03/16/2026
Markets rise and dip and rise again.
Remember the September 2008 market crash? From the average price at the peak being $819,400 the market finally bottomed out by March at $702,800 a drop of 14%…and then it took off again.
The next larger price drop happened in 2016 when average benchmark prices had gone to $1,762,400 in July (over a million higher in 8 years!) dropped to $1,589,400 by January 2017 before going up again.
A slower decline started in June 2018 when prices reached $1,723,200 dropping to a low in July 2019 of $1,409,200 after the government introduced the “stress test” for buyers.
The next peek occurred in April of 2022 after a Covid inspired need to work remotely from home. Home Price index hit $2,084,600 before bottoming out at $1,795,000 in January 2023.
It’s been a series of smaller up and down bumps since then with a slow decline starting in March 2025 ($2,020,200) to last month’s average detached home selling at $1,835,900.
When will we hit the bottom? Hard to say but deals are still happening, just not as many as an average year.
We are definitely in a buyer’s market though, meaning if you are selling, your home will likely be worth more this month than next month and what you intend on buying will be cheaper next month than this month. That’s why if you intend on buying but you need to sell your current home to do so, you should SELL FIRST and then BUY SECOND.
In a seller’s market, it is just the opposite: you want to buy first because homes will be more expensive next month and then you want to sell second because your current home will be worth more next month.
If you have any questions or know someone thinking of buying or selling this spring, message me to set up a time to chat real estate.
