A stunning new Gallup survey finds that a negative perception of the U.S. real estate market has grown significantly within the past year. Only 30% of U.S. adults say that now is a good time to buy a home, down dramatically from 53% in 2021.
This statistic marks an all-time low since Gallup first posed the question in 1978.
All major subgroups of Americans reported a more negative view of the housing market than they did last year. Groups that were more positive about the housing market a year ago, namely suburbanites and Midwesterners, reported the greatest decline.
The survey also found that 70% of respondents expect home prices to continue rising in their local areas, a perception consistent with last year’s findings.
These record-setting responses come at a time of increased attention to the domestic real estate market. The compounding factors of rising interest rates, an all-time high median-home price (which now clocks in at $428,000), and constriction within urban and suburban housing markets likely contribute to this outlook.
Consistent with real estate’s red-hot evaluation, 45% of respondents still point to real estate as the most promising long-term investment one can make. This new high beats out investing in stocks/mutual funds (24%) and gold (15%). Overall, Gallup’s findings indicate a universal shift in people’s perception of the U.S. real estate market, one that’s incredibly valuable, and increasingly out of reach.