Present houses operate the gamut from $40,000 (or a lot less) condominiums to $1 million-plus single-family homes. New residences tend to be pricier, typically running anywhere from $125,000 and up, depending on area, measurement and facilities.
We are able to slender the ranges down to a far more digestible amount by checking out the Nationwide Association of REALTORS’ (NAR’s) hottest stats, which described a countrywide median existing household price tag (half of your residences marketed for significantly less, fifty percent offered for more) of $169,900 in 2003, an 8 % increase in excess of the 2002 median home cost of $158,100.
The countrywide median new-home (recently manufactured) profits rate was $194,500 in 2003, up about 3.7% in excess of 2002. NAR forecasted the median existing-home price to grow by 4.6% in 2004, when new residences ended up envisioned enhancing by 5.1%.
Applying NAR’s stats as the resource, it’s clear that property prospective buyers have already been paying out more and more for the same households about the previous few decades, although the team predicted the higher degree of appreciation would level off in 2004.
The 8% improve throughout the board in 2003 was the strongest showing given that 1980, but NAR expected the proportion to lessen to four. Six percent for existing houses and 5.1% for brand new houses in 2004, that’s great news for you personally.
Moreover consulting along with your community paper or on-line multiple listing supports, it is possible to look at property price ranges across the country by means of indexes established by providers like Coldwell Banker, which publishes an annual Residence Value Comparison Index (HPCI).
You are able to access a lot more detailed information and facts for the firm’s Web page at http://www.coldwellbanker.com – find Residence Price Tag Comparison Index.