Price gains from home sales across the nation did not slow down in the first quarter of the year even with the sudden pause to the economy.
Despite the negative economic effects brought on by the coronavirus, the real estate market continues to be a source of growing equity.
Nationally, home sellers saw gains of about $70,000 in the first quarter of 2020, according to ATTOM Data Solutions. That’s up about $10,000 from the final quarter of 2019. Year over year, the market shot up 32.8 percent in return on investment.
The data is derived from 108 metro areas that saw at least 1,000 sales of single-family homes or condos.
Returns on investment for properties in the Boise area reached 59.1 percent, the data shows.
Median home prices also reached new heights during the first quarter of the year in other markets across the United States, as well. Quarter over quarter, prices increased about 2.9 percent and went up 11.3 percent year over year, the largest gain since 2013.
The market is in full throttle mode as it sets new price and profit records nine years running.
Individuals who sold their homes in the first quarter of 2020 had owned their properties for about eight years on average, up from the previous quarter.
It remains unclear what kind of impact the coronavirus will have on the market moving forward as social distancing practices and limited business operations resume.
If you live in Boise and you’re interested in upgrading your home or have thought about selling, we’re ready to answer your questions.
Team Mandi is an experienced group of home loan professionals who put the entire focus on you. Our combined 75 years of experience, insight and care are difference makers in today’s market.
Please don’t hesitate to reach out to us with any questions about selling or upgrading your home in Boise.