Home values rise – surprise, surprise. In the aftermath of the crash in 2008, the market continues to post increases across most states.
The current median list price is $310,000 for all home types across the nation, up 7% since last year, according to Realtor.com.
Given that jump, you’ll want to know the worth of an average-sized condo, townhouse, or single family home in your neighborhood. See what's happening with housing values and home sales in your community, to help you decide whether it's the right time to buy — or sell.
Find out what's happening in Hooverfor free with the latest updates from Patch.
Home prices in Hoover
What's the worth of an average-sized condo, townhouse, or single family home in your neighborhood?
The median home value—condos, single-family, etc.—in Hoover rose by 4.8% over the past year, according to Realtor.com data from March 2019. The recent median price was $458,163, compared to $310,000 nationwide.
If you’re hunting homes and looking to buy, make sure your savings account overfloweth with your down payment. You never know when the perfect listing will appear in the wild. As of March, there were 396 active listings in Hoover.
Find out what's happening in Hooverfor free with the latest updates from Patch.
How much for a condo or townhouse in Hoover?
You can expect a condo or townhouse in Hoover to go for $195,733.
Realtor.com says condos and townhouses listed in Hoover presently take 23 days to sell, which is lower than the U.S. median — which is 84 days.
How much for a single-family home in Hoover?
The national median listing price for single-family homes is $325,040.
A single family home in Hoover goes for $471,420.
Compare that to the national median listing for homes in that category, $325,040, and you're paying more than what other Americans are paying.
Realtor.com says single-family homes listed in Hoover presently take 57 days to sell, which is lower than the U.S. median — which is 73 days.
Is it a good time to buy?
If you're house shopping in Hoover you'll find 22.1% more new listings than a month ago and 3.1% more new listings than a year ago.
Mortgage giant Freddie Mac has forecast that this will be a year of lower mortgage rates. The firm says 30-year home loans will average 4.3% throughout 2019, down from an average 4.6% in 2018.
With mortgage rates hitting their lowest levels in months, and with the Federal Reserve unlikely to raise rates anytime soon, it’s likely to be a strong summer for home sales.
Take a look at our mortgage calculator, if you’re thinking of buying this year, to see what your rate would be.
Compare your rate to listings in your area. If a mortgage rate looks hot, and the list price is still within your budget—it’s best to lock it in!