Looking at the current state of the market, it’s clear that home sellers have the advantage. The current median home value is $301,660, which is a 0.4% increase over the past year alone, according to Zillow’s analysis. Though predictions are saying these rising values may see drops in the coming months, with up to a 2.7% decrease within the year, the market as it stands is hot.
The market is heating up.
Houses are selling fast. Data from November 2019 shows an average of 98 days on the market for most homes in Alaska. These numbers are consistent with what you’d expect for the market during the season, but they’re also different than last year.
Comparing the current figures for time on the market to those of November 2018, you can see that homes today spend 8 days less on the market. Though it might not seem like a lot, in the realities of housing, that week makes a difference.
Recent trends are important.
In the midst of recovery from an economic recession, oil industry job losses, and a number of other recent concerns—the housing market seems reassuring. Overall, it looks healthy, with values on the rise across the state. This could be due to continuing low-interest rates, or it could be due to another cause. Regardless, the market is going strong, and sellers should have no trouble finding a buyer for their home.
What about regional differences?
The trends are fairly consistent across the areas of Alaska, though there are key variances in a few major cities.
Anchorage stands out among these cities, with a median home value of $347,533, a full $45,873 above the overall Alaskan average. This value has skyrocketed 10.4% over the past year. Unlike the predicted decrease for the whole state of Alaska, the upward trend in Anchorage is expected to remain, with an anticipated 3.9% increase in home value over the year.
With these increasing values, you’d also expect an increase in sales. According to reports from Dwell Reality, this has been the case, with sales in Anchorage rising 37% from January of 2019.
Home values in Juneau have been steadily increasing for years, and now is no different. The median home value is recorded at $401,481, a 3.7A%A increase over the past year. These values are expected to continue rising by about 2.5% throughout the year. The market isn’t quite as hot as other places, but it’s still warm.
The market is hot in Kenai. Median home values are at $238,712, the highest in years, and have increased by 7.6% since last year. Anticipated raises in value for the next year are as high as 4.4%.
The trend in Fairbanks isn’t quite as clear as it is in other cities, but the market is still warm. The medium home value is at $234,651, a 5.0% increase since last year. These values are also expected to continue to rise, by up to 2.7%.