These Top Cities Show Home Prices Are Still Climbing
Are you among the many people considering buying or selling a Kansas City home to find something more appropriate to their needs? In that case, you might have questions about what’s happening with home prices in the current market. There’s quite a lot of confusion and misinformation in the media right now, so it's essential to have clarity on the data. No matter what you may have heard, the national data shows home prices have been climbing again (see graphs below):
The graph above shows that home prices went way up in the first half of 2022, and these increases were dramatic and unsustainable. This unsustainability showed in the second half of 2022 as prices adjusted. Even though those dips were small and didn’t last very long, the news overemphasized these slight declines and caused many Kansas City buyers and sellers to worry.
So, what is important to know moving forward? Home prices are going up again this year; this time, it’s at a more normal pace. All three reports showing more typical home price increases this year is good news for the Kansas City housing market!
Home Prices Are Rising Across the Top Cities in the U.S.
Does steady home price growth at the national level also translate to home prices increasing in Kansas City? While the measure of growth will vary from one area to the next, home prices are appreciating across numerous top cities. Let's look at a Case-Shiller report on their monthly price index (see chart below):
This consistency is why so many housing experts can forecast that Kansas City home prices will finish the year in the positive and continue increasing in 2024.
How Does This Affect You?
KC Buyers: If you’ve been hesitating to purchase a home out of concern that it might lose value, the reality that home prices are rising should help ease your worries. Buying a home before prices climb higher could be wise since home values typically appreciate over time.
KC Sellers: Have you been postponing selling your house because you were worried about how changing home prices would affect its value? It's an ideal time to work with a Just Say Home real estate agent to put your house on the market. Don’t wait any longer - current data shows home prices are in your favor!
Have you delayed moving because you were concerned Kansas City home prices would drop? You don't have to worry, and you don't have to wait any longer: current numbers show home prices are going up nationally. Want to better understand how home prices are changing in the Kansas City area? The Just Say Home Team has the knowledge and expertise to help you navigate the current market for your best possible outcome!