The numbers of your local market matters more than national statistics.

Recently, I heard some interesting statistics from the chief economist at Realtor.com. She reported that nationwide, home values have increased by an average of 47% since 2020. That's almost a 50% jump in just four years. The problem is that this number isn’t true in every community.

In my work, I focus on specific areas and communities. What I've seen is quite different from the national average. For example, in many of the over-55 communities I work with, home values have increased by about 30%. While this is lower than the national average, it's still a great improvement given that four-year time frame. It also means there’s a lot of equity for people who are planning to sell their homes. In another community I serve, the Stonebridge Country Club in Boca, home values have doubled since 2020. That's a 100% increase.

“The age of the home, its condition, and the specific neighborhood are all factors affecting one’s home value.”

These differences are why it's so important not to make real estate decisions based solely on national statistics. Your local market might be very different. Even within the same zip code, we can see big differences. For instance, while Stonebridge Country Club saw a 100% increase, a community just south of it only saw a 50% increase.

Many factors affect a home's value. The age of the home, its condition, and the specific neighborhood are all factors affecting one’s home value. That's why when people ask me, "How's the market?" I can't give a simple answer. It depends on whether you're buying, selling, or renting. It also depends on the exact property and community you're interested in.

If you're thinking about entering the real estate market, don't rely only on national headlines. Instead, talk to a local expert who knows your specific area. We're here to help you understand what's really happening in your neighborhood. Reach out to us. You can call us or send us an email, and we’ll guide you to make the best decisions for your situation.