Everyone wants to know exactly how much are home prices increasing? The truth is – it is very different for each market — and I’d be happy to share the median prices for any local town you have an interest in. The same is also true for price declines over the past 5 years. In some markets homes declined 20% in price and in others only 11%.
However, today the Wall Street Journal reports on the national real estate market trends, which are a great barometer for our local markets as well. Unequivocally, the report shows just how much home prices are increasing month over month and year over year. See chart below.It is so hard to imagine that the turnaround is so strong in such a short amount of time. To those who bought a home last spring- congratulations- you made a higher yield than parking your money in any other type of investment. On a national basis the median housing price increase , year over year is 15.4%. Yes, that’s over a 15% ROI in 1 year!
How Much are Home Prices Increasing in My Town?
I have witnessed price increases in a big way in towns such as Millburn, Short Hills, Montclair, South Orange, Summit, Maplewood, Madison and Chatham, NJ. However, in New Providence and Berkley Heights and Livingston are experiencing more modest gains. I can get the specific median price changes in any of the towns if you are curious.
To those homeowners who have been thinking of selling, but waiting for the market to turn around- now is a great moment to sell. These staggering statistics show home price increases are back to what they were in 2008.
To find out what yours might be worth call your favorite Realtor (917) 327-0701.