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Rising Home Values
Home values are going up.
According to a recent study from the National Association of Realtors, home values have been rising dramatically in the past 12 months. The value of a median priced home in the country appreciated over 7%. The median priced home is the value of a home that had half of the homes in the country sell for less, and half of all homes sell for more. The median price is not the average price.
We can break these prices down a little further.
Lower priced homes are priced at 75% or less of the median value of a home. These homes rose by 10% in the past year.
The next category, which is low too middle priced homes are priced between 75 and 100% of the medium. The value of these homes increased by 8.3%.
The next price range, which is middle to moderate priced homes, increased in value by 7.3%. These homes are priced between the median and 125% of the median.
The smallest percentage appreciation was in the high-priced homes. They only rose by 5.5%