How Much Have Home Prices Really Risen?
The National Association of Realtors recently reported that home prices increased 9% from one year ago. The median existing home prices this past month was $212,100.
However, it’s difficult to predict how much an individual home’s value increased, as this figure obscures current real estate trends. For example, luxury home sales increased this past year. Since these luxury homes shift the median sale price higher, it becomes difficult to predict a specific neighborhood’s value without a little research from a local real estate agent.
Thinking about selling your home? Approximately 40% of all homes sold in March were on the market for less than thirty days! If you’re currently shopping for a home, this probably doesn’t surprise you — tight inventory of homes for sale is leading to fierce competition among buyers in many parts of the region. Whether you’re buying or selling (or both!) this season, we would love to be of assistance!