High demand and low inventory has driven home prices up across the US. But how much, exactly, have home values increased over the past year?
According to CoreLogic’s most recent U.S. Home Price Insights Report, home prices in the United States increased 11.3 percent from March 2020 to March 2021. That means that, if you bought a home for $300,000 in March 2020, that same home would be worth about $333,600 today. And while the next year is not expected to see the same kind of growth in home values, prices are expected to continue trending upwards—with prices projected to increase another 3.5 percent by March 2022.
So, what does this mean for you? If you are a homeowner, the chances are, your home value has increased significantly over the past year—and that price growth is expected to slow down in coming months. So, if you have been thinking about selling your home, now is a great time to make a move.
If you are a Buyer on the other hand, even though prices won’t be going up as much as they have in the past year, buying now could save you from further increases in prices.