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Housing prices going through the roof

COVID-19 has increased the value of many homes, and yours may be one of them. Due to the pandemic, many potential buyers feared losing out on a home, thus were willing to spend a little more to ensure they got what they desired. Between October of 2020 and October of 2021, the average price of an American household went up 18%, which according to CoreLogic’s Home Price Index, which has been one of the leaders in the U.S. housing market for 45 years, is the biggest increase in that time span. Door County saw a $230 million increase in home sales from 2020 to 2021. According to the Wisconsin Realtors Association, the selling amount of a residential home was roughly $220,000 about three years ago. That number increased by $59,000 in 2020, and increased by $115,000 in 2021. There are a lot of directions that the 2022 market could go, but the market is expected to stay relatively as strong as it has been.

 

(Photo courtesy of mortgagefinancegazette.com)

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