A Remarkable 10-year Growth Rate in Island Property Values: Overall, average and median prices of home sales climbed 3.8% and 2.0% respectively on the island last year and top off the remarkable investment gains of island homeowners over the past 10-years (2014-2023) – specifically, the 10-year island wide price appreciation index, as calculated by the island MLS Linkmv, shows a compound annual growth rate of 9.3% per annum. And is why home buyers see the island as one of the best low risk investments available.
What’s Ahead for the rest of 2024 and 2025? With the prospects of continued moderate growth in the US economy, strong employment figures and gradually declining mortgage rates, island wide sales of single and multi-family homes are expected to begin posting gains by the middle of this year, following last year’s 11.7% decline. Next year, regardless of this year’s election outcomes, a continued moderate economic growth, strong levels of employment and a further decline in mortgage rates, will all contribute to stronger sales of single and multi-family homes on the island. And, average and median prices are expected to climb another 5%-7%, as inventory slowly builds and demand remains moderately strong.
So if you’ve ever considered buying or selling, now may be the perfect time to enter the market. Please call me to discuss your options and any questions you might have about the market, or to receive a no cost, no obligation market analysis of what’s for sale and/or your property. Thank you for your time and consideration! Feel free to contact me with any of your real estate questions. I am always here to help.
