CHICOPEE, Mass. (WWLP) – Home prices have been soaring, and that could have a big effect on you even if you are not thinking about buying or selling.

From higher property taxes to increased rent, home prices rising impacts whole neighborhoods not just buyers and sellers. In the most recent report from the Realtor Association of the Pioneer Valley, the median price of homes has gone up by 9.4 percent since December 2020 for a median of $230,000.

The median price went up even more specifically for Hampden County at 12.5 percent, despite the fact that home sales themselves have gone down in every county. Inventory is way down, more than 46 percent since December 2020, which adds to why sellers may charge so much… supply and demand.

“What has been a challenge really is making sure we’re still pricing accordingly, buyers are eager to secure property however a well-priced property is one that will move swiftly.” Cheryl Malandrinos, President Realtor Association Pioneer Valley

When it comes to how this impacts renters, when property taxes rise so can rents because landlords may start charging more to cover their expenses.

When it comes to property taxes, AARP says you can usually appeal the property tax for your home if you believe its been improperly valued through your community or county’s assessor.