61% of Home Buyers believe home prices definitely will increase

A brand new Gallup poll finds that homeowner confidence has hit a whole new high. According to Gallup, 61% of U.S. adults believe home prices will rise in the next year, marking the most significant percentage since Gallup began gathering data on these views in 2005. It’s also a notable increase from 2008-2112, during which under a third of respondents held an optimistic view on future real estate prices.

61% of Home Buyers believe home prices definitely will increase

“While Americans’ optimism is not yet back to where it was during the housing boom in the mid-2000s, it is now the closest it has been since the housing bubble burst in 2007,” Gallup said in its analysis.

Nearly 75% of respondents in the West anticipate home price gains in the next year, compared with a bit more than 50% in the East and Midwest. Gallup attributes this confidence in part to low mortgage rates.

The survey also discovered that 67% of respondents believe now is a good time to purchase a home, down from more than 70 percent in 2012-2014. Of those, 74% are homeowners and 56% are renters.

“These trends suggest that Americans’ beliefs on this matter are influenced by the health of the housing market, but also by their philosophical beliefs about the benefits of home ownership,” Gallup said. “To this end, more Americans choose real estate than other options when asked to name the best investment.”

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(all data current as of 11/22/2024)

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