While becoming a homeowner has been very difficult lately – namely with combined with high prices, which make for an arduous road – owning a home can prove financially beneficial in the long run for a slew of reasons. Indeed, as a new Realtor.com report noted, “patience pays” when reselling it.
Not only does patience pay – in certain housing markets across the country – but it can pay even more. In May, median home price increased to $419,300, a 5.8% price jump in the past year – “the highest price ever recorded and the eleventh consecutive month of year-over-year price gains,” according to the National Association of Realtors (NAR) Existing Home Sales Report released June 21.
Here are some of the , according to experts. Wealthy people know the best money secrets. .
According to senior economist Ralph McLaughlin, the metros where sellers ask the most year-over-year are Cleveland, Philadelphia, Rochester and Providence. “In these areas, sellers of existing (used) homes are 14.7%, 11.
3%, 9.3% and 8.9% more than the same time last year,” said McLaughlin.
“These are more affordable markers where higher asking prices won’t necessarily break the bank of homebuyers.” Angelica Ferguson VonDrak, a in the Hudson Valley and Catskills region of New York, said this is a “standout market with immense resale potential.” And the bonus is the region’s proximity to New York City.
According to her, there has been a surge in demand post-pandemic as people seek the tranquility and beauty of these areas. “Towns like Woodstock, Rhinebeck and Kingston offer a perfect mix of historic charm and modern amenities, making them highly attractive to a wide range of buyers,” she said. In addition, she noted that the region’s commitment to infrastructure and community development is another major draw and that the market there is remarkably stable.
“Unlike more volatile urban areas, properties in the Hudson Valley and Catskills consistently appreciate, with record-setting double-digit appreciation year-over-year,” she said, adding that even in economic downturns like we’ve seen recently, homes here maintain their value well. “I have multiple clients who have owned a home for about two years and sold for twice what they paid for it – and that’s not an isolated occurrence, it’s happening all over the region, and resale profits in the 50% range are commonplace,” she added. Suzy Minken, a realtor with – said that these towns, which are near New York City and highly sought-after, have experienced “significant price appreciation,” based on the Minken Housing Index – which estimates how real estate is trending in Northern New Jersey.
The average sales price in 2024 based on the first half of the year – has increased by 66.8% in South Orange, 51.1% in Chatham Boro and 46.
0% in Madison in the past five years, she added. Minken said that drivers of the appreciation include the “desirability” factor. “Buyers are choosing to live in these New Jersey towns because of the lifestyle offered,” she said, adding that these have a vibrant downtown with great shops, restaurants and parks that make for easy strolling.
“And importantly, these towns are located on the New Jersey commuter train line into New York City,” she said. “Many potential buyers, who are working remotely or on a hybrid work schedule, want to be in close proximity to New York City. And a town that is on the commuter train line will encourage home buyer demand for years to come.
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