With so much uncertainty surrounding the housing market, many Americans may be afraid that buying or selling a house is too risky of a move to make. A recession isn’t great news for buyers, especially with the average family unable to afford a home in many parts of the country as it is. Prospective homebuyers are also concerned about their ability to make mortgage payments. But with all of these economic anxieties, how will you know when it’s a good time to make a move? If you’re debating on whether to buy or sell a home, the best financial choice will depend on the home value forecast in your state.
According to the latest home value forecast data from Zillow, the median home value in the U.S. is $262,604; but Zillow is predicting an increase of nearly 8% within the next year.
To figure out the value of homes in 2021 across the country, GOBankingRates analyzed median home values from October 2020 using Zillow’s forecast tool to predict the increase or decrease in home values by state. The study ranked each state according to its median home value, beginning with the lowest.
It is important to note that GOBankingRates used the median home value instead of the median home price by state, because value accounts for more factors, such as comparable home sales and inspections. Median home value is an estimate of what the property is actually worth, while the median list price is based on demand and listing agent.
Find out what homes will be worth in your state by the end of 2021.