The housing market is as strong as ever as home prices are up to 19.1% just this September, compared to prices from a year before. However, this number shows a slight decrease in the home prices last August, which rose to 19.6% from a year to year period. Nevertheless, this price increase shows that the market is still booming.
The price increase was a new record for 20 cities in the US. The increase was most notable in Phoenix, where the price rose to 33.1%. Other cities where home prices surged include Tampa, with a 27.7% increase, and Miami, with a 25.2% price growth. Despite the widely predicted slump due to the pandemic, it drove the US real estate market instead.
Over the past couple of years, the pandemic forced many families to stay cooped at home. Many of these families are tired of their current residence, particularly those staying in urban apartments.
High prices typically do not bode well for home buyers, particularly entry-level buyers. However, a booming market makes buying a home a worthwhile investment that can earn value over time. Nevertheless, there is still the nervousness of the possibility of the market declining and the asset becoming a liability.
This makes it vital to find the best real estate agent to guide the buyer through every step of the buying process. The Ashley M. Miller Team is Maryland’s top real estate agency specializing in buying, selling, and leasing a home.
We always go the extra mile when helping buyers find the perfect home they have been looking for at a great price. With our Maryland real estate agents, we ensure that buyers are informed and help them make the right decisions. Seeing as the current home prices are at a peak, it is a priority for the Ashley M. Miller Team to help clients looking to buy a home to find the right one.