Mortgage
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.
Affordability is based on three key factors: mortgage rates, home prices, and wages.
3 beds | 2 baths | 1,555 sq ft
The decrease in median price is not the same as a decrease in home values.
Selling a home quickly in a shifting market requires a strategic approach and an in-depth understanding of what buyers want.
Don’t wait until you have to deal with more competition and higher prices.
Let’s do the math together to see if buying a home makes sense for you now or sometime soon.
If you wait for rates to drop more, you’ll have to deal with more competition and higher prices
Don’t let myths keep you from the expert guidance you deserve.
If you want help weighing your options and thinking through how the current market factors in, let’s connect.
You’ve got questions and we can’t wait to answer them.