.2%.
Eventually prices will rise to a level that price people out of the market, as wage gains this year are predicted at 3.9% compared to housing prices growth of 11.2%, not mentioning fuel and other rising costs.
The market is still crazy strong for sellers, with most of our listings seeing over 30 appointments and multiple offers over asking price. If you have been considering a move, there is no better time than now to get the most for your home. Contact us today to discuss how we can help you get the most for your home.
Tracey and Dale Stemen
As Michigan natives and seasoned real estate professionals, we recognize and value the trust our clients place in us, and we strive to exceed their expectations.With our 25+ years of experience we hav....
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The main driver of ever increasing housing prices (and all those bidding wars) is a lack of housing supply. By extension a lack of inventory in the housing market which is driving up prices.
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Database last updated September 25, 2023 5:25 AM UTC
