---
title: Home Prices To Increase 18-20% Over Next 5 Years
description: If you’re thinking about purchasing a home, you might want to make a move because according to experts, prices (and interest rates) are heading upward.
---

[News & Events | Rush Residential | Puget Sound Region Washington ](https://www.rushresidential.com/blog)

# [Home Prices To Increase 18-20% Over Next 5 Years](https://www.rushresidential.com/blog/home-prices-to-increase)

 Written by [Rush Residential](https://www.rushresidential.com/blog/author/rush-residential) | Feb 22, 2018 6:52:50 AM

 

If you’re thinking about purchasing a home, you might want to make a move soon because according to experts, prices are heading upward.

According to the [Zillow Home Prices Expectations Survey](https://www.zillow.com/research/home-price-expectations-q42017-17492/), the median home price in the US is set to jump from the current value of $202,700 to $238,995 by 2024—a nearly 18% increase. And a solid portion of that increase is set to take place this year; the experts surveyed predicted a 4.13% jump in 2018 alone. 

For the NW Region, and our corner of the map, Pierce County median home prices have r[isen ](http://www.northwestmls.com/index.cfm?/News--Information)[18% percent year-over-year.](http://www.northwestmls.com/index.cfm?/News--Information) Far exceeding the national growth averages, the Northwest Puget Sound area is booming. In fact, Seattle home prices are the [fastest rising in the nation](https://seattlebubble.com/blog/2018/04/24/case-shiller-seattle-home-prices-rising-fastest-in-the-nation/). 

Not only are prices trending upwards, but according to a [recent report from Freddie Mac](http://www.freddiemac.com/research/outlook/20180118_maintaining_momentum.html), so are mortgage interest rates. According to the report, interest rates for a 30-year fixed mortgage are forecasted to jump an entire percentage point by the end of the year (from 3.9% in Q4 of 2017 to 4.9% by Q4 2018).

#### **The Takeaway**

If you’ve been thinking about purchasing a home, you’re going to want to make a move sooner rather than later. The longer you wait, the more you’ll pay for your home.

If you're considering purchasing a new home in the next few nears, consider looking now. While prices are lower, and rates are somewhat stable. Take a look at the new [Rush communities in Pierce County, ](https://www.rushresidential.com/communities)maybe your new home is under construction right now? 

 

*Some content originally appeared on The bestrealestateblog.com.*

 

[View full post](https://www.rushresidential.com/blog/home-prices-to-increase)

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