2018 Market Recap
2018 brought us a Seller’s Market (more people buying than homes available) with lower interest rates, slowed construction rates, higher rent and bidding wars.
Inventory increased 4 percent nationally, 9 percent in larger marketsAverage median home price is $293,000, up 9 percent from a year agoOverall, 22 percent of listings saw price reductionsInventory increased 4 percent nationally, 9 percent in larger marketsAverage median home price is $293,000, up 9 percent from a year ago
So what’s in store for 2019 in the Real Estate market?
Expect interest rates to increase considerably, home prices to level out, inventory to stabilize, renting to become more affordable and Millennials to be the biggest buyer group.
- Home price growth will continue to slow, with a forecasted increase of 2.2 percent
- Inventory increases will remain moderate with less than a 7 percent increase
- High-priced markets will buck the trend, with double-digit inventory gains
- Millennials will account for 45 percent of mortgages in 2019 vs. 17 percent for Boomers
- New tax plan will be good for renters, mixed for homeowners