BiggerPockets Real Estate Podcast - It’s About to Get Good! (2025 Housing Market Predictions)

Episode Date: January 3, 2025

Today, we’re releasing our 2025 housing market predictions, and let’s just say we’re feeling optimistic about the future. Many of you may have been waiting for a housing crash or correction. But where is it? In short, it never happened. Home prices kept climbing, rent prices finally stabilized, and mortgage rates stayed at eye-watering highs. What’s coming next for the 2025 housing market? Are things about to get better (or worse) for homebuyers and real estate investors? This is when Dave takes out his crystal ball (federal housing data and spreadsheets) to predict what’s to come in the new year. He’s giving his full forecast on three crucial topics, home prices, mortgage rates, and rent growth, and explaining his predictions and reasoning behind them. If Dave is correct, it may be a good year for real estate investing. Don’t believe us? Stick around! Coming up after this episode, Dave is piggybacking off of these predictions to show you why real estate could be the single greatest investment in the coming years. If you’re on the fence about buying a home or investing for the first time, this data-driven episode could get you out of analysis paralysis! In This Episode We Cover: Why 2025 is already shaping up to be an excellent year for real estate investors and homeowners Dave’s 2025 mortgage rate range and whether we’ll see some interest rate relief The reason why home prices could still grow even with so many potential homebuyers sitting on the sidelines Are foreclosures and mortgage delinquencies a threat to the housing market? Why 2026 could be the year everything changes for rent prices (and what to expect in 2025) And So Much More! Links from the Show Join BiggerPockets for FREE Let Us Know What You Thought of the Show! Ask Your Question on the BiggerPockets Forums BiggerPockets YouTube Get Ready to Invest with Dave’s Book “Start with Strategy” Find an Investor-Friendly Agent in Your Area How to Invest in Real Estate in 2025 (with NO Experience) Connect with Dave Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-1065 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [e-mail]. Learn more about your ad choices. Visit megaphone.fm/adchoices

It's the new year and I am feeling optimistic. I am excited to say, I think the real estate investing community is in for a good year in 2025. And today, we're going to kick it off right. Hey, everyone, it's Dave. Welcome to the Bigger Pockets Real Estate podcast, the show that helps you achieve financial independence through real estate. And I said out at the top of the show, but I will say it again. I think it's going to be a good year for anyone who is looking to move themselves one

step closer to financial independence through real estate investing. And it's important to note that I don't always say this. I've actually been pretty candid the last few years that we were in for a long slog, but as we enter 2025, I'm sort of feeling like we've turned a bit of a corner in the real estate industry, and there's a lot to be excited about. And I'm going to tell you why I'm feeling a little more optimistic and I'm so excited about the next few years to come over the course of the next two episodes. Today we're going to sort of do some level setting. We're going to talk about expectations for 2025. Then for our next episode, which comes out Monday, I'm going to make as strong of a case as I can for why real estate is just as good of an investment today in 2025 as it

has ever been. I truly believe that. I am putting my money where my mouth is. Basically, I'm just stoked on real estate right now, and I am eager to share with you why I think you should be over the next couple of years. But first, today we're going to talk about what's happening in the market, what to expect in the coming year. That's what's up. So first, I'm going to start with the big picture. And to me, I would phrase it as this.

I think we are close to the bottom for this housing cycle. As you may know, businesses or markets, they work in cycles. They go up, they peak, they come down during recession, and then they bottom out. And I think there's reason for cautious optimism as we head into 2025 that we are starting to bottom out. And I want to remind you, I do not always say this. I try to be straight with you all. But this year, I do think that we're through sort of the worst of this really tough, weird, confusing period that we've been in real estate.

