When it comes time to buy your home, you shouldn’t just be thinking about how much it’s worth right now. You should also consider how much it will be worth in the future. After all, when it comes time to sell, you want a profit, not a loss. Recently, data from the Alabama Center for Real Estate (ACRE) has shown that Lake Martin’s median home sales price is up nearly 30 percent from one year ago. Here’s what that could mean for buyers and sellers in the Lake Martin area.
What is the median home sales price?
In the world of math, the median is the midpoint in an organized group of numbers. That means that the median home sales price represents the midpoint in home sales—and their monetary value. As the median home sales price increases over time, it shows an appreciation in a home’s worth.
What is home price appreciation?
Because Lake Martin’s median home sales price is up, this means that real estate in the area is benefiting from appreciation. Appreciation represents how the worth of your home grows over time. In general, appreciation is one of the most important factors to consider when buying a home. After all, purchasing a home in an area with increasing appreciation shows that you’re making a good investment.
It also means that if or when you sell your home, you can look forward to a tidy profit. For those buying starter homes—or those who want to wait before buying a more expensive house—higher home appreciation can mean a world of difference.
In this case, median home sales prices in Lake Martin have been growing in value. Their appreciation? 29.5 percent in the past year. In fact, the median home price there is now $502,000. That can make a huge difference when it comes time to put a Lake Martin home on the market.
Summary
Lake Martin’s median home sales price is up, showing that local real estate is thriving. Whether you want to buy, sell, or both, Ryan Roberts can help clients in the Auburn, Opelika, and Lake Martin area. To get started, fill out our contact form here. Plus, to learn more about real estate and its local trends, visit our blog here.