Is the market going through a correction, or is it something else?
Are the Louisville and Southern Indiana real estate markets going through a housing correction right now? In short, the answer is no. While the market is going through a shift, that’s not the same as a correction, which is significantly different.
Forbes defines a correction as a decline of 10% to 20% in the value of a market index or the price of an asset. However, home prices aren’t falling—they’re just rising at a slower pace. In fact, experts still project over 8% home appreciation across the nation this year. That’s not the same as the record-breaking price appreciation we saw last year, but it’s certainly not a decline of 10% or more. Don’t let the headlines fool you!
If you have any questions about the housing market or where it’s headed, give me a call or send me an email. I can help answer your questions with data and hard facts to back me up. Hope to hear from you soon!