And although we are not out of the woods yet, I'm not saying that things are going to magically get better or instantly improve for investors, I think we're turning the corner and heading towards better days ahead. So that's a high level. But I'm not going to just leave you there. I want to explain to you why I think this and share with you my specific predictions on mortgage rates, home prices, and rentals for the coming year. On to mortgage rates. I'm picking this one to forecast first for a reason, because if we're going to talk later in the show about housing prices, we've got to first talk about the thing that's going

to influence housing prices the most, which to me is mortgage rates. If you listen to this show or follow any of my content, you know that for the last several years, I've based a lot of my predictions around this idea that affordability is the name of the game. And you've probably heard this term affordability as a reminder. It just basically means how easily the average American can afford the average priced home. And this has huge implications for society, but in real estate and what we're talking about today, it really matters for supply and demand in the housing markets. Because when affordability is low, relatively like it is today. It reduces demand. Fewer people can afford to buy homes. They still want to,

but they are out of the market because they can't afford it. And because of the lock in effect, which you've probably heard of, it means that fewer people want to sell their homes as well because they don't want to sell their home and then go on to buy another property in this really pretty difficult affordability environment. An affordability is dictated by three things. We talk about mortgage rates, home prices, and incomes. And although, incomes are going up, which is great. That moves pretty slowly. And we'll talk about housing prices, but I'll give you a quick preview. I don't think prices are crashing. So I don't think that's going to improve affordability. So if affordability is going to improve at all, it's going to come from

mortgage rates. And so that's why I want to put this one first, because mortgage rates is the key to affordability, which is the key to the housing market. There we go. Let's take a minute and just talk about where mortgage rates are. They're at 6.8%. I'm recording this in mid-December. That's for an owner-occupity. loan, not necessarily for investors. Now, whenever we talk about mortgage rates, I have to do this normal disclaimer that I repeat every single time. I just want to remind everyone that mortgage rates, although we all love following the Fed and they're all over the news and social media, mortgage rates don't directly track what the Fed is doing. They're influenced by the Fed. But mortgage rates actually have a lot more to do with a very curious group of people known as bond investors.

Now, you don't want to get me going on the bond market because, man, this stuff is boring, but it is super important. So I am going to give you somewhat of the TLDR version, so you know what's going on, but you don't actually have to learn any of this boring stuff. Basically, what happens in the bond market almost directly influences mortgage rates. So the things I think you need to know right now as it relates to the bond market and mortgage rates is number one. When bond traders are afraid of inflation that pushes up yield and takes mortgage. rates with them. When the stock market is doing particularly well, that also pushes up yield and

takes mortgage rates up with them. So even if the Fed lowers rates, this is why mortgage rates can stay relatively high because bond yields are not just thinking about what the Fed is doing. They're thinking about things like other asset classes, inflation and recession. The big question is, what are bond investors thinking about? What are they worried about? What's the biggest risk? Is it inflation? Is it recession? Well, the market is telling us that they think inflation is the bigger risk right now. Fears of recession seem to be receding over the last couple of months. And so because there is a sense that Trump is going to implement some stimulative policies,

that decreases the risk for recession, it increases the risk of inflation, and that could keep mortgage rates a little bit higher. So I do think overall, when we take all these factors into account, I believe rates will come down, but I think they're going to stay in the sixes next year and probably be in the low to mid-sixes about one year from now. And frankly, I think this is a good thing. At this point, personally, I will take any rate relief. It's better than where we are today.

It was better than where we were last year. Plus, we have to remember that rate declines come with a trade-off. The federal funds rate, the Fed only cuts rates when the economy is not doing well. So we don't want to see too much of that, or it means something else has gone wrong. So overall, this is one of the reasons I have some optimism is that rates are probably going to get modestly better here in 2025. All right, that was my first prediction. We are going to take a quick break, but after the break, we'll come back and I will share with you my prediction on housing prices. For decades, real estate has been a cornerstone of the world's largest portfolios.

