Granbury Homes Prices are Still Rising, but at a "Normal" Rate
Homebuying in Granbury has been a bit challenging over the last year given the increase in mortgage rates and the appreciation of property values. If you are considering the purchase of a Granbury home you may feel hesitant about the price of homes especially when it comes to a home with all the features you want and dream about. You may have also heard conflicting stories about where home prices are headed making you even more unsure about the investment in a Granbury property.
So where are home prices actually headed? Are they going to continue to grow and will this make it harder to afford a Granbury home? Or are home prices falling and should we be concerned about a looming real estate market crash? The thing is finding the answers to these questions really is best when you talk over your personal Granbury homebuying plans with a real estate agent in the Granbury area.
To give a general overview of what is happening in home prices in Granbury (and across the country in thriving markets where there is still desirability and demand for homes) we have put together what the seasonal home prices look like.
Explaining Seasonality and Normal Home Pricing
In the housing market all across the country some predictable gains and losses happen every year as far as home pricing goes. This is called seasonality. You may have heard before that spring is the peak homebuying season in real estate. It is the time when a majority of people are purchasing new homes. This activity can carry on through summer and most often does in most areas of the country. Then home sales begin to slow down during the fall and winter. These common traditional real estate statistics are referred to as seasonality in the market.
Home prices follow along with home sales and seasonality because of supply and demand. This creates a pretty reliable long-term home pricing trend. If you look at graphs provided by real estate data firms you will see this confirmed. A recent graph put together by Case Shiller shows the typical percentage change in home prices from 1973 to 2022. The graph shows just what you would expect, home prices drastically increase starting in March and peak in May. They tend to descend again and hit lows in October through the rest of the year.
In the last couple of years, especially when mortgage rates hit rock bottom, seasonality almost erased when you looked at the year all by itself. But this year seasonality has returned and those traditional expected number of sales and amount of price increases run along with common seasonality.
Another graph put together by the same real estate analysis company just looking at this year compared to the average over the last 49 shows that, except for January, numbers have met and matched the seasonality average standards for the past 49 years. Numbers are showing that home prices are not falling at an alarming rate but are in line with what's normal for seasonality in the market.
This is good news for both buyers and sellers meaning that the real estate market is not in trouble. It also means that home prices are not continuing to inflate at an out-of-control pace. This is good news for Granbury home buyers in that they don't need to worry about huge price increases as they conduct their search for a home and find themselves needing to be patient as the number of homes remains low. It is also good news for Granbury home sellers in that they can still expect to sell their home for a good price to help them in their next Granbury home purchase.
Home prices were crazy and seemingly unpredictable in the last couple of years but things are starting to come back to a more normalized pace when looking at data from a substantial amount of past years. If you are curious about the affordability of a home in Granbury please contact me. I would love to talk about your Granbury homebuying goals and discuss available real estate in Granbury that would be within an affordable price point for you.