Considering a change in your living situation by purchasing a new property or listing your existing home for sale? You’re likely curious about the current trends in the housing market. Let me give you the lowdown.
Recent figures from both Case-Shiller and the Federal Housing Finance Agency (FHFA) indicate a rise in home values (refer to the accompanying graphs for details)
From the data, it’s evident that throughout much of 2023, there was a consistent uptrend in housing prices. However, during December and January, the prices plateaued—a typical pattern observed during those months.
What’s important to note at present is that, starting February, with the onset of the spring market, there has been a resurgence in the upward trajectory of home prices.
Home Prices Are Going Up in Most of America’s Top Cities
After seeing a jump in home prices nationally in February, you might be wondering if they’re going up in your area, too. While it depends on where you live, prices are rising in 18 of the top 20 cities Case-Shiller reports on in the monthly price index (see chart below):
The consensus among industry specialists is that the momentum in home prices is expected to continue, culminating in a strong finish for the year. Here’s the rationale as outlined by Forbes:
“Even as mortgage rates have reached their highest level since November, persistent demand coupled with limited housing supply are key drivers pushing home values upward.”
How This Impacts You
- For Buyers: If you’re ready, willing, and able to buy a home, purchasing before prices go up even more might be a smart choice, since home values are expected to keep climbing.
- For Sellers: Prices are going up because there still aren’t enough homes available for sale right now compared to today’s buyer demand. So, if you work with an agent to price your house right, you might receive multiple offers and sell quickly.
Bottom Line
The statistics indicate a nationwide surge in property values. Let’s have a conversation to delve into the specifics of how this trend is manifesting in our local area.