Forbes predicts that a $250bn real estate boom will occur in 2021 and by 2023, more than half of all new homes in the US will be sold within that timeframe.
The magazine’s research predicts that the boom will drive more than a $25bn increase in the median sale price of all homes in 2025 and $25.5bn in 2027.
It also says that home prices will increase by as much as 40 per cent in some markets and double in others.
The report said the rapid growth of new housing was also set to make the US one of the most expensive places in the world to buy real estate.
In 2021, the median price of a home in the nation will rise by nearly a third to $295,000, according to the study.
That’s roughly $100,000 more than the median income for all households.
In 2027, the average home will be priced at $370,000 or $6,400 more than it was in 2025.
The median income will jump by nearly $6 per month, or $12,200.
In terms of home values, the US has the highest average median price in the developed world, according the report.
In addition, the country has the most homes on the market at an average of $1.8 million.
“While home values in the United States continue to grow faster than most developed economies, they remain significantly lower than those in many of the developed countries that are among the most attractive markets for buyers and sellers,” the report says.
“In particular, the affordability of housing has been significantly lower in the U.S. than in most of the rest of the world.”
The US is ranked 14th on the list of the countries most attractive for homebuyers.