The Truth About Home Prices

 

If you’ve been wondering about the recent trends in home prices, you’re definitely not alone. With so much information swirling around, it can be challenging to determine your next steps in the real estate market.

 

As a buyer, you might be feeling anxious about overpaying for a home. On the flip side, if you’re considering selling, you may be concerned about not achieving your desired sale price.

 

Let’s break down the current situation to help you understand what’s really happening with home prices, whether you’re looking to buy or sell.

 

First, it’s important to note that while home price growth is slowing, prices aren’t falling nationally. Across the country, home price appreciation is moderating. This means that prices are still on the rise, but they aren’t increasing at the rapid pace we saw in recent years. A closer look at the data reveals that, although discussions about cooling prices are common, it’s essential to understand that this simply indicates a slower rate of growth rather than a decline.

 

The graph below uses data from Case-Shiller to make the shift from 2023 to 2024 clear:

So, what’s next for home prices? The answer lies in the balance of supply and demand, which can vary significantly depending on your local market. Nationally, the inventory of homes for sale is increasing, but it still doesn’t meet the current buyer demand. This ongoing demand is keeping upward pressure on prices, even as the rate of appreciation slows.

 

Additionally, experts suggest that as mortgage rates continue to decline, we may see more buyers re-entering the market in the coming months. If demand picks up, it could lead to a slight increase in prices.

 

Now, while national trends provide a broad overview, it’s crucial to remember that real estate is inherently local. What’s happening in your neighborhood may differ from the national average due to local supply and demand dynamics. This is why working with a knowledgeable local real estate agent (Me-Demi Judd) is so important. They can provide you with the most current data and trends specific to your area.

 

If you’re planning to sell, I can help you price your home accurately based on the latest market insights. And if you’re ready to buy, I can assist you in finding the right home that fits your budget and needs.

 

So whats ahead with home prices, they still rising, just not as quickly as before. Whether you’re considering buying, selling, or simply curious about your home’s value, I would love to connect and provide you with the personalized guidance you need to navigate the market confidently~