Home Prices Are Climbing in These Top Cities

Thinking about buying a home or offering your current one to find a better fit? If so, you may be questioning what’s happening with home costs nowadays. Here’s the scoop.

The most recent nationwide information from Case-Shiller and the Federal Housing Finance Agency (FHFA) reveals they’re increasing (see graphs listed below):

As you can see, home prices were increasing for the majority of 2023. But over the course of December and January, they were essentially flat— which is pretty normal for that time of year.

Here’s what you need to know now. Since February, when the spring market began, rates were on the rise again.

Home Prices Are Going Up in Most of America’s Top Cities

After seeing a jump in home prices nationally in February, you may be wondering if they’re increasing in your area, too. While it depends on where you live, rates are increasing in 18 of the top 20 cities Case-Shiller reports on in the month-to-month cost index (see chart below):

Most professionals likewise believe home rates will keep increasing and end the year on a high note. Forbes discusses why:

“Even as home loan rates have actually reached their highest level given that November, consistent demand combined with minimal housing supply are key motorists pressing home worths up.”

How This Impacts You

For Buyers: If you’re ready, ready, and able to buy a home, buying before rates increase a lot more may be a smart option, since home values are expected to keep climbing.

For Sellers: Prices are going up because there still aren’t enough homes available for sale right now compared to today’s buyer demand. So, if you work with an agent to price your home right, you might receive several deals and sell quickly.

Bottom Line

The data shows home costs are increasing nationally. Let’s chat to see precisely what’s happening with costs in our community.