If youre consideringbuying a homeor selling your current one to find something that better suitsyour needs, you may have questions about whats happening withhome pricestoday. Heres what you need to know.
Theres still a lot of confusion and misinformation out there. So, no matter what you may have heard, the nationaldatashows they've actually been climbing again (see graphs below):
As you can see, in the first half of 2022,home priceswent 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 caused you worry.
But what's important to know is that, in 2023, prices are going up again, and this time it's at a morenormal pace. The fact that all threereportsnow show more typical price increases this year is good news for thehousing market.
Home Prices Are Rising Across the Top Cities in the U.S.
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 citiesCase-Shillerreports on in their monthly price index (see chart below):
Thats why so many experts canforecast home priceswill end the year in the positive and continue going up in 2024.
Heres How This Affects You
- For Buyers:If you've been waiting tobuy a homebecause you were concerned it might lose value, increasing home prices should ease your worries.Purchasing a homebefore prices climb higher can be a smart move since home values typically appreciate over time.
- For Sellers:If you've been postponingselling your housebecause you were worried about how changing home prices would affect its value, now might be a good time to work with areal estate agentto put your house on the market. You don't have to wait any longer because the data shows home prices are in your favor.
Bottom Line
If you delayedmovingbecause you were concerned home prices would drop, don't worry the numbers show they're going up nationally. Let's connect to better understand how home prices are changing in your local area.
