Tariffs, Treasuries, and Turbulence: What It Means for Real Estate Values

As tariff talk ramps up and the stock market trends down, many are asking: What does all this mean for the real estate market?

Here’s what we’re watching closely.

When tariffs are introduced or expanded, they tend to inject uncertainty into the broader economy. That often spooks investors, pushing capital out of equities and into the safety of U.S. Treasuries—particularly the 10-year note. When that happens, yields on the 10-year typically drop, which tends to bring mortgage rates down as well.

Lower rates can boost affordability and stimulate demand, but it’s not always that simple. The same economic uncertainty that brings rates down can also weigh on buyer confidence, slow new construction, tighten credit standards, and soften overall market activity.

As an appraiser, what matters isn’t just where rates land—it’s the underlying economic pressure that drives those moves. Tariffs can ripple through supply chains, impact construction costs, and alter the velocity of transactions, all of which show up in value trends.

That said, real estate has historically played a powerful role in economic recovery. In many past recessions, housing has been one of the key sectors to pull the economy forward—through jobs, investment, and consumer activity. So while we may see some short-term headwinds, this market has proven resilience over time.

Bottom line: Tariffs may create turbulence, but real estate remains a cornerstone of economic strength. As always, understanding what’s moving the market is key to accurately interpreting trends—and valuing property in a shifting landscape.