Sellers Are Cutting Prices To Meet Buyers Where They're AtYou're scrolling through listings on your phone and everything looks good until you see the price (or the estimated monthly payment). Then
Home Prices Are Climbing in These Top Cities
Dated: May 13 2024
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Home Prices Are Climbing in These Top Cities
Are you thinking about buying a home or selling your current one to find a better fit? If so, you might be wondering what's going on with home prices these days. Here's the scoop.
The latest national data from Case-Shiller and the Federal Housing Finance Agency (FHFA) shows that home prices are going up.
As you can see from the graphs below, home prices were rising for most of 2023. However, over the course of December and January, they were virtually flat – which is pretty normal for that time of year.
But here's what you need to know now. As of February, when the spring market kicked off, prices were on the rise again.
Home Prices Are Going Up in Most of America's Top Cities
After seeing a jump in home prices nationally in February, you might be wondering if they’re going up in your area, too. While it depends on where you live, prices are rising in 18 of the top 20 cities Case-Shiller reports on in the monthly price index. Here's a chart to illustrate this trend:
Most experts also think home prices will keep rising and end the year on a high note. Forbes explains why:
“Even as mortgage rates have reached their highest level since November, persistent demand coupled with limited housing supply are key drivers pushing home values upward.”
How This Impacts You in Downington, PA
- For Buyers: If you’re ready, willing, and able to buy a home, purchasing before prices go up even more might be a smart choice, since home values are expected to keep climbing.
- For Sellers: Prices are going up because there still aren’t enough homes available for sale right now compared to today’s buyer demand. So, if you work with an agent to price your house right, you might receive multiple offers and sell quickly.
Bottom Line
The data shows home prices are increasing nationally. If you're curious about what’s happening with prices in Downingtown, PA, let's chat.
MY WEBSITE TOOLS:
- My website: https://maura.goprofessional.com/
- Home valuation tool: https://maura.goprofessional.com/seller/valuation/
- Market Report tool: https://myre.io/08g9Ioq4QRls
- My book on how to sell your home: https://maurawhite-howard.book.live/tv-read-biz-card-book
Maura White-Howard
With 30+ years in the real estate industry, I've helped countless clients buy, sell and invest in homes. Each transaction is unique, with different needs, wants, timelines, and financial situations. T....
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