Do You Know How Much Your Home Is Worth?

Do You Know How Much Your Home Is Worth?

In recent years, you've likely seen numerous headlines about rising home prices. But what does that really mean for your property?

Over the past five years, home prices have increased significantly—well beyond the typical rate. If you're considering selling, this could translate to a larger-than-expected profit. So, how much has your home’s value changed? Let’s take a closer look.

Home Price Growth Over the Last 5 Years

Historically, home prices increase by about 2-5% annually. However, in 2021-2022, prices surged by double-digit percentages, with peaks exceeding 20% nationally. The reason? A high number of buyers competing for a limited supply of homes drove prices up rapidly. While the market has since stabilized, homeowners continue to benefit from those substantial gains.

Your home's value has likely grown far more than usual in a short period, contributing to increased wealth.

According to Federal Housing Finance Agency (FHFA) data, home prices have risen nearly 60% nationwide in the past five years. The following breakdown provides a more detailed view by state.

If you've been hesitant to sell due to concerns about affording your next home with today’s rates and prices, consider this—your home’s increased value could help bridge that gap and make your move more feasible.

And if you've owned your home even longer, your property’s value has likely appreciated even more. The significant gains of the past five years add to the steady appreciation from previous years. A real estate agent can help determine what that means for you.

Determining Your Home’s True Value

While general appreciation percentages provide insight, you probably want more specific numbers. The most accurate way to determine your home’s current value is by consulting a local real estate agent.

Statewide data doesn’t account for local market conditions. Is inventory still tight in your area? That could drive prices higher. Have you made renovations? Those can further increase your home's worth. A real estate agent understands these factors and can assess your home’s value using up-to-date market data and property conditions.

Bottom Line

Home prices have risen—perhaps more than you expected. Curious about what your home is worth today? Let’s connect and find out.