November has been a month of big change. New President, rising stock market, rising interest rates and in the Northern Palm Beaches, rising single family home prices. As of December 1st, the median sales price of a single family home in Jupiter and the surrounding communities hit $440,000. It is the highest median price we have seen since way back in 2006 and inching closer to all time new record highs.
Home affordability remains one of our biggest issues here in the Jupiter area and rising home prices coupled with rising interest rates is not a combination that is improving the situation. Over the past 5 months the median home price in the area is up 7.3% and year over year increases sit at 8.6%. This year will mark the 5th straight year of rising single family home prices in the Jupiter area. The last time we said that was in 2005 and we all know what happened then.
The most important thing to keep your eyes on is interest rates and where they go from here. Decisions made by the incoming administration will need to be watched closely and if interest rates rise much further the real estate market is going to change and those changes could be very significant. If the value of your real estate holdings is critical to your overall financial well being pay close attention.
If you are contemplating any moves make sure you interview at least 3 real estate brokers and seek answers to your questions. Quality of services and the fees associated with those services can vary dramatically so be informed. You can always ask any question to the Paradise Sharks team who can be reached at 561.308.0175 or firstname.lastname@example.org. We would be honored with the opportunity to earn your trust.