03/13/2024
Going into 2023, there was a lot of talk about a possible recession that would cause the housing market to crash. Some in the media were even forecasting home prices would drop by as much as 10-20%âand that might have made you feel a bit unsure about buying a home.
But hereâs what actually happened: home prices went up more than usual. Brian D. Luke, Head of Commodities at S&P Dow Jones Indices, explains: âLooking back at the year, 2023 appears to have exceeded average annual home price gains over the past 35 years.â
The big takeaway? Home prices almost always go up.
As an article from Forbes says: â. . . the U.S. real estate market has a long and reliable history of increasing in value over time.â
In fact, since 1980, the only time home prices dropped was during the housing market crash...
Have real estate questions? Don't be afraid to reach out!
Going into 2023, there was a lot of talk about a possible recession that would cause the housing market to crash.