The Real Scoop on Today’s Home Prices

If you’ve been keeping an eye on home prices lately, you’re not alone. With so much conflicting information out there, it can be tough to know what’s actually happening and how it affects your next move.

As a buyer, you might be concerned about overpaying. And if you’re a seller, you may be worried about not getting the price you had in mind.

To help, here’s a straightforward look at the current trends to give you clarity on what’s going on with home prices, whether you’re buying or selling.

Home Price Growth is Slowing, But Prices Aren’t Dropping

Across the nation, home price appreciation is cooling down. This means that while prices are still increasing, they’re not climbing as fast as they were in previous years. The shift from 2023 to 2024 illustrates this change clearly.

But, don’t mistake slower growth for falling prices. Despite what you may hear, home prices are still on the rise. The term "cooling" simply refers to a slower rate of growth compared to the rapid spikes we saw just a few years ago.

What’s Next for Home Prices? It’s All About Supply and Demand

Where prices head next depends on the balance between how many homes are available and how many buyers are in the market, and this can differ by region.

Nationally, inventory is increasing, but it’s still not enough to meet buyer demand, which is keeping pressure on prices. Realtor.com’s Chief Economist, Danielle Hale, explains:

“Today’s low but improving inventory has brought more balance to the market than we expected, which should help home prices grow at a slower pace.”

Plus, with mortgage rates predicted to drop in the near future, more buyers may enter the market. If that happens, demand could rise again, potentially nudging prices upward.

Why You Need a Local Real Estate Expert

While national trends are helpful, real estate is always a local game—especially when it comes to home prices. What’s happening nationally might not be the same in your neighborhood. That’s why it’s critical to get insights from a real estate expert who knows your area.

A local agent can provide you with the most up-to-date data on pricing trends specific to your market.

Whether you’re selling and need to price your home right or buying and looking for a home within your budget, an agent will offer valuable guidance tailored to your needs.

The Bottom Line

Home prices are still on the rise, but the pace has slowed. Whether you’re considering selling, buying, or just want to understand your home’s value, connect with a local expert to get the personalized advice you need.