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Appreciation Rates: Where They Were, Where They Are, and Where They're Going
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Over the past five years, home prices have appreciated dramatically. Today, I’d like to take a look at where they are now and what we can expect from the future.
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Today, we’re going to take a look at where home prices were five years ago and where they are now. It’s hard to believe what a difference those few years made.
From December of 2012 until December of 2017, home prices increased 37.4% on a national level. Local appreciation varied between states, as you can see in the graphic I’ve included in the video above, but the overall change constituted a fantastic recovery.
In Virginia, prices appreciated by 15% over that five-year span. Florida, which had been heavily affected by the crash, saw an appreciation of 46% over that same period. Even more impressively, Nevada saw an appreciation of 66%.
There isn’t one state that has gone backward, so we are definitely trending in the right direction. For all of you out there who love data, you can find some additional information on price projects here.
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One thing I do want to note, though, is that economists predict prices to increase by an additional 18.2% over the next five years. The Bulls are actually predicting a 27.4% increase, while the Bears predict an increase of 8.3%. Ultimately, all of this is dependant upon the global economy. If unforeseen circumstances arise, these predictions could change. It looks as though home prices will continue to appreciate for the foreseeable future.
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Still, so far it looks as though home prices will continue to appreciate for the foreseeable future. This means that right now is a great time to buy while prices are still low. It’s also a great time to list, since now is one of the best times to move up in years. Inventory is low, which means homes that are on the market often see great success.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
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