If you’re considering buying a home or selling your current one to find something that better suits your needs, you may have questions about what’s happening with home prices today. Here’s what you need to know.
There’s still a lot of confusion and misinformation out there. So, no matter what you may have heard, the national data shows they've actually been climbing again (see graphs below):
As you can see, in the first half of 2022, home prices went way up. Those increases were dramatic and unsustainable. So, in the second half of 2022, prices adjusted. Those dips were small and didn't last very long. Still, the news made a big deal about these slight declines, which may have made you worry.
But what's important to know is that, in 2023, prices are going up again, and this time it's at a more normal pace. The fact that all three reports now show more typical price increases this year is good news for the housing market.
After seeing steady home price growth at the national level for the last several months, you may wonder if prices are going up in your local area, too. Know this: while this will vary from one area to the next, home prices are appreciating in these top cities Case-Shiller reports on in their monthly price index (see chart below):
That’s why so many experts are able to forecast home prices will end the year in the positive and continue going up in 2024.
If you delayed moving because you were concerned home prices would drop, don't worry – the numbers show they're going up nationally. To better understand how home prices are changing in your local area, let’s connect.
Stay up to date on the latest real estate trends.
Unless specified by your loan type or lender, it’s typically not required to put 20% down.
Even a small change in mortgage rates can have a big impact on your purchasing power.
With supply still so limited, anything that causes demand to go up will likely cause prices to go up, too.
If you wanted to move last year but were holding off hoping rates would fall, now may be the time to act.
Here are three tips to help you turn your dream into a reality.
Here are some valuable tips you can use to get your house market-ready.
They may better fit your budget and can help you start building equity.
The data shows that, as a whole, home prices rose in 2023.
Let’s connect if you’re ready to break up with your rental and buy a home.
You’ve got questions and we can’t wait to answer them.