Americans can now get involved in the housing market without actually purchasing a home.

The market prediction platform Polymarket partnered with Parcl, a real-time housing data and on-chain real estate platform, to launch a set of markets that allow users to bet on future home prices, the companies announced in a press release this week.

"Prediction markets are gaining substantial momentum and represent a paradigm shift in how views are expressed, and truth is identified," said Trevor Bacon, CEO of Parcl, in the release. "Parcl is the source of truth for real-estate pricing, and we believe real estate should be a major category within the prediction-market ecosystem."

The housing-focused markets will settle against Parcl's published price indices, giving traders and analysts a reference point for predicting future values. Polymarket will list and operate the markets, while Parcl will provide index data and settlement reference values designed for transparent verification, the release said.

Polymarket is one of the largest platforms in the United States for betting on real-world events, including elections and geopolitical events.

"Prediction markets work best when the data is clear, and the outcome can be verified without debate," said Matthew Modabber, chief marketing officer of Polymarket, in the release. "Parcl's daily housing indices give us a strong foundation to launch housing markets that settle transparently and consistently. Real estate should be a first-class category in prediction markets, and this partnership is how we get there."

While moving into a new market may present risks for traders who are not responsible, it could provide new possibilities.

"This is really a novel opportunity for market participants to wager directly on home prices without having to actually buy or sell a property or shares in a [real estate investment trust]," Realtor.com Senior Economist Joel Berner said. "Beyond speculating or gambling, homeowners and prospective homebuyers could utilize these markets to hedge against their interests in the market."

For example, someone planning to sell their home within the next few years could place a bet on the under for home price indices to recoup potential losses, and vice versa, Berner said.

The initial markets will just focus on major housing sectors in the United States, but coverage will expand over time. Market templates will include questions about index movement across defined periods, like whether a city's home price index finishes up or down over a month, quarter, or year, the release said.

Each market will reference a dedicated Parcl resolution page to improve transparency for traders, giving them a single, consistent and relevant data source. Parcl also plans to explore developing an additional forecast using Polymarket's market-implied probabilities, according to the release.

The two companies will roll out the first set of markets in phases, starting with a curated list of high-liquidity cities and adding additional metros and index-based market types based on user demand, the release said.