The current data from our local MLS suggests the answer is NO. Prices HAVE been steadily rising from 7% to 19% for the prior 4 years yet have flattened if not fallen this past year. The average home price dropped from $514K to $504K, however the median price raised slightly from $450 - $455K from 12 months ago.
Also interesting to note, inventory has gone up nearly 20% from this time last year and days on the market have increased from 51 to 59 in that same period. In the last 30 days, 44 sellers or a full 30% have lowered their asking price.
What's going to happen next you say? Anyone's guess! We see sellers afraid they will be giving their home away and buyers are afraid they will overpay. If you have to or want to move, get your home in the best condition possible to sell and start looking for a motivated seller. Right now, it's a beauty contest and a price war...
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