Home sales data for the month of February released by the Board of Realtors is showing year to year increases in the median home price in three of the four regions in Southeast Texas.
- Beaumont homes have a median price of $190,000. Up 2.2% from last February
- Jefferson County homes have a median price of $198,750. Up 9.2% from last February
- Orange County homes have a median price of $220,000. Up 33% *. The spike in Orange County's median price is likely due to a few more expensive home that sold this February. There were 60 home that sold with 5.7% selling at or above $400,000.
- Lumberton homes have median price of $253,000. Down 2.5% from last year.
So what is ahead for the spring? Take a look at this article. It discusses the national housing market.
What’s Ahead for Home Prices in 2023
March 20, 2023
Over the past year, home prices have been a widely debated topic. Some have said we’ll see a massive drop in prices and that this could be a repeat of 2008 – which hasn’t happened. Others have forecasted a real estate market that could see slight appreciation or depreciation depending on the area of the country. And as we get closer to the spring real estate market, experts are continuing to forecast what they believe will happen with home prices this year and beyond.
Selma Hepp, Chief Economist at CoreLogic, says:
“While 2023 kicked off on a more optimistic note for the U.S. housing market, recent mortgage rate volatility highlights how much uncertainty remains. Nevertheless, the continued shortage of for-sale homes is likely to keep price declines modest, which are projected to top out at 3% peak to trough.”
Additionally, every quarter, Pulsenomics surveys a panel of over 100 economists, investment strategists, and housing market analysts regarding their five-year expectations for future home prices in the United States. Here’s what they said most recently:
So, given this information and what experts are saying about home prices, the question you might be asking is: should I buy a home this spring? Here are three reasons you should consider making a move:
- Buying a home helps you escape the cycle of rising rents. Over the past several decades, the median price of rent has risen consistently. The bottom line is, rent is going up.
- Homeownership is a hedge against inflation. A key advantage of homeownership is that it’s one of the best hedges against inflation. When you buy a home with a fixed-rate mortgage, you secure your housing payment, so it won’t go up like it would if you rent.
- Homeownership is a powerful wealth-building tool. The average net worth of a homeowner is $255,000 compared to $6,300 for a renter.
Experts are projecting slight price depreciation in the housing market this year, followed by steady appreciation. Given that, you may be wondering if you should move ahead with buying a home this spring. The decision to purchase a home is best made when you do it knowing all the facts and have an expert on your side.
Bottom Line
If you are thinking about selling a home in Southeast Texas reach out to me. Let's set up a time to discuss your goals for selling your home. There is still a limited supply of homes for sale in many Southeast Texas neighborhoods. With the higher interest rates and fewer homes selling than last year, it is more important than ever to work with an experienced local real estate agent who can help you accurately price your home. I've been a top listing agent in Southeast Texas for over a decade. Let my experience and knowledge of the local market help you.
Sincerely,
Diane
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