With all the headlines about home prices and mortgage rates, you may wonder if it still makes sense to buy a home now or if it’s better to keep renting. Here’s some information to ease your mind and show why investing in a home remains a powerful decision.
Real Estate: The Top Long-Term Investment
For the 12th consecutive year, Gallup experts have crowned real estate as the top long-term investment, consistently outperforming other investment types like gold, stocks, and bonds. This enduring trend highlights the stability and wealth-building potential of real estate.
Sioux Falls Home Prices in 2024
In Sioux Falls, the average home price increased by 4.9% during the first six months of 2024. As we look to the future, what can we expect for home prices? While no one has a crystal ball, experts have made early predictions for home prices in 2025.
National Home Price Predictions for 2025
As we move into the second half of 2024, experts forecast a slowdown in the national housing market’s rapid pace. However, this doesn’t mean prices will drop. The average forecast predicts a 2.5% increase in national home prices for 2025, marking the 13th consecutive year of growth.
Here’s what major groups predict for 2025 home prices:
Goldman Sachs: 4.4% growth
Wells Fargo: 4.3%
Mortgage Bankers Association: 3.3%
Morgan Stanley: 3.0%
Zelman & Associates: 2.3%
Fannie Mae: 1.5%
Freddie Mac: 0.5%
Moody’s Analytics: 0.3%
Real Estate is Local
While national trends provide a broad overview, real estate is inherently local. Sioux Falls might not follow the national average due to local factors such as the labor market, inventory levels, and specific regional economic conditions. Areas with strong job growth and limited housing supply may continue to see higher price appreciation, while other regions may experience more modest gains or even slight declines.
Key Local Market Indicators
Some of the key factors we monitor monthly include:
– Inventory levels
– Interest rates
– Average days on the market
– Median sale prices
– List-to-sale price ratio
If you want to be updated on local market data, sign up for our newsletter here. Understanding both national trends and local market dynamics helps you make informed decisions whether buying or selling a home.
The Bottom Line
Real estate continues to be a proven method for building long-term wealth. If you’re ready to embark on your journey toward homeownership, let’s connect today.
Elevate Your Real Estate Experience with Lifetime Home Support™
At Amy Stockberger Real Estate, our Lifetime Home Support™ model provides a system and strategy for each stage of the homebuying, selling, and investing process. From first-time homebuyers leveraging our Lease Buyout program to last-time sellers using our Golden Age Guided Move program, we support you every step of the way.
Our VIP Club offers benefits such as free access to moving trucks and supplies, and our Home Support Team Partners provide preferential treatment and pricing for all your homeownership needs. We’re dedicated to elevating your real estate experience.
Stay Connected
Stay tuned for more updates and feel free to reach out with any questions or for personalized advice on your real estate journey.
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