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Now we are moving on to prices. And again, we did mortgage rates first because I think it's going to be this big issue with prices. And again, I think everything is about affordability and how affordability impacts supply and demand in the market. Let's talk about each of those things. We're going to talk about demand. We're going to talk about supply. But let's start with the easier one, in my opinion, which is demand. So when there's low affordability like we have right now, this somewhat intuitively, I think, drives down demand because investors or people who are just looking to buy home can no longer afford to buy their desired properties. There's actually been all sorts of studies about this,

but most of these metrics of desire to buy a home are still really high. It's just that people are priced out of the market. The National Association of Home Builders has said that some over 100 million American households are currently priced out of the housing market. So that is a lot of pent-up demand that isn't in the housing market that would probably like to be. We know that from other surveys of renters, for example, that the vast majority, like 90% of American renters under the age of 45, want to buy a home. They just can't afford it. So that is why affordability matters because it's this huge lever in the demand side of the equation. It also, as I talked about earlier, matters on the supply side because 80% of people who sell their home go on to buy a new one.

And when affordability is low, it just makes it that not very appealing to sell your house and go on and buy a new one. So when you're betting on prices and trying to make forecasts like I am for next year, you're, in my opinion, essentially betting on affordability. At least that's my theory for the coming year. So the question is what happens to affordability? And I already told you, I think that rates will go down. And this should free up supply and demand and also increase sales volumes. But I want to say that I don't think it's going to be huge.

Just like I don't think mortgage rates are going to come down in this really dramatic way, that's not going to really free up that much inventory. I'm thinking maybe we get 10% increase in sales volume, hopefully 15 or 20%, but that's not going to fundamentally get us back to what I would call a healthy housing market. But at the end of the day, I think this will improve. There's still going to be more demand than supply. The thing that I should note is that even though rates are coming down, it is not going to hit what I would call in the industry, we also call like this magic mortgage number.

They've done this studies that say like at what point, at what mortgage rate will supply unlock and will the market start to get better? And it's consistently somewhere in the five to five and a half percent range. And because I told you, I think mortgage rates are going to stay in the sixes, we're not going to hit that magic number. And that's why I don't think we're going to see this, you know, huge increase in sales volume. I think it's going to be much more modest. So all that said, factoring in supply, demand, mortgage rates, all the things. My forecast range for home price appreciation on a national basis is one to five percent year over year growth.

That's the range I think will fall in. Basically, that's another year of normal appreciation, sort of like this year. And that is a good thing. You know, we saw over during the pandemic these massive runups in appreciation 10%, 15%. That is not normal. And normal year is when appreciation, somewhat closely tracks the rate of inflation, which is probably going to be 2 to 3% next year. And so I think that's where we're going to be for appreciation.

A relatively normal year. Of course, it could go higher. I think there's actually some upside case here if rates fall more than I think they will. And that is certainly possible. But this is sort of what I think is the most probable thing. If you know me at all, I am a data analyst. I've been trained in that. So I think a lot of probabilities, I think this is the.

the most probable outcome, but there is some upside as well. And if you're wondering about some of these other things that could impact housing prices, like other than what I just talked about, other than affordability, are you thinking about foreclosures? It's just not really going to impact the market. They're about one-tenth of where they were during the Great Recession. And honestly, the more important thing for the housing market is not credit card debt or loans or foreclosures. It's actually the mortgage delinquency rate. So basically more people not paying their mortgage. That is absolutely not happening. I'm staring at a chart right now of mortgage delinquencies, and they are at the lowest rate they've been on the chart, which goes back to 1979.

So if there's this idea that there's going to be a crash caused by people for selling and fire selling their homes, sorry, that is not going to happen. It could happen sometime in the future, but next year, extremely unlikely to happen. Some of the other things that could impact the market, but I don't think are going to be major players or things like new construction. completions are up. There is more new construction, but new construction makes up something like 10, 20 percent of the total market. And it is up only a little bit. So it's not really going to fundamentally change the market.

Plus, new permits to build even more units are down. So this trend is going to reverse itself. So I don't think that's going to be a major player in home prices for existing homes. The other thing that I do think is sort of this X factor that everyone should keep an eye on is some of the economic policy. that Trump has promised to implement in his second term. The first one that we know a little bit more about is taxes. He's stated again and again that he is likely to at least extend, if not expand, the tax cuts from 2017 that he implemented. And that tends to be good just for, you know, sort of stimulative for the American economy.

