According to MSNMoney, the Tri-Cities ranked thirteenth in an evaluation of 292 markets. Many areas of the country have experienced depreciation in home values. Not here! In the 3rd quarter of ’08, we saw an almost 1% increase in price appreciation – in the last year we experienced a 4.11% hike, and over the last 5 years, we enjoyed a 20.5% improvement in home values. If you bought your home before ’03, you’re loving life right about now!
We bought our home in 1998 for just over $100,000.00 If we were to sell it today, we’d probably get between $150k-$160k. That means we’re just above the curve of 4% annual appreciation.
The market here continues to move along nicely, without a crazy boom/bust cycle. As Aesop said, “Slow and steady wins the race.”