What is Happening with Home Prices?

There have been many headlines lately about the housing market, home appreciation and declining home prices. These headlines can be confusing. Part of the challenge is understanding the terms the experts use.

Here are the definitions to help you understand what is happening in the current real estate market.

Appreciation is when home prices increase in value.

Depreciation is when home prices decrease in value.

Deceleration is when home prices appreciate but do so at a slower pace.

Experts agree. What we are seeing today is deceleration.

There is more inventory and the frenzy of the last two years have slowed. Data shows it is still a good time for homeowners. In Fairfield County CT as of January 2020 the average single family home sales price was $646,323. As of August 2022, the average home sale price is $940,831.

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Christine Oleynick

Keller Williams Luxury | Westport CT

[email protected]