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For The Love of People and Real Estate
  • About
    • The Beck Team
    • The Code of Ethics: 100 Years of Professionalism
  • All in, for you
  • Blog
  • COVID-19 Resources and Information
  • Podcast – Missoula Real Estate Today
  • Testimonials
  • Seller Resources
    • Seller’s Guide Spring 2020
    • Know the Value of Your Home
    • Marketing Your Property
  • Buyer Resources
    • Buyer’s Guide – Spring 2020
    • Community Resources
  • Missoula Neighborhoods
  • Real Estate by The Beck Team
  • Home
  • Your guide to all things Missoula!
  • Make It Missoula
  • We’re open for business!
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For The Love of People and Real Estate
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What's In Store For The Market In 2017

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Diane Beck,03/16/2017

What does the future hold for the housing market in 2017?

Experts have weighed in and one thing is for sure: The housing market is set to heat up this year!

Prices are almost at pre-recession highs!

Nationally, the market is expected to normalize with healthy sales and moderate price growth. (1) However, some experts predict modest price declines because wages aren't keeping up with home prices. The median home price has increased 43% from 2010, while wages have only increased 5%. (2)

Home sales are expected to increase

Existing home sales are expected to reach 6 million, up from 5.8 million in 2016 (3)

Projections for total single family home sales for 2017 (4)

  • National Association of Realtors: 6 million
  • Fannie Mae: 6.2 million
  • Freddie Mac: 6.2 million
  • Mortgage Bankers Association: 6.5 million

Make way for first-time buyers

Millennial's are expected to strengthen home and condo sales into 2020 (3). Sales by first-time buyers reached a four-year high in September at 34% (3).

Housing appreciation is up

Most markets report an increase in home appreciation, with the increases hitting near 10% in the hottest markets, which have growing populations and tight supply (5).

Top 3 Markets For Home Appreciation

  1. Seattle, WA (up 11.2%)
  2. Portland, OR (up 11.1%)
  3. Denver, CO (up 9.9%)

Rent will keep getting higher

Rental affordability is one of the biggest factors for first-time buyers deciding to buy (1).

The housing market in 2017 is expected to be fueled by high demand for new construction.

Source:

  1. The Mortgage Reports
  2. Dun & Bradstreet
  3. NAR
  4. Keeping Current Matters
  5. REALTOR Magazine
  6. BusinessWire
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Windermere Real Estate
2800 South Reserve St.Missoula
MT 59801
406.360.7654
dianebeck@realtor.com

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