Homes of Silicon Valley has been busy not only helping buyers & sellers, but also tracking our local market trends amidst the national real estate landscape. We came across this telling infographic from the National Association of Realtors® which reveals the 10 US cities with the highest home price increases.

Do any of these cities surprise you? Note that not one of them is in Silicon Valley, or even California! In fact, the east coast is actually dominating the 12-month surges with price increases of 30% or more.

By comparison, Santa Clara County median home prices have increased 19.4% year-over-year. You can view all local data here on our monthly, updated Real Estate Report Presented By Homes of Silicon Valley.

The key take-a-ways this week are:

#1: It could be worse! Buying in this market is not easy – but Bay Area home price increases are far from the highest in the nation.

#2: Strategy is key. Given that purchase demand is a nationwide trend and not just a local one, it is more important than ever to strategize where you will buy after you sell. Also be sure to consider rising home prices and multiple offer situations in the event you are planning to relocate – as competition is fierce virtually across the board.

#3: You may not want to wait. If you have been waiting to make a real estate move until the market slows down, consider that median home sales prices have been higher year-over-year for 18+ months. The sales to list price ratio continues to rise while days on market continues to drop. Price increases may occur more slowly in the future, but they are unlikely to stop. The sooner you buy – the sooner you start building equity. ROI rarely happens overnight, but it’s amazing what a few months can do!

Please feel free to reach out at any time with any questions about buying, selling and investing in this market. We always say the next best thing is the next right thing… and we can help you determine what that is!

~ Mark