One of the best ways to find accurate data as to home prices and appreciation levels is to find homes that have sold a few times recently, that have had no upgrades since the time they were built.
Sold New on 3/30/93 for $210,000
Sold again on 2/27/03 for $349,300
Sold again on 7/8/05 for $466,000
Sold again on 6/25/08 for $540,000
Appreciated by 66% in the first 10 years.
Appreciated an additional 33% from 2/03 to 7/05
Appreciated an additional 15.8% from 7/05 to 6/08
No granite countertops or stainless steel appliances. No upgrades except maybe some updated paint colors. A run of the mill 2,300 sf four bedroom 2 1/2 bath home in a good school district.
It was on the market for 75 days or so and had a $50,000 price reduction before it sold for $10,000 to $15,000 less than that. Would it have been worth closer to the original $600,000 list price if the market hadn’t slowed down? Probably.