The Future of Homeownership: Challenges and Predictions

Home prices are expected to decline by 1.6% through 2023, according to a Zillow survey of economists. However, the panel also projected that home prices could bump back up at an average rate of 3.5% per year from 2024 to 2027. In addition, Zillow predicted home values would grow by only about 0.2% throughout the year, according to its latest in-house forecast. The survey also found that 63% of experts on Zillow’s panel said they expected that in the next three years, 30-year fixed rate mortgages will be at their highest in Q1 2023. A recession could have some impact on home prices and the overall housing market.