Market vagaries

6 Carissa Lane, $2.850 million, is reported pending after 9 days and almost surely going for more than ask. Nice house, decent street, so no surprise here, but look what happened to this same home’s value between 2003 and 20020: It declined. In fact, using current 2020 dollars, those 2003 buyers paid the equivalent of $2,348,448 in 2003 and got $1.635 back when they sold it.

Obviously, there are all sorts of factors to consider when calculating whether someone made or lost money on a house, including its value as shelter, debt leverage, taxes, etc., but it’s still interesting to see how stagnant sales prices were for many homes over the past two decades.