But they are not and median single family home prices continue to amaze. As of September 1st, that median price in the Northern Palm Beaches hit $573,500. That’s $18,500 higher than they were a month ago. That’s $82,500 higher than they were when we began the year. So far in 2020, that median Jupiter home price is up an astounding 17%.
Close your eyes again and imagine the last time we saw median single family home prices climb that fast in a year. The reality is only 3 times in history have prices moved that much higher in a year. Those were three consecutive years, way back in 2003, 2004 and 2005. Imagine that.
What’ s even more amazing is prices are going to continue to climb. How much higher is anyone’s guess. I have been doing nothing but real estate for longer than I care to imagine and my guess is next month at this time I will be telling you in this article that the median Jupiter home price will be up at least another $20,000. If they are that will ring the annual percentage price gain to over 20%. Close your eyes and imagine that. Go ahead, mark your calendar, and check back here in a month as I think that the median Jupiter home price will be closing in ion $600,000.
Please pay very close attention if the value of your home is important to you. Inventory levels are low, prices are soaring and the economy is in shambles. Close your eyes and image the last time that home prices rose over 20% in one year. The last time that happen was in 2005 and the next 6 years were a disaster for median single family home prices. Back then they dropped almost 38%. From $488,250 in 2005 to $305,000 in 2011. Certainly a different set of circumstances but close your eyes and imagine.
Then open your eyes and understand that Paradise Sharks is here to help you make wise decisions when it comes to real estate in the Northern Palm Beaches. We have been here for you for a long time and are proud of our track record. We take customer service seriously, we take value seriously and we take our clients making informed decisions seriously. If we can ever be of help please feel free to contact us anytime at firstname.lastname@example.org or 561.308.0175.