If you’re considering buying a home or selling your current one to find something that better suits your needs, you may have questions about what’s happening with home prices today. Here’s what you need to know.
There’s still a lot of confusion and misinformation out there. So, no matter what you may have heard, the national data shows they’ve actually been climbing again (see graphs below):
As you can see, in the first half of 2022, home prices went way up. Those increases were dramatic and unsustainable. So, in the second half of 2022, prices adjusted. Those dips were small and didn’t last very long. Still, the news made a big deal about these slight declines, which may have made you worry.
But what’s important to know is that, in 2023, prices are going up again, and this time it’s at a more normal pace. The fact that all three reports now show more typical price increases this year is good news for the housing market.
Home Prices Are Rising Across the Top Cities in the U.S.
After seeing steady home price growth at the national level for the last several months, you may wonder if prices are going up in your local area, too. Know this: while this will vary from one area to the next, home prices are appreciating in these top cities Case-Shiller reports on in their monthly price index (see chart below):
That’s why so many experts are able to forecast home prices will end the year in the positive and continue going up in 2024.
Here’s How This Affects You
- For Buyers: If you’ve been waiting to buy a home because you were concerned it might lose value, the fact that home prices are going up should ease your worries. Buying a home before prices climb higher can be a smart move since home values typically appreciate over time.
- For Sellers: If you’ve been postponing selling your house because you were worried about how changing home prices would affect its value, now might be a good time to work with a real estate agent to put your house on the market. You don’t have to wait any longer because the data shows home prices are in your favor.
Bottom Line
If you delayed moving because you were concerned home prices would drop, don’t worry – the numbers show they’re going up nationally. To better understand how home prices are changing in your local area, give us a call, Sheila Davis 770-235-6907 Contact Us
30%-40% down depending on price segment, home sellers are enjoying a steady market with prices edging up about 5% this year. Those sellers with deep water are clearly winners with low water properties patiently holding off the market until a full pool returns. Buyer activity is high, but with low inventory, it can be frustrating for a Buyer to find a home that fits their needs. Homes under $500,000 are in high demand with less than 60 days on the market and we are seeing multiple offers and just days on the market for hot properties. Lake lots are selling again, prices ranging from the $200’s in multi slip communities up to luxury lots from the 400’s up. A recent lot sale in Forsyth county sold for $800,000 this month. Custom homes are once again popping up on the lake, as lots and tear downs are seeing new builds.
Lanier for refuge from the “Concrete Jungle” of Atlanta, or as an escape from crowded beach towns or cold weather locations. With shopping and modern conveniences readily available now, our second home residents can enjoy all that our communities have to offer year-round. These buyers are looking for deep water boat dockage, and well-maintained and updated properties that they can move into with little or no renovation. Second homes are selling from the $250’s up to $1,800,000 this year.
#4 OUTDOOR LIVING SPACES: With our beautiful & mild weather on Lake Lanier, home owners are seeking outdoor living spaces more than ever. Whether you have a wooded or water view, enjoying nature and entertaining outdoors is something we all want more of. Swimming pools are in big demand. Elaborate outdoor patios, covered porches, outdoor kitchens, stone fireplaces and hot tubs are sought after. Those lucky enough to be close to the water are building outdoor pavilions & covered patios to get closer to the lake. Properties with an outdoor amenity generally enjoy less time on the market and more resale value.
months in number of sales. Low interest rates and improving economy are helping this segment of the market to improve, regardless of water levels and low inventory. There are currently 50 homes now on the market over $1 million. Twenty homes have sold, and pending sales are up. Fifty percent of these sales are cash buyers, and about half are second homes. The average million-dollar lake home has 4-6 bedrooms and 5 baths with an average of 5500-8500 square feet. The average sales price in 2017 is $1,250,000 with an average of 90% sales to list price ratio. According to Mary Thompson, of Lake Lanier Appraisal Service, “Values steadily increasing about 1.5% year for homes priced $899,000-1,299,000 and values are up 8% for homes sold above $1,300,000”. About 75% of luxury homes sold have pools and most have screened porches or outdoor living spaces. The luxury homes sales are split evenly between south and north lake locations, with the majority in Hall County this year due to low inventory in other counties.
#6 UPDATING AND HOME MAINTENANCE IMPORTANT FOR TOP RESALE VALUE: In the hot market prior to 2007, buyers were content purchasing homes in all price points prepared to remodel and even fix issues. The era of the weekend warrior paid off for investors. Property values were going up rapidly and buyers knew they could recapture their investment quickly. The next generation of lake buyer is much more interested in lifestyle and ease of transition, as well as resale value. Their first choice when purchasing will be a home lovingly maintained and with updates such as modern kitchen, bathrooms, decks, roofs and systems if needed.
Springs, in Buford did. In 2004, Drs. Joe Clarino and Deb Cirone, purchased a 70’s cottage on a fantastic south lake lot. They lived their dream of designing and building their ideal lake home around the existing cottage. In 2008, their stunning new 6000 square foot home and pool were featured on HGTV’s “My Big Amazing Renovation”. I was fortunate to get to market and sell this stunning home last year. Others are finding that special lot and tearing down the existing cottage to make room for their new custom homes. It’s one way to get that perfect home on your list!
#10 INVESTMENT PROPERTIES: We see them in all shapes and sizes. Investment properties are paying out for smart buyers. Whether it is shifting cash from Wallstreet to Mainstreet for a second home, or the desire to manage a vacation property, we are seeing more and more investment properties. With the internet and rental sites readily available, investors are making their way to Lanier. Close proximity to Atlanta, the North Georgia Mountains and the airport makes our lake a smart choice for investors.
Pull out those checkbooks: The most expensive house currently on the market on Lake Lanier is in Hall County.
