If you're thinking about buying a new home or selling your current one to upgrade to something that better fits your needs, I'm sure you've got some questions about what's going on with home prices these days. Well, here's the scoop on what you need to know.

You know what? There's a whole bunch of confusion and wrong information floating around. But hey, don't believe everything you've heard. The latest national data actually proves that the numbers have been going up again.

So, here's the deal: in the first half of 2022, home prices shot through the roof. It was unbelievable how high they went up. But let me tell you, those increases were not gonna stick around for long. In the second half of 2022, prices came back to reality and adjusted. Sure, they dipped a bit, but trust me, it was nothing to lose sleep over. Unfortunately, the news blew it out of proportion and made a big fuss about these minor declines. I get it, it might have made you a bit anxious, but really, there's no need to worry.

In 2023, prices are on the rise again, but this time it's happening at a more normal rate. It's good news for the housing market because all three reports indicate that we're seeing more typical price increases this year. So, things are looking up!

Home Prices Are Rising Across the Top Cities in the U.S.

Are you curious about whether home prices are rising in your local area? Well, let me tell you something - after witnessing consistent growth in home prices across the nation for the past few months, it's only natural to wonder if the same trend is happening in your neck of the woods. While I can't speak for every single area, I can share some insights based on the Case-Shiller monthly price index. According to their reports, home prices are indeed appreciating in some of the top cities they monitor. So, there's a good chance that your local area might be seeing a similar upward trend in property values.

So, here's the thing: a whole bunch of experts are saying that home prices are gonna keep on going up in 2024. And not only that, they're saying that by the end of this year, prices are gonna be in the positive. So, if you're thinking about buying a house, now might be a good time to do it.

Here’s How This Affects You

Buyers: if you've been holding off on buying a home because you were worried it might not hold its value, don't fret! The good news is that home prices are actually on the rise. So, instead of waiting, it might be a smart move to buy now before prices go even higher. History tells us that home values generally increase over time.
Sellers: if you've been putting off selling your house because you were concerned about how fluctuating home prices would impact its value, now might be the right time to team up with a real estate agent and put your house on the market. The latest data is on your side - home prices are looking favorable at the moment. So, there's no need to wait any longer.

Bottom Line

If you've been holding off on moving because you were worried about home prices going down, no need to stress – the good news is that the latest data actually indicates that they're rising across the country. If you want to get a clearer picture of how home prices are changing in your specific area, let's chat and connect.