Nearly everyone can agree—2016 was good for the real estate market! Our country saw some of the best real estate sales (5.36 million) since 2007 (6.47 million sales), due largely to expanding economy, steady job creation, and impressively low mortgage rates of just 3.5%. But what does 2017 have on the horizon?
The National Association of Realtors Weighs in on 2017
At the recent 2016 National Association of Realtors Conference in Orlando, FL, over 19,000 realtors met to discuss current and future real estate market trends. So, what were their conclusions?
Sales Are Expected to Continue to Grow
Sales in 2017 are expected to continue to increase—about 2%—to 5.46 million. However, in 2018, they’re expected to climb even more—4%—to 5.68 million.
Median Home Prices Will Rise
Home values and prices are expected to continue appreciation—albeit a bit slower—at a rate of 4%.
Millennials Will Overtake the Market
As more millennials enter the job markets and start to consider settling down or starting families, they will also start joining the real estate market, eventually overtaking the large Baby Boomer population currently dominating the market. As a result, housing will increase—and new construction could see a bit of a millennial focus, targeting their interests, price ranges, and life stages.
Borrowing Costs Will Increase
Mortgage rates are expected to increase slightly—about 1% from 3.5% to 4.5%. 
Which means if you’re looking for more affordable housing, now is the time to get searching, while the rates are low.
2017 Real Estate: In Conclusion
The housing market was good in 2016, and the coming years look like they’ll continue strong. So whether you’re looking to buy or sell a home in Erie PA, now is the time! Contact Marsha Marsh Real Estate Services so we can help you explore Erie County, learn more about selling or buying a home in Erie, and start searching homes for sale.