Sept 2024 Newsletter

The Real Story Behind What’s Happening with Home Prices

If you’re wondering what’s going on with home prices lately, you’re definitely not the only one. With so much information out there, it can be hard to figure out your next move.

As a buyer, you might be worried about paying more than you should. And if you're thinking of selling, you might be concerned about not getting the price you're aiming for. 

So, here's a quick breakdown to help clear things up and show you what’s really happening with prices—whether you're thinking about buying or selling. 

Home Price Growth Is Slowing, but Prices Aren’t Falling Nationally

Throughout the country, home price appreciation is moderating. What that means is, prices are still going up, but they're not rising as quickly as they were in recent years. The graph below uses data from Case-Shiller to make the shift from 2023 to 2024 clear:

But rest assured, this doesn't mean home prices are falling. In fact, all the bars in this graph show price growth. So, while you might hear talk of prices cooling, what that really means is they're not climbing as fast as they were when they skyrocketed just a few years ago.

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

You might be curious where prices will go from here. The answer depends on supply and demand, and it’s going to vary by local market.

Nationally, the number of homes for sale is going up, but there still aren’t enough of them to meet today’s buyer demand. That’s keeping upward pressure on prices – even though recent inventory growth has caused that home price appreciation to slow. Danielle Hale, Chief Economist at Realtor.com, said:

“. . . today’s low but quickly improving for-sale inventory has ushered in more market balance than would otherwise be expected . . . This should help home prices maintain a slower pace of growth.” 

And here’s one other thing you may not have considered that could play a role in where prices go from here. Since experts say mortgage rates should continue to decline, it’s likely more buyers will re-enter the market in the months ahead. If demand picks back up, that could make prices climb a bit further.

Why You Should Work with a Local Real Estate Agent 

While national trends give a big-picture view, real estate is always local – especially when it comes to prices. What's happening in your neighborhood might be different from the national average based on what supply and demand look like in your market. That’s why it's crucial to get local insights from a knowledgeable real estate agent.

 As your go-to source for everything related to home prices, a local agent can provide the most current data and trends specific to your area.

So, if you’re planning to sell, they can help you price your house accurately. And when you’re ready to buy, they can find the right home that fits your budget and your needs.

Bottom Line

Home prices are still rising, just not as quickly as before. Whether you’re thinking about buying, selling, or just curious about what your house is worth, let’s connect so you have the personalized guidance you need.

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

Local Data. National Insights.

…at Keller Williams Success Realty last month.

In our area this month…

Our market has started cooling and prices have recently plateaued as we head into the fall season.

Across the NW Suburbs of Chicago, most towns remain in a strong seller’s market, but pricing homes correctly still drives the majority of savvy buyers.

If you are considering selling your home or buying a new one, connect with us to learn more about your unique situation.

Watermelon Salad with Herbed Yogurt Sauce

Ingredients

Watermelon salad

  • 3 pounds ripe seedless watermelon (about ½ small round watermelon or 4 cups cubed), cut into ¾″ cubes

  • 2 mini cucumbers or 1 small cucumber, thinly sliced into rounds

  • ½ cup thinly sliced shallot (1 medium-to-large shallot)

  • 3 tablespoons sherry vinegar or red wine vinegar

  • ¼ teaspoon fine sea salt

  • 2 tablespoons extra-virgin olive oil

  • Small handful fresh mint and basil leaves, torn if large, for garnish

  • Flaky sea salt or kosher salt, to taste

  • Freshly ground black pepper, to taste

Herbed yogurt sauce

  • 1 cup Greek yogurt

  • ⅓ cup lightly packed combination of fresh basil and fresh mint leaves

  • 1 tablespoon extra-virgin olive oil

  • 1 teaspoon honey or maple syrup

  • Pinch of fine sea salt

Directions

  1. In a small bowl, combine the sliced shallot with the vinegar and ¼ teaspoon salt. Toss to combine, and place in the refrigerator to lightly pickle while you prepare the rest of the salad.

  2. Make the yogurt sauce: In a food processor, combine the yogurt, fresh herbs, olive oil, honey, and a pinch of salt. Blend until the herbs are broken into tiny pieces and the sauce is pale green. (If you don’t have a food processor, finely chop the herbs and whisk the ingredients together in a bowl.)

  3. Swirl the yogurt sauce (all of it) over the base of a large serving platter. Scatter the cubed watermelon on top, followed by the cucumber. Arrange the pickled shallot on top, and spoon the leftover vinegar over the salad.

  4. Drizzle 2 tablespoons olive oil on top, sprinkle generously with fresh herbs, and season with salt and pepper, to taste. If you won’t be serving immediately, place the salad in the refrigerator to stay chilled. This salad is best served within an hour or two.

Check out the original recipe here: https://cookieandkate.com/herbed-watermelon-salad-recipe/