House prices have risen by 48.55% in the last 10 years and if house prices continue to grow at this rate the average U.S. home could be worth $382,000 by 2030, new research by Renofi reveals.
The research looked at the average house prices across the USA in September 2010 vs September 2020 to calculate the rate of change in house prices and predict the value of homes in the US in 2030.
You can view the full research here: https://www.renofi.com/blog/projecting-the-value-of-homes-in-the-us-in-2030-analyzing-the-impact-of-covid-19/
Top 5 states with the highest projected value in 2030
The state where house prices are predicted to be the highest by 2030 is California, where the average home could top $1 million if prices continue to grow at their current rate. Other states expected to see their average house price rise above the $750k mark include Hawaii, Washington and Colorado.
Top 5 states with the lowest projected value in 2030
On the other side of the scale with the lowest projected value is West Virginia, where house prices are expected to average at $128,415 in 2030.
But how has Covid-19 affected the value of homes in the U.S.? The research also reveals that house prices have continued on their pre-pandemic upward trajectory, rising by 2.80% from $250k in March, to $257k in September.
Top 5 states where the value of homes has increased the most during the pandemic
In Florida, property prices have risen by 6.61% in the months since the President declared a national emergency. Arizona, Idaho, and Utah have all seen increases of more than 5%. On the other hand, Alaska is the only state where house prices have dropped over the last six months, seeing a decline of 3.28%.
You can view the full research by clicking here.
