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Home values nationally have risen dramatically over the last twelve months and that is certainly the case for us here in Boise, Idaho, Ada County, and Canyon County. This is, of course, is great news and we wanted to share with you what homes, at what price points, have seen the largest increase in their values and in this short video, I will be sharing with you what we found.
In the latest Existing Home Sales Report from the NAR (National Association of Realtors), the annual increase in home values at the median home price was at 5.6%. Another study from CoreLogic showed, in their most recent Home Price Index Report, that national home prices have increased by 6.7% year-over-year.
In the chart below we broke this appreciation down ever further into four price ranges which gives a more detailed view than simply looking at the year-over-year increases of the national median home price. This chart shows four pricing tiers and each one’s growth from July 2016 to July 2017. All price points showed growth but Look how much lower price range homes have improved! Lower priced homes have appreciated at greater rates than homes at the upper ends of the price point spectrum, due to demand from first-time home buyers and baby boomers looking to downsize.
The location of your home is not the only factor in determining how much it has appreciated over the course of the last year but certainly, it plays a strong role in your home's value change. One more chart I wanted to share with you shows the top 25 highest appreciating states nationally.
As you can see, Idaho not only made it to that list but ranks number for the highest appreciation behind Washington and Utah.
We believe it is important to pay attention to how prices are changing in your local market, your city, and even your neighborhood so that you can make informed decisions and that is why we share this information.
If you are planning on buying a home soon or listing your home for sale in today’s market, let’s get together to go over exactly what’s going on in your area and your price range.
Give us a call at 208-501-8200 or visit our website to learn more! You can also check the value of your home right now by clicking the link below.
Thanks for watching this video, we look forward to hearing from you!