RealtyTrac: Bedrooms drive up average home price
Posted on Monday, March 30, 2015 at 8:09:56 AM
How many bedrooms do you want in your dream home? Is it just one or two, or as many as six or more?
According to a recent report from RealtyTrac, average home prices are on the rise - and by how much depends on the number of bedrooms. For example, 2001 saw a two-bedroom home go for an average of $143,138. By 2014, that average had increased to $201,586, a 33 percent increase. Over that time span, four-bedroom homes had the exact same percentage of price growth, while six-bedroom home prices rose nearly 25 percent.
Overall, the year-over-year price growth based on bedrooms has been fairly steady, with the exception of the peak years of the Great Recession. In 2008, the overall yearly change in average home prices was a decrease of 10.4 percent, followed by a decline of 20.9 percent in 2009.
Today, home prices have been improving. According to Black Knight Financial Services' recent Home Price Index report, home prices have ticked up 4.6 percent between January 2014 and January 2015. The month-over-month change was minimal.