but For others, it means finding their forever home and making it just right whatever that takes. More than ever before, people are spending a significant amount of time in their homes, and this has given them the time to think about what they really want from their space.įor some, this means that renovations and remodeling are currently in the pipeline on their current property. We’ve taken a deep dive into home value data to analyze the impact that has been seen across the country.Īnd, on the whole, we can reveal that house prices have continued on their pre-pandemic upward trajectory, rising by 2.80% from $250k in March, to $257k in September. The outbreak of COVID-19 has had an unbelievable impact on all areas of our lives and the economy at large, but how have house prices changed since the pandemic started? The Impact of COVID-19 on the Value of Homes in the US Prices in six other cities could rise above $1 million - Oakland, Seattle, Los Angeles, San Diego, Boston, and Long Beach. In fact, prices in two cities, San Francisco and San Jose, are actually projected to reach an average of more than $2 million if they continue to increase in value at the same rate. Then when we look at how 2030 prices could look in America’s 50 most populated cities, it’s not a surprise to see that six of the top ten most expensive cities are located in California. Other states expected to see their average house price rise above the $750k mark include Hawaii, Washington and Colorado. The state where house prices are predicted to be the highest by 2030 is California, where the average home could top $1 million if prices continue to grow at their current rate. So then, if house prices continue to increase at this rate over the next ten years, how would the average house price look across the nation? ![]() To give an example, in Nevada, house prices have more than doubled since 2010 (105.84%), while in Connecticut, the average price has increased by just 1.12% over the same period. House prices in the US have risen by 48.55% in the last ten years (from $173k to $257k) and if they continue to grow at this rate for another decade, the average US home will be worth $382k by 2030.īut across such a vast country, the picture inevitably varies. The Average US Home Could be Worth $382,000 by 2030 We’re doing a deep dive into the projections of how much it could cost to buy a home across the US by 2030, as well as the impact that COVID-19 has had on real estate markets in each state and the country’s 50 biggest cities. In fact, there’s no ignoring that the right renovations and additions can add big bucks onto what a property is worth, and that’s just looking at the value that’s added today.īut house prices ultimately change over time, and by using historical trends from the last decade to project these forward by ten years, we can start to see what long-term changes could look like, as well as how investments made in your home today could increase the returns in years to come, as house prices continue to rise.īut let’s not ignore the current pandemic and the way that it’s impacting both property prices and the way that we’re rethinking what we want from our homes. ![]() Taking out a home renovation loan can be a real investment in your future.Īnd one of the main considerations when planning home renovation work is a home’s future value. ![]() One of the most common reasons for home renovations is the positive impact that they can have on the value of your home.
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