SPRINGFIELD, Mass. (WWLP) - Home prices and home sales have both increased in cities across the country, including here in Western Mass.
Sears Real Estate in Springfield told 22News that home sales are up 1.7% here in the Pioneer Valley, while the median price of a home is up 6.1%.
Those numbers seem to fall in line with real estate markets across the country. In the U.S., home prices rose 12.8% in August, from one year earlier. Las Vegas is one of the most competitive real estate markets in the country; prices there are up about 30% from last year.
Brian Sears of Sears Real Estate told 22News what this trend means for the economy, and your wallet.
“The number one thing that adds to people's wealth is their home,” said Sears. “So, as a homeowner, it's good to get that appreciation. It's good so that you can move when you want to move and still be able to afford to sell your house and buy a new house.”
Sears told 22News they're seen gains in home sales and home prices in Franklin, Hampden and Hampshire County. He says the key is for home prices and sales to rise at a steady pace, but not too fast.