It is challenging to compare home prices from one year to the next because the inventory is different. This chart eliminates the challenge – it represents those homes that sold in 2019 and also sold in the last 20 years and, did not appear, based on their listings, to have material renovations inside or out enabling a like-for-like comparison. Note, I have only included the street name, not the number, in order to be sensitive to current and prior owners. Also note that while there are some clear trends that will likely not be surprising to you, this data cannot predict future sale prices.
Of the 42 homes in the analysis, 23 (55%) sold at a discount from their last sale. These homes tended to be bigger, more expensive (not surprising given the challenges we saw in 2019), and sold more recently than the homes that sold at a premium to their last sale price.
8 of these 23 homes sold for a discount of 10% or more. 91% of these homes sold in 2006 or later. 70% of these homes were larger than 3,500sq.ft. and 63% sold previously above $1.75M
Conversely, 19 homes sold at or above their last sale price. 47% of these homes sold prior to 2006 and the height of the housing bubble. 90% of these homes last sold below $1.75M and 74% were below 3,500sq.ft.
Lastly, as an interesting data point, I included the compound annual growth rate (CAGR) for each of the homes. Historically, residential real estate prices have grown ~2% per year. Only 4 of the 42 homes had a CAGR of 2% or more.
