This is for my analytical friends and family who enjoy examining housing trends. I traced back to 2005/06 before the housing crisis in 2008, a pivotal period as it marked the peak of our market before the housing crash. It’s fascinating to observe how far we’ve come since then. The numbers from 2011-2015 aren’t surprising, given that it was the lowest point in the housing market for decades. However, what is noteworthy is the surge in home values from 2017-2019, just before Covid. Even these numbers are quite high, especially the 2019 median home sale at $180,000. Then, in a mere four years, it skyrocketed to a median home sale of $300,000.
Predicting what will happen in 2024 is challenging. Economists suggest a 15-18% increase in the number of home sales, but anticipate that prices will either remain the same or drop by 2-4%. Our market differs significantly from urban areas as we have primary housing and a substantial number of recreational properties. Overall, I agree that prices should remain relatively stable. The scarcity of inventory remains our biggest challenge, keeping prices high. Understandably, nobody wants to part with their 2.5% interest rate, and I don’t blame them! That’s a significant reason why people are holding off on selling. If you’re contemplating selling, it’s still an opportune time if you want top dollar for your property. Feel free to call for a free valuation – no cost and no obligation. 715-520-2638.