Green Valley Homes | Search Green Valley AZ Real Estate and Homes for Sale | Russ Fortuno, Tierra Antigua Realty
Register Login (520) 333-0446
  • Bloglovin
  • Email
  • Facebook
  • Home
  • Homes for Sale
  • Area Information
    • Dining Out
    • Golf
    • Green Valley Recreation
    • Mover’s Guide
    • Visitor’s Information
  • Buyers
  • Sellers
  • About
  • Real Estate News
You are here: Home / Blog / Market Trends

What’s ahead for home prices?

October 20, 2022

What's ahead for home prices?

As the housing market cools in response to the dramatic rise in mortgage rates, home price appreciation is cooling as well. And if you’re following along with headlines in the media, you’re probably seeing a wide range of opinions calling for everything from falling home prices to ongoing appreciation. But what’s true? What’s most likely to happen moving forward?

While opinions differ, the most likely outcome is we’ll fall somewhere in the middle of slight appreciation and slight depreciation. Here’s a look at the latest expert projections so you have the best information possible today.

What the experts are saying:

The graph below shows the most up-to-date forecasts from five experts in the housing industry. These are the experts that have most recently updated their projections based on current market trends:

What's ahead for home prices?

As the graph shows, the three blue bars represent experts calling for ongoing home price appreciation, just at a more moderate rate than recent years. The red bars on the graph are experts calling for home price depreciation.

While there isn’t a clear consensus, if you take the average (shown in green) of all five of these forecasts, the most likely outcome is, nationally, home price appreciation will be fairly flat next year.

What does this mean?

Basically, experts are divided on what’s ahead for 2023. Home prices will likely depreciate slightly in some markets and will continue to gain ground in others. It all depends on the conditions in your local market, like how overheated that market was in recent years, current inventory levels, buyer demand, and more.

The good news is home prices are expected to return to more normal levels of appreciation rather quickly. The latest forecast from Wells Fargo shows that, while they feel prices will fall in 2023, they think prices will recover and net positive in 2024. That forecast calls for 3.1% appreciation in 2024, which is a number much more in line with the long-term average of 4 percent annual appreciation.

And the Home Price Expectation Survey (HPES) from Pulsenomics, a poll of over one hundred industry experts, also calls for ongoing appreciation of roughly 2.6 to 4 percent from 2024-2026. This goes to show, even if prices decline slightly next year, it’s not expected to be a lasting trend.

“In the absence of trustworthy, up-to-date information, real estate decisions are increasingly being driven by fear, uncertainty, and doubt.” says Jason Lewris, Co-Founder and Chief Data Officer for Parcl.

Don’t let fear or uncertainty change your plans. If you’re unsure about where prices are headed or how to make sense of what’s going on in today’s housing market, reach out to a local real estate professional for the guidance you need each step of the way.

Bottom Line

The housing market is shifting, and it’s a confusing place right now. Let’s connect so you have a trusted real estate professional to help you make confident and informed decisions about what’s happening in our market.

Filed Under: Market Trends Tagged With: Appreciation, Home Prices

New Listing

NOTIFICATIONS

  • Email Alerts for New Listings
  • Save Your Favorites
  • Schedule Showing Requests
  • Price Change Notifications
  • Plus More…

Sign Up

What’s Your

HOME WORTH?

Find Out

Client

TESTIMONIALS

"From start to finish, Russ Fortuno was “a class act.” It started with his online Home Buyer’s Guide which was helpful to me, a first-time, out-of-state buyer. His new listing email notifications were timely and helped me get familiar with the Green Valley properties that fit my budget. Then when I was ready to buy, he represented me as a buyer’s agent. He professionally led me through the entire process with great knowledge of the available properties, as well as the subsequent offer and purchasing process. I found Russ to be very clear and direct. He went above and beyond what I expected. Even after the closing, he arranged the removal of some unwanted furniture and helped me identify cleaning and painting services in the area, something few other agents would do. I would highly recommend his services to anyone without reservation!"
- E.D., Green Valley, AZ
"Russ Fortuno not only made our Green Valley AZ home purchase happen, he made it easy. We live in Eastern Washington and wanted to buy a vacation home in Green Valley but were apprehensive about buying a property without physically seeing it. Russ made the process easy. He supplied us with walk-through videos of every property we showed interest in, paying special attention to any issues the property might have. By the time we actually saw the property we were purchasing, we felt like we had been there a number of times. Russ walked us through the buying process from beginning to end! We highly recommend Russ and will use him for all or our real estate needs."
- D.W., Chattaroy, WA
"A+ service! We listed our house to sell in Sahuarita with Russ. This was a long distance sale as we were out of state when we listed. Most everything was done over the phone and with online e-signing. Russ answered all questions very quickly and followed up with details and items that were needed for the seller at closing. A+ service!"
- D.C., Sahuarita AZ
View All

Listing Notifications

Sign Up! New listings delivered to your inbox!
Sign Up Now

Stay Connected

  • Email
  • Facebook
  • Phone
  • Vimeo

agent photo

Russ Fortuno, Associate Broker

I'm a Southern Arizona native and year-round Green Valley resident. Whether you’re buying or selling a home in the Green Valley or Sahuarita area, you’ll experience unsurpassed service and professionalism at all stages of your real estate transaction. I welcome the opportunity to assist in your next home sale or purchase.
Meet Russ

Tierra Antigua Realty

18745 S. I-19 Frontage Rd., Ste. A105
Green Valley, AZ 85614
(520) 333-0446
Contact Russ

© 2023 Russell E Fortuno PLLC, All Rights Reserved. ADRE BR658088000   •   Privacy