Thursday NAR released it’s report showing appreciation rates across the country. Many markets are down from their record highs this last summer. and many markets are still strong- showing again how real estate is very local. National trends do not always apply, and sometimes have no bearing whatsoever with a local market.
Salt Lake ranked as the #2 real estate market in the country for price growth in the 4th quarter of 2006 behind only Atlantic City. Prices in the area have increased, on average, from $182,000 to over $223,000 in just one year.
Top Ten markets (Chart from CNNMoney)
That means buyers are going to pay an average of over $40,000 for buying now instead of one year ago. And the outlook for Salt Lake is strong in 2007. Buyers who are in no hurry to buy may want to prepare to pay much more as prices continue to grow in the area. Waiting for that “great deal” may end up costing you a lot of money.
New Jersey is suddenly at the top of the list and in the number 3 spot. There must be some price-correcting or good things happening out there on the right coast.
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