Lakeland, Florida, USA – Home values keep going up! Our look at a recent home sales analysis shows that the upward trend in home values appears to still be going strong. Eight years ago in August of 2010, the average price of a home sold in Lakeland was $110,527.00. By contrast at the end of August of this year the average home sold in Lakeland was $209,148.00. In eight years Lakeland area home prices have risen over 89%. The average annual gain in the Lakeland area over that time has been over 11% every year!
The strong local and national economy has helped many home buyers feeing confident in their ability to buy, and mortgage interest rates have remained affordable, so right now it looks like the local demand for homes will remain strong. For the month of August, the Lakeland Association of Realtors reported 408 homes sold. With a total end of month inventory of only 867 homes and monthly sales of that rate there is only a 2.1 month supply.
Right now is an excellent time to be a home buyer or a home seller in the Lakeland area. For home sellers, houses are selling fast, and for premium prices. For home buyers, mortgage interest rates are still at historically low levels which increases affordably. All indications are that as the overall economy grows, mortgage interest will face upward pressure. As the rates rise there could begin to be downward pressure on home prices as rising interest rate decrease affordability.
Now, might be the best time to buy or sell! If you would like to talk about home buying or selling in the Lakeland area or anywhere in central Florida, we are here to help. Please feel free to contact us with any questions about real estate, or economics, or any local information you need. We are here to help.
Bill Kilpatrick
Broker
Keller Williams Realty
863-669-8090