Home Prices Are Climbing in These Top Cities

Home Prices Are Climbing in These Top Cities

Considering purchasing a new home or selling your existing property to upgrade? You may be curious about the current state of home prices. Let us fill you in.

Recent data from Case-Shiller and the Federal Housing Finance Agency (FHFA) indicate that home prices are on the rise (refer to the graphs below):

From the data, it's clear that home prices increased throughout most of 2023. However, during December and January, they remained mostly stable—a typical trend for that period.

Important to note now is that starting in February, with the onset of the spring market, prices began to climb once again.

Home Prices Are Going Up in Most of America's Top Cities

Following a national surge in home prices in February, you might be curious if this trend is mirrored in your area. Although it varies by location, it's interesting to note that prices are increasing in 18 of the top 20 cities covered by Case-Shiller in their monthly price index (refer to the chart below):

Numerous specialists believe that home prices will maintain their upward trajectory and finish the year strongly. Forbes outlines the reasons behind this prediction:

“Even as mortgage rates have reached their highest level since November, persistent demand coupled with limited housing supply are key drivers pushing home values upward.”

How This Impacts You

• For Buyers: If you're prepared, eager, and financially capable of buying a home, it might be wise to make a purchase now before prices increase further, as home values are anticipated to continue rising.
• For Sellers: Prices are climbing due to the current shortage of homes available for sale relative to buyer demand. Therefore, if you collaborate with an agent to correctly price your home, you could attract multiple offers and achieve a quick sale.

Bottom Line

The data indicates that home prices are rising on a national level. Let's have a conversation to explore exactly how this trend is affecting prices in our local area.