According to Gallup’s annual Economy and Personal Finance poll, 64% of Americans expect the average price of a home in their local area to increase during the next year.
This rating has risen nine percentage points over the past two years, and is currently the highest rating Gallup has measured since the start of the survey in 2005, which coincided with the start of the housing bubble. In the initial survey, 70% of U.S. adults thought local home price would increase in the coming year. By 2009, that share had fallen to 22%.
As has been the case in recent years, those residing in the Western United States are most likely to expect home prices to go up. Many of the markets with the fastest-rising home prices are in the West, including in California, Nevada, Utah and Washington state.
Currently, 79% of Western residents predict an increase in local home prices, as do 64% of Southern residents, 56% of Midwestern residents and 58% of Eastern residents. Since 2016, there have been meaningful increases in the percentage of residents expecting home values to rise in all regions but the South.Read More