Home appreciation over the last year has exploded. Here’s what industry experts are reporting for this past year over year home appreciation:
17.2% Core Logic
16.6% S&P Case Shiller
Low housing inventory is driving this appreciation! Almost 50% of homes are still selling for over list price and there continues to be a lack of inventory for motivated buyers.
What does this mean for sellers? It’s an incredible time to sell your home. Most homes sell quickly with multiple offers and few contingencies. Of course this depends on condition, location, and appropriately positioning the home in the market. If you would like to know your home’s market value, please contact me.
What does this mean for buyers? It is still a great time to buy! Home appreciation is expected to slow into 2022, but still continue at an average of 5.5%. Statistics show that it is cheaper to own your home than to rent. PLUS, you are building equity and the continued home appreciation will help this add up even more quickly.
It’s still a good time to sell or buy. The market has remained strong and buyer demand continues!
(Data Source: Keeping Current Matters Deep Dive 8.23.21)
Lancaster made the top neighborhoods of 2021! Check out pages 57-58.
As always, if you have any questions, I am ALWAYS happy to help!