Whether you're looking to buy a new home or sell your current one to find a better fit, you might be curious about the current trends in home prices. Here's an overview.

The most recent national data from Case-Shiller and the Federal Housing Finance Agency (FHFA) indicates an upward trend in housing prices, as illustrated in the graphs below:

Home prices saw an upward trend throughout the majority of 2023. However, during December and January, they remained relatively stable, which aligns with the typical pattern for that period.

As of February, when the spring market began, prices started rising once more.

Home Prices Are Going Up in Most of America's Top Cities

After observing a surge in home prices across the country in February, you may be curious about the trends in your local area. According to the Case-Shiller monthly price index, prices are increasing in 18 out of the top 20 cities listed (refer to the chart below).

Most experts anticipate that home prices will continue to increase and finish the year strongly. According to an explanation 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.”
— Forbes

How This Impacts You

  • For Buyers: If you're prepared to buy a home, acting before prices increase further could be a wise decision as home values are projected to continue rising.

  • For Sellers: Prices are on the rise due to the ongoing imbalance between the limited number of homes for sale and the high demand from buyers today. Partnering with an agent to set the right price for your house could lead to multiple offers and a fast sale.

Bottom Line

The data indicates a national rise in home prices. Let's discuss to explore the specific trends affecting prices in our neighborhood.