Real Estate Markets Expected to Grow the Most in the Next Year
The U.S. real estate market is reaching unprecedented heights. Over the past 18 months, home prices across the nation have shot up to levels unseen since the build-up to the 2008 financial crisis. In April 2021, the year-over-year growth of the Case-Shiller Index, the premier metric for housing prices, eclipsed 14.5% for the first time in its history.
Amid such sharp rises in price, housing markets across the country were ablaze this past year. Redfin data revealed the percentage of homes selling above asking priceshot up 13 percentage points compared to pre-pandemic levels. More than 60% of buyers were putting offers on houses sight unseen and the number of homes being bought without an inspection nearly doubled compared to the previous year. The message was clear: Buyers knew the real estate market was hot, and they did everything they could to get homes under contract and close the sale.
For those who were shut out of the real estate market because they were outbid or outpriced, things will not likely get better in the next year, according to Zillow. National projections indicate a decisive upward trend in the Zillow Home Value Index, with some metropolitan areas projecting increases that are more than double the national average.
At the state level, Zillow projections show that Western states will lead the increase in home prices. While it’s no surprise that California—a desirable destination—is among the top five states for the biggest projected home-price increases, it’s real estate markets in lesser-heralded Western states that occupy the top four spots: Utah, Arizona, Idaho and Nevada.
https://porch.com/advice/real-estate-markets-expected-to-grow-the-most-in-the-next-year
Glad I'm not having to house-hunt any more.
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