Realtor.com 2019 Housing Forecast
As 2018 winds down we wanted to keep you informed on the latest housing forecasts for next year. Overall, 2018 will go down as a mediocre year. Starting out with a great pace of sales and increasing prices, however, as the year progressed we've seen declining sales and reducing prices throughout the suburban Chicago market. Be that as it may, overall economics conditions remain healthy and we anticipate next year to be a normalized market, not favoring buyer or seller.
Key take aways from the forecast:
- Price appreciation is expected to slow across the country
- Realtor.com forecasts a 1.9% drop in prices in the Chicagoland market (Chicago-Naperville-Elgin, Ill.-Ind.-Wis.)
- Inventory or homes for sale will increase across the country by 7%
- Demographic trends include millennials accounting for 45% of mortgage borrowers, while baby boomers accounting for 17%
- The new Tax plan favors renters, while the outcome for homeowners is uncertain
