Over the past few years, home prices skyrocketed. That’s been frustrating for buyers, leaving many wondering if they’d ever get a shot at owning a home. But here’s some welcome news: that whirlwind pace of home price growth is slowing down.
At the national level, home prices are still going up, but at a much more moderate, normal pace. For example, in November, the year-over-year increase in home prices was just 3.8% nationally, according to Case-Shiller. That’s a far cry from the double-digit spikes that occurred in 2021 and 2022 (see graph below):
This more normal home price growth might make buying a home feel more attainable for many buyers. You won’t face the same sticker shock or rapid price jumps that made it hard to plan your purchase just a few years ago.
At the same time, steady growth means the home you buy today will likely appreciate in value over time.
While the national story is one of moderate price growth, it’s important to remember that all real estate is local. Some markets are seeing stronger growth, while others are cooling off or even seeing slight declines. As Selma Hepp, Chief Economist at CoreLogic, notes:
“Regionally, variations persist, as some affordable areas – including smaller metros in the Midwest — remain in high demand and continue to see upward home price pressures.”
Meanwhile, other regions saw slight month-over-month declines in November, according to Federal Housing Finance Agency (FHFA) data (see graph below):
What does this mean for you? It’s crucial to understand what’s happening in your local market. A national average can’t tell the whole story. That’s where working with a local real estate agent can really help. They have the tools and expertise to give you the full picture of what’s happening in your area and how to plan for that in your move.
Home prices are growing at a more manageable pace, and working with a local real estate agent can help you navigate the ups and downs of your specific market.
How have changing home prices impacted your plans to buy? Let’s talk about it.
Check out the latest articles on real estate trends.
The nationwide "All Roads Lead to Camp" bus tour is making a stop in Atlanta before the Camp Rock 3 premiere. Here's where to go, what to expect, and why Disney fans won't want to miss it.
Discover why Zoo Atlanta's newest resident is capturing hearts, how her arrival supports endangered species conservation, and when you can visit her.
Lifestyle
Celebrate one of the Southeast's biggest free soccer events at Piedmont Park with live entertainment, local vendors, family activities, and an unforgettable championship match viewing experience.
Lifestyle
Discover what makes metro Atlanta a leader in higher education, workforce development, and economic opportunity, and why its educational reputation continues to attract students, professionals, businesses, and new residents.
Lifestyle
Discover why Atlanta's world-class stadium earned the top ranking among North America's major international soccer venues and what this recognition means for fans, visitors, and the city's future.
Lifestyle
Atlanta food lovers have one night to experience the city's legendary NFA Burger at Roshambo. Here's everything you need to know before you go.
Discover what to expect from Food Network's one-day stop in Atlanta, including complimentary food, event highlights, and tips for making the most of your visit.
Address
3107 Peachtree Rd NE A-1
Atlanta GA 30305