And there are some thoughts out there, at least some tax benefits that would be particularly beneficial to housing. and to real estate investors have been floated. We don't know if those are going to happen, so I'm hesitant to make predictions based on things we don't really know about yet, but that is something I would keep a close eye on in the coming year. The second thing about Trump's economic policy is tariffs. And this one's a little less certain because he's said that he's going to implement tariffs, but we don't know exactly what those would look like.

And the implications for the housing market will depend highly on the details of these particular policies. Like if he imposes tariffs on construction equipment, for example, that could really impact the housing market. If it happens to be more technology that gets tariffs, that probably won't impact the housing market as much. If it's a blanket tariff across everything from Mexico and China, that could impact the housing market. So we're just going to have to wait and see.

I think that they are unlikely to have a huge impact in 2025, but it's something that could, if they're implemented quickly, and if some of the more aggressive tariffs that Trump has talked about are implemented. So keep an eye on those things. So that's why all those things combined. Again, one to five percent is my national forecast. So far, we've done our mortgage rates. I think they're going to be in the low sixes this time next year. Home prices, one to five percent up this time next year.

After the break, I'm going to get into the third thing that I think investors should be paying attention to, which is rent price growth. We'll be right back. For decades, real estate has been a cornerstone of the world's largest portfolios. But it's also historically been sort of complex, time-consuming, and expensive. But imagine if real estate investing was suddenly easy, all the benefits of owning real, tangible assets without the complexity and expense. That's the power of the Fundrise flagship fund. Now you can invest in a $1.1 billion portfolio of real estate, starting with as little as $10.

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Welcome back to the Bigger Pockets podcast. We are talking to predictions for 2025. I've given you my mortgage rate and home price predictions. And I'm moving on to our rental prices. Let's talk about rent. I'm going to sort of split our rent conversation into two buckets. We're going to talk about residential, small property rent. So this is single family homes, duplex, triplex, quadplex, anything that's officially considered residential real estate. Five units or above is considered commercial real estate. And I'm going to be a single family homes, duplex, duplex, triplex, quadplex, quadplex, anything that's officially considered residential real estate. And I'm going to be a lot of, and I'm going to do going to call that multi-family. So just so you know throughout this thing, if I say a residential, that I'm talking more about small duplexes, single families. And the reason I'm doing this is because the patterns are different. What's going on in residential rents and what's going on in multifamily rents are different, but they impact each other. The things that are impacting specifically multifamily are something that everyone, whether you buy and operate multifamily real estate or not, should be paying attention to. So let's just talk quickly about multifamily.

First things first, rent growth in multifamily. It was just crazy during the pandemic. You all probably saw this or experienced this. You know, we saw 10% in 2022. That has basically reversed completely. It was down 1% last quarter below the pace of inflation. You know, there's lots of different data sources for this kind of data. But they basically all say that they're somewhere close to flat.

If you look at the co-star Zill, it's going to be a little bit Now, of course, this is national, right? So rent is still growing in some areas. If you look at the Midwest, like things are going okay in D.C. and Detroit and Cleveland, they're up. But on the other hand, you do see places like Austin and Raleigh, really hot markets see declining rents. That's kind of weird, right? It's not super intuitive that we are going to see some of the hottest markets in the country see declines. But let me just explain this because I think we'll help you understand where rents are going. back in 2020, 2020, 2021, when things were great, and developers and real estate investors, they saw all these people moving in the Sunbelt, they saw Austin was on fire, so was Raleigh, so was Tampa. All of these places are growing so quickly. They're like, we got to build some apartments there. And so they started building apartments there.

