Even though the housing market is recovering from the great collapse and crash your home was still worth more in 2006 than it is worth today. I think in most cases we would have to go back to 2001 to see median home prices at about what they are today. I don’t think median incomes have gone up either so maybe it all works out OK.
I recently had some neighbors ask me what their home will be worth in five years. I had to say that I don’t have a clue. My best guess is that it would be worth as much as it is worth today . . maybe more. We like to hope our homes will increase in value but if that is the only motivation for buying or owning a home it might be better to rent.
It depends upon the economy. If someone can tell me what the median wage will, what the unemployment rate will be and possibly information about new tax laws or health care rules and the price of a barrel or crude oil, and if our country is at war I’ll go ahead and make some predictions.
No numbers were harmed in the publication of this blog post. All data was found in the Northstar MLS, which is deemed reliable but not guaranteed. Results calculated from 35,059 listings inside of the St. Paul city limits.