Thinking about buying a home or selling your current one to find a better fit? If so, you might be wondering what’s going on with home prices these days. Here’s the scoop.

According to the latest national data from Case-Shiller and the Federal Housing Finance Agency (FHFA), home prices are on the rise:

Throughout most of 2023, home prices were climbing. They stayed pretty flat in December and January, which is typical for that time of year. But as of February, when the spring market kicked off, prices started rising again.

Home Prices Are Going Up in Most of America’s Top Cities

After seeing a jump in home prices nationally in February, you might be wondering if they’re going up in your area, too. While it depends on where you live, prices are rising in 18 of the top 20 cities Case-Shiller reports on in the monthly price index:

Most experts think home prices will keep rising and end the year on a high note. Forbes explains why:

“Even as mortgage rates have reached their highest level since November, persistent demand coupled with limited housing supply are key drivers pushing home values upward.”

How This Impacts You

For Buyers: If you’re ready to buy a home, purchasing before prices go up even more might be a smart choice, since home values are expected to keep climbing.

For Sellers: Prices are going up because there still aren’t enough homes available for sale right now compared to today’s buyer demand. So, if you work with an agent to price your house right, you might receive multiple offers and sell quickly.

Bottom Line

The data shows home prices are increasing nationally. Let’s chat to see exactly what’s going on with prices in our neighborhood.