But with multifamily, it can take a couple of years for those apartment buildings to be completed. And so we're only now in 2024 and into 2025 seeing the new. apartments come online. And they're all just in this weird way, sort of like hitting at the same time. And so even though Austin and Raleigh have great underlying fundamentals, great population growth, all this stuff is going well for them, there's just so many apartments coming all at once that there just aren't enough new tenants in any given month to fill up all of

these apartments. And that means that multifamily operators in these hot markets are having to compete against each other. And the way you compete is by lowering prices. And so that's why we're seeing multifamily rents somewhat flat, a little bit negative nationally, and more negative in some of these more sort of hot markets. And then, of course, the opposite is also true. The reason we see Cleveland, D.C., Virginia, some of these places in the Midwest, still growing in terms of rent, is because developers didn't get super excited about those markets in 2021, didn't start building multifamily, and and they don't have this same huge influx of new apartments that we are seeing in these other places.

The unfortunate part of this means that rents are not keeping pace with inflation in multifamily right now. But the pendulum is going to swing back. The thing I love really about multifamily is that it's super easy to forecast. You can see how many permits were taken out years ago and when they're going to hit the market, when the construction is scheduled to complete. And so we're going to go from how. having, you know, something like 200,000 deliveries, new apartments in the country per quarter right now to 100,000.

It's going to drop in half. And we know that that's going to start around the middle of 2025. So we already know that the pendulum is going to swing back in the other direction. And this actually bodes well for long-term rent growth. Because by most estimates, we are somewhere between one and seven million homes short in the United States. So we need these apartments. We just need them to get spaced out a little bit. The problem is that they're all coming online at the same time. If they were just spaced out, this wouldn't actually be a problem. But when construction not only goes back to normal,

but actually goes below normal levels because developers have been turned off by this oversupply, we are probably going to see rents start to grow. I do think that means that all this thing said in multifamily, we're going to still see flat or maybe. negative rent growth at least in the first half of 2025. I think things will start to get better in the second half of the year, but rents do tend to lag a little bit, and I think we might not see great growth in 2025, hopefully by Q4, the end of next year, it's starting to be a little bit better. But I think rent growth is going to be pretty good in 2026 and beyond.

That's something I'm going to talk a lot about on Monday when I share my long-term opinions on real estate, I think the prospect of rent growth over a five-year period is great. It's just not very good over a one-year period. And that's something I want all real estate investors, people listening to this, to think about as your underwriting deals and planning for your portfolio. Now, that was my analysis of multifamily, right? So I think it's going to be relatively flat. Single-family rents are actually up right now. They're up like four or five percent, depending on who you ask. And so that's really good. That's above the pace of inflation. That's what we want as investors. Because when your expenses, your taxes, your insurance go up faster than the pace of your rent, you're losing spending power.

Your profit is getting diminished. And so in single families and small residential, rents are still going up right now. And I do think that will continue. I believe, personally, that multifamily is going to impact single family rents in the cities where there's a lot of supply. And that will probably drag on overall rent growth next year, maybe 3% in single family, sort of one. percent in multifamily is sort of where I'm coming out, ish, you know, give or take one or two percentage points for my forecast. So a little bit better for single family and a small multifamily, not amazing, but keeping pace with inflation, which is great. Multifamily, probably going to lose

some ground when you actually compare that to inflation. That is my forecast for rents in 2025. All right. So that's what I got for our episode today. Hopefully this data, this information, I know it's a lot to take in, but I want to set the state. for what I think is going to be a great year for real estate investing. And I'm excited to share with you more about this new era, this new exciting time that we're in in real estate. So make sure to tune in on Monday and honestly, tune in all year because we're going to be talking about strategies.

We'll talk about tactics. We're going to share stories and news, all to help you move closer to financial independence through real estate. Thank you all so much for listening. I'm Dave Meyer and I'll see you on Monday. Do you ever notice how every passive investment somehow turns into a very active lifestyle, active spreadsheets, active phone calls, active stress? Here's a better question.

What if you could buy brand new construction homes, 10% below market value, and the best markets across the country without making real estate your second job? That's exactly what rent-to-retirement does. They're a full-service, turnkey investment company handling everything for you. In some cases, investors get 50 to 75% of their down payment back at closing, plus, interest rates as low as 3.75%. They've partnered with Bigger Pockets for over a decade, helping thousands invest smarter. If you want to do the same, visit Biggerpockets.com slash retirement to learn more.