National home values are on the rise… what does that mean?
Home values have risen dramatically over the last 12 months. In CoreLogics most recent Home Price Index Report, they revealed that national home prices have increased by 6.7% year-over-year.
broke down appreciation even further into four price ranges, giving us a more detailed view than if we had simply looked at the year-over-year increases in national median home price.
The chart below shows the four price ranges from the report, as well as each ones year-over-year growth from February 2017 to February 2018 (the latest data available).
It is important to pay attention to how prices are changing in your local market. The location of your home is not the only factor that determines how much your home has appreciated over the course of the last year.
Lower-priced homes have appreciated at greater rates than homes at the upper ends of the spectrum due to demand from first-time home buyers and baby boomers looking to downsize.
If you are planning to list your home for sale in todays market, connect with your trusted Metropolist broker and go over exactly whats going on in your neighborhood, as well as your price range.