As we transitioned into the new year, low mortgage rates and low inventory drove up real estate prices in markets across the country.
But exactly how much did home values increase at the start of 2021?
According to the most recent CoreLogic Home Price Insights report, in January, home prices in the US were up 10 percent year over year. That means if you purchase a home for $350,000 in January 2020, by January 2021, that home would have increased in value by $35,000—bringing your home value to $385,000.
So, what does that mean for you? Demand for homes is high and inventory is low, which is driving up home prices—so if you’ve been thinking about selling, now is a great time to list and fetch top dollar for your home.