Over the last two years, the real estate market has seen some unbelievable trends. From the number of buyers flooding certain cities, to the speed at which houses are going under contract and how much above listing price they're closing for, it definitely feels like the Wild West at times. However, perhaps the most surprising trend is just how much sellers are getting for their properties compared to what they bought them for. In many cases, people are selling for double (or more) their original purchase price and after only 3-5 years! Historically, since 2001 (and with the exception of the housing crisis of '07-'08) home appreciation values have been on a healthy rise.
The past two years though have seen those numbers skyrocket anywhere from 11% to nearly 30% from year to year! In the Austin, TX market, since 2001 the average home appreciation value has gone up 274%! In Nashville, they've gone up 224%; Birmingham, AL they've gone up 118%; Charlotte, NC has seen an increase of 164%; and in Indianapolis, IN they've gone up 116%.
Although this trend is likely to slow down considerably over the next several years, in markets like Nashville where there is such a strong and diverse work force, numbers should continue to be in the green for a good long while. If you're interested to see just how much your house's value has increased since you purchased, feel free to reach out and I'd be happy to run the numbers for you! @hampton_mo_z /// hmauzy@villagetn.com /// 615-828-5989