After emerging from the economic recession and collapse of the housing bubble in the late 2000s, the U.S. housing market has bounced back with remarkable strength and has shown steady growth for several consecutive years. Data suggests that this recovery is projected to continue into 2018 and beyond.
The overall market outlook for the U.S. is strong
While it is difficult to categorize the entirety of the U.S. housing market in broad strokes, many markets of varying sizes and in regions throughout the country are projected to remain strong in 2018 in terms of factors such as rising home value, new home availability, and competitive mortgage rates. This trend will continue the upward trajectory of the U.S. housing market since the recovery from the 2008 global financial crisis.
Low mortgage rates will drive activity in hot markets
One of the main factors driving projections for the housing market in 2018 is that mortgage interest rates are expected to remain relatively low in the coming years. Sustained periods of low interest rates make it easier and more attractive for new home buyers to obtain loans, as well as for people to upgrade to a new home and sell their existing property.
The outlook for mortgage interest rates is largely based in the overall health of the U.S. economy at large. Consumer spending is likely to continue to increase, new construction levels will remain high in many areas, and job growth should continue its measured, but steady pace.
Greenville will continue to be an attractive, yet affordable market
It’s important to remember that real estate is local, and that some markets may experience dramatically different market conditions in 2018. When it comes to the Greenville, SC housing market, Zillow forecasts that both median home value and median home price will increase next year. Their data suggests a 4.1% increase in median home value for 2018, compared with 6.9% growth in 2017. This is very similar to the overall U.S. outlook, which shows growth is still occurring, albeit at slightly reduced rates.
Even with the expected rise in home prices, Greenville will remain a very affordable market for many types of home buyers. Now is the time to invest in Greenville. If you are interested in buying or selling a home in this fantastic market, contact the Greenville real estate experts at the Parker Group today.