Here’s what you need to know about the future of home prices.
Recently, a lot of people have asked us about home prices. Some people are wondering if they’ll continue to go up, and others want to know how much their home value has increased. Today we’ll talk about what’s going on with prices in Madison.
If you’ve been paying attention to the market, you probably won’t be surprised to learn that home prices have increased by 18.1% over the last year. This seems pretty crazy, but when you look at the graph at 0:44 in the video, you can see that we’ve only been playing catch up. Prices crashed during the 2008 crisis, and they’re only now starting to return to normal.
It seems like our accelerating home values peaked towards the end of 2021, but that does not mean they will decrease soon. It simply means the rate that values are increasing will slow down a little bit.
When we look ahead to next year, all the factors that drive our market now will still be present. We continue to have extremely low inventory, and home values will likely increase. However, there are unknown factors that could affect our market, such as supply chain issues or new COVID variants. Prices will continue to rise, but at a more moderate, healthy pace.
If you have any questions about today’s video, please reach out to us via phone or email. We are always willing to help.