Home values have risen dramatically over the last twelve months. The latest Existing Home Sales Report from the National Association of Realtors puts the annual increase in the median existing-home price at 5.6%. CoreLogic, in their most recent Home Price Index Report, revealed that national home prices have increased by 6.7% year-over-year.
CoreLogic broke appreciation down ever further into four price ranges which gives a more detailed view than simply looking at the year-over-year increases of the national median home price.
The chart below shows the four tiers and each one’s growth from July 2016 to July 2017 (the latest data available).
Lower priced homes have appreciated at greater rates than homes at the upper ends of the spectrum, due to demand from first-time home buyers and baby boomers looking to downsize.
Bottom Line
If you are planning on listing your home for sale in today’s market, let’s get together to go over exactly what’s going on in SE Michigan and your price range.
