After growing at rates consistently between 5.6% and 5.9% from January to August, median U.S. home values rocketed to a 6.5% year-over-year increase in November 2016.
Zillow notes that this is “the 52nd consecutive month of annual growth and the fastest pace since August 2006.”
The median U.S. home value is now $192,500.
Good new for renters
Renters with hopes of making a down payment on a house also received good news in 2016: Rent has stabilized at a median of $1,403 per month, up 1.5% from last year but nevertheless more in line with wage growth.
If you’re looking to buy or sell a home in the Minneapolis-St. Paul area this spring, contact me, your Twin Cities REALTOR®.