The latest home sales report from the National Association of Realtors puts the median existing-home price at an annual increase of 5.6%. CoreLogic revealed that national home prices have increased by 6.7% and the Minneapolis Area Association of Realtors reported an increase of 6.8% year-over-year in August.
CoreLogic broke it down even more, looking at national median home price appreciation by price range. Nationally, price appreciation was greatest in the lowest price range and gradually decreased as prices went up.
All real estate is local, so I wondered how that would break down in our market. I took a look at median home sale price appreciation year-over-year in Hennepin County for the same July 2017… results in the chart below.
Hennepin County doesn’t have the same, regular pattern as the whole country… a perfect example of how all real estate is local!
It also shows that if you currently own a home in Hennepin County in the $150k-$250k price range, thinking about selling and moving up… this is the time for you. You can take advantage of price appreciation on your current home, and buy at bigger savings!