Home Values in the Bay Area Update
There are two types of people in the world those who hear something on the news and Take that as absolute fact and those who see and hear something and then decide to dig a little deeper to look at the data and facts to make sure that that’s what’s going on in the world.
If you’ve been paying attention to the housing data and our post about the real estate market the question you may be asking yourself is what’s going on with the housing prices.
Well, there are headlines about price appreciation their also many lines about the housing crash. In fact, we are seeing sellers do more price corrections this year than any other years we’ve seen in recent history.
It feels confusing, but what we are currently seeing in today’s market is deceleration. Home prices are still appreciating but they do not appreciate at record-breaking paces as we saw last year.
In fact, the Bay Area’s average Home values appreciated last year by 16% and now in 2022, we are expected to see home values rise by 8% not too bad for a slow economy.
Here’s a chart showing appreciation throughout the bay area year over year. The housing crash that you might be waiting for may not come and if you’re sitting on the sidelines waiting for it to happen well it might just cost you more money in the long run.