Goldman Sachs predicts home prices to continue to rise through 2022.
The Baltimore real estate market has been pretty crazy, as have many markets across the US, so it is understandable that potential buyers may be wondering, “When will things slow down? When will prices stabilize?”
Of course, most of us don’t have a crystal ball, so thoughts are mostly based on research, past history, and educated guesses, but Goldman Sachs believes that in the next 15 months (essentially until the end of 2022,) home prices across the United States will rise another 16%. (They were up about 17.7% this past year.)
According to an article in Fortune magazine online, the researchers are quoted saying,
“The supply-demand picture that has been the basis for our call for a multiyear boom in home prices remains intact,” the Goldman Sachs researchers wrote in their report. “Of all the shortages afflicting the U.S. economy, the housing shortage might last the longest.” They don’t see prices correcting anytime soon; in fact, they are forecasting another 6.2% jump in 2023.
Other companies like CoreLogic are forecasting a more modest jump of 2.2%, John Burns Real Estate Consulting says 4%, and Freddie Mac believes it will be around 5.3%.
What these forecasts tell me is that many different companies feel that prices are still on the rise. The best time to buy a house is when you are ready and able.
Each real estate market is different. Even areas and neighborhoods within a market can differ.
For more information about your Towson house value, Timonium house values or Greater Baltimore real estate values, please contact me. I would be pleased to be of assistance!