For the first time, nationally, the median home value is over $200,000. A 7.4% gain in home values raised the new high of a median home to $200,400.
If you’ve been reading my blog posts lately, you don’t need to ask why. But if you haven’t, here’s the reason.
It’s simple. These swift rise in values is due to low levels of supply and high levels of demand. Pretty simple stuff huh?
Compared to this time last year, there are now 11% fewer homes available on the market. And, while the median home value has risen, rental rates are rising even higher. The market has already been at the point where it is usually going to cost you less of a monthly payment to own your home then to rent a similar one. The people who own a home today are now sitting on an asset which is more valuable than at any other time.