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What homes will be worth in your state by the end of 2020

GOBankingRates Logo By Alexandria Bova of GOBankingRates | Slide 1 of 51: With so much uncertainty surrounding the housing market in 2020, many homeowners fear the booming economy will finally slow as we enter a new decade. A looming 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, with 8.2% of homeowners currently underwater on their mortgage. 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 $243,225. Home values have gone up 3.8% over the past year, with Zillow predicting an increase of 2.2% within the next year. Many housing analysts predict that home prices will continue to rise — however, at a slower pace.
To figure out the value of homes in 2020 across the country, GOBankingRates analyzed median home values from October 2019 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.
Some home values are set to increase dramatically in just one year, with an anticipated increase of at least $15,000 in states like Idaho, Alaska, Utah and Washington. Other state housing markets, such as West Virginia, Louisiana and Connecticut, will not see much of a difference in home value in 2020. Find out what homes will be worth in your state by the end of the year.
Last updated: Jan. 8, 2020

What homes will be worth in your state by the end of 2020

With so much uncertainty surrounding the housing market in 2020, many homeowners fear the booming economy will finally slow as we enter a new decade. A looming 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, with 8.2% of homeowners currently underwater on their mortgage. 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 $243,225. Home values have gone up 3.8% over the past year, with Zillow predicting an increase of 2.2% within the next year. Many housing analysts predict that home prices will continue to rise — however, at a slower pace.

To figure out the value of homes in 2020 across the country, GOBankingRates analyzed median home values from October 2019 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.

Some home values are set to increase dramatically in just one year, with an anticipated increase of at least $15,000 in states like Idaho, Alaska, Utah and Washington. Other state housing markets, such as West Virginia, Louisiana and Connecticut, will not see much of a difference in home value in 2020. Find out what homes will be worth in your state by the end of the year.

Last updated: Jan. 8, 2020

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