We’re still tops for the nation according to firms that release reports like this one. However, if you look at the growth rate it is down significantly from where we were over the past 5 years. Our highest rates were ranging between 12-35% growth year to year but now we’re back into the single digits.
Don’t fear yet though because if you’ve been in your home for several years you still have all the gain of equity that has built up since the mid-1990’s. If you’re just entering the market it will be good for you to know that rates of appreciation that are at least 2-5% over cost of living adjustments, (or inflation) which typically range 2-3% per year, you’re still in a good position.
Prior to the big run-up of the past years it was common that you could expect a home around here to roughly double in value over a 10 year period. That’s not bad even if Americans tend to only stay in a home only 4-6 years at a time. We still have the benefit of the way capital gains are exempted now than how it was for the older generations. With those benefits in place it’s hard to say we’re in a bad spot at this point in time.
What will be interesting to watch is what happens after the Presidential race is complete next year….
