The Climb Continues: Home Prices in These Top Cities
If you're contemplating a home purchase or sale to better align with your requirements, you might be curious about current home prices. Here's a breakdown to help clarify the situation.
Despite existing confusion and misinformation, national data reveals a recent upward trend in home prices (refer to the accompanying graphs).
As evident from the data, home prices experienced a significant surge in the initial half of 2022. However, these escalations were pronounced and unsustainable. Consequently, in the latter part of 2022, prices underwent adjustments, marked by modest declines that were short-lived. While media coverage emphasized these slight downturns, it's crucial to recognize that, in 2023, prices are once again on the rise, but this time at a more conventional rate. The alignment of all three reports indicating typical price increases for this year bodes well for the housing 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 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.
Here’s How This Affects You
- For Buyers: If you've been waiting to buy a home because you were concerned it might lose value, the fact that home prices are going up should ease your worries. Buying a home before prices climb higher can be a smart move since home values typically appreciate over time.
- For Sellers: If you've been postponing selling your house because you were worried about how changing home prices would affect its value, now might be a good time to work with a real estate agent to put your house on the market. You don't have to wait any longer because the data shows home prices are in your favor.
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.