Thanks to the historic inventory shortage, home prices across the US are on the rise.
According to Core Logic’s May 2018 Home Price Insight Report, home prices across the US are up 7.1% from last year. That means a home listed for $250,000 in May 2017 would sell for $267,750 today—an increase of $17,750. And those increases are showing no signs of slowing down.
According to the report, home prices are projected to grow another 5.1% by May 2019. Which means that same house that was valued at $250,000 just a year ago would then sell for $281,405.25—an increase of another $13,655.25.
The lack of inventory is creating sellers’ markets across the US and driving up home prices, making now an ideal time to sell your home. If you’ve been thinking about putting your home on the market, you’re going to want to make a move soon and take advantage of these price increases before they start to decline.