Comparing real estate metrics from one year to another can be challenging in a normal housing market. That’s due to possible variability in the market, making the comparison less meaningful or accurate. Unpredictable events can have a significant impact on the circumstances and outcomes being compared. 

You’re probably feeling the impact of high inflation every day as prices have gone up on groceries, gas, and more. If you’re a renter, you’re likely experiencing it a lot as your rent continues to rise. Between all of those elevated costs and uncertainty about a potential recession, you may be wondering if it still makes sense to buy a home today. The short answer is – it does. Here’s why. 

If you’re following the news today, you may feel a bit unsure about what’s

happening with home prices and fear whether or not the worst is yet to come. That’s because today’s headlines are painting an unnecessarily negative picture. Contrary to those headlines, home prices aren’t in a freefall. The latest data tell a very different and much more positive story. Local home price trends still vary by market, but here’s what the national data tells us.

Some Highlights

While home prices vary by local area, they’ve already hit their low point nationally, and now they’re starting to rise again.

Last July, prices started to decline, but around February, they began climbing back up.

If you put your plans to move on hold waiting to see what would happen with home prices, reach out to me to discuss if now’s the right time to jump back in.

If you’re buying a home this spring, today’s housing market can feel like a challenge. With so few homes on the market right now, plus higher mortgage rates, it’s essential to have a firm grasp on your homebuying budget. You’ll also need a sense of determination to find the right house and act quickly when you go to put in an offer. One thing you can do to help you prepare is to get pre-approved.

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Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!