According to a recent report from the National Association of Realtors, home values are at an all-time high of 64% (or nearly two-thirds) of the markets across the United States. Single-family home prices increased in an astonishing 92% of markets, with 15% of metro areas seeing an increase of 10% or more.
While these price increases are clearly bad news for buyers, they're excellent news for sellers—especially sellers who struggled with negative equity after the recession.
According to a recent CoreLogic report, Evaluating The Housing Market Since The Great Recession, the average house price is now 1% higher than it was at the peak of the real estate market in 2006, which means even homeowners who purchased at the peak of the pre-recession bubble have recovered their home value.
Here is a look at market activity in our area. In January there were 443 homes sold. The average sales price was $212,547 with a median price of $189,000. The average days on market was 76. The number that I find most interesting is the inventory level of homes. In January of 2017, there were 2,275 available homes. in January of this year, there were only 1,823. That is a drop of 20%! Buyers now have 20% less inventory to choose from now then they did a year ago.
If you've been thinking about selling your home, now is the time to do it. With home values at an all-time high and low inventory ramping up competition among buyers, there's never been a better market to get the most value for your home.