The National Association of Realtors (NAR) recently released its Home Price Expectation Survey which revealed that most markets will still experience home price appreciation, albeit at much lower levels than in the past few years. The survey showed a median prediction of 3.2% growth for existing single-family home prices this year, down from 5.5% in 2018.
Of course, factors like location and local economies will determine the exact rate of home price appreciation over the coming months. Markets with high demand and limited inventory are likely to see more significant growth while markets where prices have already soared may experience greater moderation. Low interest rates and a booming economy could also influence market trends in some areas.
Ultimately, whether you’re looking to buy or sell a home in the near future, it’s best to do your own research into what’s happening with home prices in your local market and consult an experienced real estate agent for advice on the best time to make a move. With careful consideration of current market trends and local data, you can make the right decision to get the best out of your real estate journey.
By understanding how prices are fluctuating in your area, you’ll be able to anticipate future price movements and confidently plan your next move. Remember that while home prices may be moderating, they’re still on the rise overall and in some hotter markets, they may even be increasing. It’s important to keep an eye on what’s happening with home values today so that you can buy or sell at the right time for your personal goals.
What Does This Mean for You?
The best way to get the answers you need is to lean on a local real estate advisor. They’ll be able to explain the latest trends in your specific market so you can make a confident and informed decision on your next step toward buying or selling a home.
If you have questions about what’s happening with home prices today, let’s connect so you have the latest on our local market.