Know Home Prices in Your Area
Home values have risen over the past 12 months. The most recent Existing Home Sales Report from the National Association of Realtors (NAR) shows the annual increase in the median existing-home price at 5.6%. CoreLogic’s Home Price Index Report, revealed national home prices have increased by 6.7% year-over-year.
CoreLogic broke appreciation down into 4 price ranges, giving a more detailed view than simply looking at year-over-year appreciation of the national median home price.
The following chart shows 4 home categories and the growth each saw from July 2016 to July 2017 (the most recent data available).
It is important to be informed as to how home prices are changing in your local market. The location of your home is not the only factor in determining how much it has appreciated over the past year. Lower priced homes have appreciated at greater rates than homes at the upper ends of the spectrum. This is largely due to demand from first-time home buyers and baby boomers looking to downsize.
Real Estate Bottom Line
If you are planning on listing your home for sale in today’s market, let’s meet to discuss exactly what’s occurring in your area and at your price point.