Market Update October 6, 2021

ESTIMATING YOUR HOUSE’S PRICE

A quick ballpark pricing method for your home. Assuming it’s in the same condition it’s in as when you bought it.

Rising home prices, especially here in Gig Harbor, see no end in sight. This trend is reflected in the Case-Shiller Index’s “Record High 19.7% Annual Home Price Gain In July.”

If you don’t know what the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index is, it’s several indices which measures U.S. residential real estate prices, tracking changes in the value of residential real estate nationally.

While the Case-Shiller index isn’t readily available at a micro level, we can use metro area data to give us slightly more accurate picture than just the national figure. Our metro area, Seattle, came in third place in home price increase, at 25.5% year-over-year. Just behind San Diego at 27.8% and Phoenix at 32.4%.

I’ve found a convenient online Case-Shiller Index calculator to find out how much your house has appreciated here.

All you need to plug in is:

• Date of purchase
• Purchase price
• Set the metro area to Seattle.

The result will be in the grey text box just below “present value.”

Thanks for reading!