The median sales price five years ago (2016) was $192,500.
Last year, five years later, it was $270,000.
That's a 40% increase in the median sales price over five years!
A variety of thoughts come to mind as a result...
- First, this is great news if you owned a home five years ago and still own it today. Your home's value has increased significantly over these last five years. That value certainly isn't guaranteed to always go up -- and it definitely won't usually go up this quickly -- but this has been a good five years during which to own a home.
- If you have been thinking about buying a home for all or most of the past five years, but have not done so, these increases in prices are likely somewhat (quite?) depressing. Clearly, you'll be paying a higher price for a house today than anytime in the past five years.
- If you fall into the category above (thought about buying but haven't) and you're feeling rotten about how much you'd have to pay for a house today - you have an interest choice in 2022. Do you just go ahead and buy a house even though you can't believe how much you have to pay for it? Do you keep waiting, wondering if prices will come back down in the future?
- If you bought a house a year or two ago -- and at that time couldn't believe how much you had to pay -- you're probably delighted to see that prices have kept on rising after your home purchase.
- Mortgage interest rates have been steadily declining over the past four years while prices rose. If interest rates start to rise (which they are) how will that affect home prices?
That's all from me, for now. If this 40% increase in prices over five years seems shocking, or depressing, or awesome to you -- drop me a line (
scott@hhtdy.com) and let me know what you're thinking or how you're feeling about these changes in home values in our area.
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