Weekly Special | October 10, 2018

3rd Quarter Home Sales Same As 2017

Median home values have moved more than 4% higher in 2018 when compared to all of 2017.

Today, “the middle” resale home in the market is worth $119 per square foot, which has 2018 on pace to become the third highest year on record (trailing only 2006 and 2007).

Home values bottomed in 2012 at $90 per square foot, so the current reading suggests that median home values have increased more than 32% in just 6 years.

To put this another way, if you purchased a home for $152,000 in 2012, it is likely to be worth around $201,000 today, a gain of $49,000 (which is 32% in just 6 years).

While there remain closing costs when both buying and selling, this somewhat simplified analysis supports the conclusion that the housing market is back and thriving.

The growth rate of the recovery has nearly come to a stop, but low inventories will continue to push home values higher into the next few years.

If you are considering a move, sit down and discuss opportunities now with a real estate professional.

The original one-page Weekly Special PDF is still available.