Statistics prove that now is still a great time to purchase a house.
Is it still a good time to buy? It is, and today we’ll share some housing market stats with you that show you why.
Home prices will continue rising over the next five years because of low supply and high demand. There are fewer homes available and more buyers today than there were in 2007. Around 5 million more millennial buyers are now looking for homes, and overall, 128 million households need to buy right now compared to 116 million in 2007. There were 2.1 million new construction starts in 2007. Today there have only been 1.2 million. Our incoming inventory supply is half of what it was in 2007.
“Home prices will continue rising over the next five years because of low supply and high demand. ”
House prices went up by 32% in 2020, by another 18% in 2021, and by another 7% so far in 2022. They’re expected to rise by another 5% next year. Don’t try to wait out this market. Now is still the best time to buy, and putting more money down is the best way to do that.
If you want to know what your home is worth, visit chadandcindy.com. If you have any other questions, don’t hesitate to reach out to us at (904) 219-7539. We look forward to hearing from you.
