Home Prices Expected to Continue Upward Trend, Colorado, Washington, Oregon Top List
The median home price is expected to grow at 3.5% in the next 12 months, according to a recent survey of realtors. Half of the respondents expect home prices to increase less than 3.5%, while the other half sees an increase of more than 3.5%.
The map above highlights expected growth by state. As you can see, Washington, Oregon and Colorado top the list, with expected growth greater than 4-5%. Alaska was the only state where home prices were expected to decline. Other than Alaska, North Dakota and West Virginia have the lowest median expected price change at 0-2% over the next 12 months.
The 2017 real estate market is expected to continue its upward trend, with demand remaining strong. Lack of inventory continues to plague the industry. So, if you’ve been sitting on the fence about whether or not to sell your home, it’s a seller’s market, baby!!.