Home Prices Continue to Rise on Martha's Vineyard & Many Other Areas Around the Country
As the housing market continues to change, you may be wondering where it’ll go from here. One factor you’re probably thinking about is home prices, which have come down a bit since they peaked last June in some areas of the country, but we have not seen this on Martha's Vineyard. And you’ve likely heard something in the news or on social media about a price crash on the horizon. As a result, you may be holding off on buying a home until prices drop significantly. But that’s not the best strategy.
This chart shows the average and median home prices on Martha's Vineyard, comparing the first quarter of 2023 with previous years. Note that prices have continued to go up, even with the slight slow down in sales in 2022.
A recent survey from Zonda shows 53% of millennials are still renting right now because they’re waiting for home prices to come down. But here’s the thing: the most recent data shows that home prices appear to have bottomed out and are now on the rise again throughout the country. Selma Hepp, Chief Economist at CoreLogic, reports:
“U.S. home prices rose by 0.8% in February . . . indicating that prices in most markets have already bottomed out.”
And the latest data from Black Knight shows the same shift. The graph below compares home price trends in November to those in February:
So, should you keep waiting to buy a home until prices come down? If you factor in what the experts are saying, you probably shouldn’t. The data shows prices are increasing in much of the country, not decreasing. And the latest data from the Home Price Expectation Survey indicates that experts project home prices will rise steadily and return to more normal levels of appreciation after 2023. The best way to understand what home values are doing in your area is to work with a local real estate professional who can give you the latest insights and expert advice.
If you feel like you may be priced out of the market on Martha's Vineyard, whether as a first time home buyer or someone hoping to secure their dream vacation property, we have advice for you. Give up your ideal situation and settle, yes settle, for something a little different. If you're a first time home buyer, maybe you know someone else in the same boat and you can make a purchase with another person or family. If you're searching for a second home, why not consider joining forces with another family or friend who is also ready to make a smart investment. As real estate agents on Martha's Vineyard, we can tell you that we have never had a single buyer say they regret making a purchase here. They always say they should have gotten in the market sooner.
If you’re waiting to buy a home until prices come down, you may want to reconsider. The O'Hanlon Group is here to guide you through the process of determining the best decision for you and how to make your MV homeownership dreams a reality. Give us a call to discuss your options!