Home Prices Continue to Rise in Most Markets

As you navigate the decision to buy or sell a home, understanding the current trajectory of home prices is crucial. Here’s the latest information you need.

Despite prevailing confusion and misinformation, national trends indicate that home prices continue to rise in most markets (refer to the graphs below):

In early 2022, there was a significant surge in home prices, a trend that proved unsustainable. Consequently, the latter half of 2022 saw a correction with minor price dips, which were short-lived. Despite media emphasis on these decreases, the bigger picture is more optimistic.

2023 marks a return to rising home prices, albeit at a steadier rate. The consistency in price growth across three major reports this year signals a healthy real estate market.

U.S. Top Cities Witnessing Continued Home Price Growth

Recent months have shown a consistent rise in national home prices, leading many to question the trend in their local markets. It’s important to note that while regional variations exist, major cities are experiencing price appreciation, as indicated in the latest Case-Shiller monthly price index (see chart below):

This trend supports expert predictions of continued positive growth in home prices through the end of the year and into 2024.

How Rising Home Prices Affects You

Buyers: If concerns about decreasing home values have held you back from purchasing, the current upward trend in prices should provide reassurance. Buying now, ahead of further price increases, could be a wise decision as home values generally appreciate over time.
Sellers: Those hesitating to sell due to fluctuating home prices might find this an opportune moment to enter the market. With data showing favorable price trends, partnering with a real estate agent to list your property now could be advantageous.

Bottom Line

If uncertainties about falling home prices have delayed your moving plans, rest assured that national figures indicate an upward trend. To gain a clearer understanding of how home prices are evolving in your specific area, connect with Countryside Homes NJ and RE/MAX Select, and let’s discuss how this may affect you as a buyer or seller in our market.

Client Testimonials for Countryside Homes NJ

At Countryside Homes NJ and RE/MAX Select, we pride ourselves on delivering exceptional service to our clients. But don’t just take our word for it—read what our satisfied customers have to say. From first-time homebuyers to seasoned real estate investors and new home builders, our clients appreciate our dedication, expertise, and commitment to their success. Here are some of their stories.

David R. New Homeowner

Collaborating with Keith LaBrunda and Heather Montalbano from Countryside Homes NJ and RE/MAX Select streamlined the home-buying process for me. They were attentive to my needs and preferences, ensuring they understood exactly what I was seeking in a home and what was within my financial comfort zone. Keith and Heather provided invaluable assistance during the offer stage, sharing insightful details that enabled me to place a successful bid on my desired property. They recommended associates to assist me with securing a mortgage, conducting home inspections, and acquiring homeowner's insurance. Post-purchase, they continued to be a resource, suggesting local companies to contact for internet, water, waste management, oil, and other essential services. The experience of purchasing a home with Keith LaBrunda and Heather Montalbano was seamless and enjoyable.

Rachel and Andre First Time Homebuyer

As first-time homebuyers, the process of finding and purchasing a home felt daunting. But from the moment we reached out to Heather and Keith at Countryside Homes NJ and RE/MAX Select, our worries were put to rest. Their team was incredibly patient, answering all our questions and guiding us through every step. They took the time to understand our needs and preferences, ensuring that we found the perfect home in a neighborhood we love. We were especially impressed by their vast knowledge of the local market and their commitment to ensuring we got the best deal possible. We can't thank them enough for making our dream of homeownership a reality. If you're in the market for a new home, we highly recommend Heather and Keith at Countryside Homes NJ and RE/MAX Select. They truly go above and beyond for their clients!

Prestia Family New Homeowners

From the moment we began our home search, Heather at Countryside Homes NJ and RE/MAX Select stood out as the epitome of professionalism and dedication. Her team's in-depth knowledge of the Rockaway Borough area and their unwavering commitment to our needs made our home buying journey not only smooth but truly enjoyable. As new homeowners in Rockaway Borough, NJ, we can confidently say that choosing Heather at Countryside Homes NJ and RE/MAX Select was the best decision we made. Her expertise, patience, and genuine care for our family's needs transformed what could have been a stressful process into a memorable and joyous occasion. We are beyond grateful for her support and would highly recommend her and her team to anyone looking to find their dream home. Thank you for turning our dreams into reality!