Home prices are constantly fluctuating, which means Fayetteville mortgage rates are continuously changing as well. Researching the current market trends and understanding how the local economy is doing are ways to help predict where the residential market might head in the near future.
You can also predict future housing prices by reviewing the median listing price and the median price per square foot over the past three years. These statistics can help give you an idea on whether or not these rates will increase or decrease during the time you wish to purchase a home.
So, to help you get started, Jeff Wilmoth, your local Fayetteville mortgage lender, has listed the most current listing price, as well as the price per square foot, in the Fayetteville, Georgia area.
Median Listing Price
In reference to Realtor.com, the median listing price has been fairly inconsistent over the past three years. In August 2015, the median residential housing price was listed at $275,000 and decreased 0.02% the following year to $274,950. By August 2017, the listing price had increased to $277,630 and the current median listing price for August 2018 is $335,000, which is approximately at 21% increase from the previous year.
It is expected that the housing prices are going to continue to get more expensive, so before the rates increase again, you may want to lock in a rate with your Fayetteville mortgage lender now.
Median Price Per Square Foot
The median price per square foot has shown more consistent trends than the listing price over the past three years. In August 2015, the median price per square foot was $95 and increased 3.2% the following year to $98. One year later, the square footage price increased an additional 2.04%, making the median price $100. The current median price for August 2018 is $111 per square foot, which is an 11% increase from the previous year and a 16.8% increase over the past three years.
These consistently rising square footage rates suggests that the real estate in Fayetteville will continue to become more and more valuable throughout the years. This means that buying a home in Fayetteville would be an excellent investment for your financial future.
Get Started Today
For more information on the residential market trends or to get begin you Fayetteville mortgage application, please contact Jeff Wilmoth with Homestar Financial to get started today!