What is really happening with home prices?
If you’re thinking of selling your Pennsylvania home in 2023, recently headlines about home prices may have you questioning that decision. Here’s the context those headlines are missing.
Home price growth – year over year – since January of 2019 is illustrated here. While moderating in recent months (see blue lines) the percent of price appreciation year-over-year is still well above more normal years in the market.
More normal years – January 2019 through mid-2020 – houses gained about 3-4% appreciation. The latest data shows almost 10% appreciation. That’s what the media is not telling you. What this means is that your home’s value is still up almost 10% compared to last year.
Don’t let the headlines scare you out of putting your house on the market this year. Call one of our agents at RAMUS Realty Group to get moving in 2023. We can do a market analysis to show you how much equity you may have in your current home, and how you can use it to purchase your next property.
Want to know more? Call 570.622.6006 and ask to speak to one of our professionals. We are here to help.