Connect with us

Hi, what are you looking for?

The American Genius Real EstateThe American Genius Real Estate

Real Estate Big Data

Home values on the rise: What will homes be worth in 2023?

The housing market is on fire. Will we continue to see home values increasing over the next 2 years? This prediction poll has the answers.

small home representing moving

Ask 12 experts in real estate about the future of home values and you’ll probably get 20 or more different opinions. With mortgage rates rising, the housing market is expected to slow down, but that doesn’t mean that home values are going to decline. Here’s one prediction from GOBankingRates about home values in 2023.

Predictions for Home Values

GOBankingRates used the median home value rate to predict what home valuations will do over the next year. The median home value is the property’s actual valuation, not the list price or home price. It’s interesting to note that there were no predictions in which home values would decline. In most states, home values should increase by 10% or more. Only three states, Louisiana, North Dakota, and Alaska, had predictions of less than 10%. Some states, Utah, Florida, and Arizona had a prediction of over 20% gain.
Here are some of the predictions:

  • Texas – the median home value in 2022 is $290,527. The projected home growth is 15.29%.
  • West Virginia, the state with the lowest median home value of $129,518 has a projected one-year growth rate of 10.39%.
  • Tennessee – with a median home value of $276,250 in 2022, the projected growth rate is 18.19%.
  • Florida – the 2022 median home value is $373,735. By 2023, the projected home value change is 22.04%.
  • Hawaii – the state with the highest median home value of $972,147 has a projected growth rate of 16.65%.

This information is valuable for both homeowners and home buyers. Read the report and find your state here.

The real estate market is promising

Although there were concerns that the pandemic would cause a housing crash, what we’re seeing is much different. It’s not even the housing bubble of 2008. Housing prices are rising because of a lack of supply and increased demand. There’s less likelihood of foreclosure today than 15 years ago, due to more stringent requirements. The housing market looks good, not just into next year, but hopefully over the next decade and more.

Dawn Brotherton is a Sr. Staff Writer at The American Genius with an MFA in Creative Writing from the University of Central Oklahoma. She is an experienced business writer with over 10 years of experience in SEO and content creation. Since 2017, she has earned $60K+ in grant writing for a local community center, which assists disadvantaged adults in the area.

Advertisement

The Daily Intel
in your inbox

Subscribe and get news and EXCLUSIVE content to your email inbox.

Advertisement

KEEP READING!

Homeownership

The million dollar, golden ticket questions all home buyers are wanting to know: Will home prices go up, stay the same, or decline next...

Homeownership

(HOMEOWNERSHIP) Are you interested in a side hustle and willing to offer up your humble abode to be part of the magic of filmmaking?...

Real Estate Big Data

(BIG DATA) Warning bells on the housing market have been ringing for over a year. While this prediction isn't a surprise, it's disappointing news.

Real Estate Big Data

(REAL ESTATE BIG DATA) There’s a lot of talk about whether or not the current housing market is a bubble. Let’s unpack both sides...

The American Genius' real estate section is honest, up to the minute real estate industry news crafted for industry practitioners - we cut through the pay-to-play news fluff to bring you what's happening behind closed doors, what's meaningful to your practice, and what to expect in the future. We're your competitive advantage. The American Genius, LLC Copyright © 2005-2022