How Are Home Prices Doing?

October 17, 2022
Adam Crosson knows real estate. Growing up in Anderson, SC he watched his father work as a real...
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                     What’s happening with home prices in our real estate market?

What is going on with home prices today? Everybody's asking this question, and it's an interesting one. Some headlines say that homes are still appreciating, while a lot more sellers are reducing the price of their homes. It's a little bit confusing, right?

Well, let's get into and clarify a few different things. Appreciation is when home values go up. Depreciation is when home values go down. Deceleration is when prices continue to appreciate but at a slower pace, and most experts agree that what we're seeing nationwide is deceleration. This means that prices are still going up. They're just not rising at the same pace as they were last year.

Earlier this year, the price appreciation was nearly 20%, which is about a 5% increase going back to last year. Experts are forecasting a decelerating pace nationally of around 10% to 11% on average this year.

 "Prices are still going up, just not at the same pace as last year."

Florence is still generating multiple offers and seeing record sales prices, especially with turnkey houses. However, some homes that need a little sprucing up are starting to sit a little longer, and here are a few reasons why. 

  1. There's more inventory which has created less demand. Buyers aren't being forced to race out to see a newly listed home or buy a home they aren't that crazy about anymore.
  1. Sellers are still expecting to get top dollar for houses that aren’t in tip-top shape. Earlier this year, we saw plenty of homes that needed updates going for top dollar, which was kind of weird. While these homes are still getting solid activity, if they’re not in tip-top shape, they’re just not selling for top dollar. So that trend has definitely changed. 

If you're looking at selling your home this fall, it's really important to get an experienced agent who can help give you the right advice to make your home stand out. For more information on the market or how to sell your home for top dollar, be sure to call or email the most trusted source in the industry. I’d love to help you.

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