National Market Update – April 2022

If you bought your home more than 2 years ago, you have been gaining equity at a rate over 3 times what was predicted. Check out this graph showing percent year over year price increases by month, going all the way back to January 2021 when we saw a 10% home price appreciation. According to data from FHFA, the national average over the last year was 17 and a half percent home appreciation, and the 5-year national average is 54 and a half percent.
Hi, I’m Maya Crelan Ray with David Lyng Real Estate, and I’m going to show you what’s happening in our market that is making your home worth so much. So we see that home prices are definitely on the rise, but what does that mean for supply and demand? We have been in a steady seller’s market for a while now, and we don’t see that changing. According to Realtor.com, 77% of people believe that they have a housing bubble where they live, even though the data does not support this belief. This is leading to a decrease in the percentage of homes going on the market. But buyers are not taking their foot off the gas, the long-term financial benefits of owning a home is super important. You see the amazing equity you have built in your home recently, and buyers are after the same thing.
With all the uncertainty in the market and in our world right now, it can be hard to see through the headlines and see the data. Reach out to me and I can help walk you through what it would look like to sell your home. Maya Crelan Ray with David Lyng Real Estate and as always I hope you have an amazing day.