Dear Monty: We bought our first home in 2021. We paid $287,400 for it. We saved our $30k down payment by living on one income (we both work) for the first six years of our marriage. My wife just received a big promotion, but we have to relocate. To prepare to sell, we obtained three estimates of value. They average $300k. We will lose money because we will not get our whole down payment back after paying the commission. Reading media reports, we thought our home was worth more. We don’t know whom to believe. What is your take on the current real estate market?
Monty’s Answer: Today’s real estate market needs to be clarified. The U.S. Census Bureau stated that the median value of an owner-occupied home in 2021 was $244,900. One year later, the Federal Reserve of St. Louis said the median sale price was $372,000. The National Association of Realtors (NAR) reported a median price of $378,400. Statista stated that the median sale price was $392,600. In 12 months, these statistics suggest the median home values increased by over $125k using the most conservative results. You are not alone in wondering whom to believe.
