In general, real estate is still on its traditional 4% appreciation in many areas.
Of course choosing a local real estate pro can help you save a lot of time.
(Not me, I'm on the Cape, but I can help you choose a local pro when you are ready.)
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The time that prices jumped this much was in August 2006, when the housing bubble was still inflating. of course, soon after that we all know prices went into a sharp decline that lead to the biggest US national financial crisis.
Reason for this price increase? The lack of inventory. If you are planning to sell make sure that you house is presented at it best before put in the market and make sure to hire a real estate agent that can really click with your needs and explain in details the marketing plan that he/she suggest for your property.
Best of Luck,
Century 21 Tenace
Keep in mind that these averages encompass all of the homes for sale. Therefore, if you are thinking you have 3 months to consider a home you like - think again! Most homes that are in good condition and are priced correctly are selling within the first few weeks they are on the market. Many are selling within days of listing, and experiencing multiple offers.
As always, factors such as location, condition, and price are the key to a successful strategy for sellers. Whether buying or selling, the services of a professional Realtor are invaluable as they know the ins and outs of their local market and immediately recognize current trends in their market.
For sellers sitting on the sidelines pondering putting their home on the market - this is the time to proceed. For buyers, get out there and search.. As interest rates creep up, this is your time to lock in a historically low long term rate before they move higher. Despite higher sales prices, a percentage point increase in interest rates FAR outweighs the price you pay for a property over the lifetime of a mortgage.