Where Are Today's Home Values?

Where Are Today's Home Values?

As we have shared with you over the past year or so, we saw an unprecedented spike in property values between late 2020 and mid-2022.

So where are we at right now?

The above median sales price graphs, for Iron County and Washington County, give us some important clues.

On average, property values have corrected by 10-12% since the summer of 2022.

If we look ahead and make a best guess for the coming year, it would appear that values have leveled out.

We are not seeing a major drop at this time, as the graphs for 2023 in both counties demonstrate.

With interest rates continuing to climb to around 7.5% at the present moment, it will be interesting to see how the balance of this year plays out.

Values could easily continue to correct over the next year due to affordability issues. Yet, due to the continuing shortage of supply, it could be argued that values will hold.

Without question, we are back to a more "normalized" market, where price and condition are critically important in not just getting a home sold, but also in ensuring you get the most out of your sale.

Why not call us today for an informal chat focused on your own situation - 435-327-2090.