Do You Know How Much Your Home Is Worth?

In recent years, you’ve likely come across countless headlines about rising home prices. But have you ever really stopped to consider what that means for your own property?

Home prices have surged significantly over the past five years — far beyond the typical market fluctuations. If selling your home is something you’ve been thinking about, this could translate into a much bigger payoff than you anticipated. Curious about how much your home’s value has truly changed? Let’s take a closer look.

 

The Rapid Rise of the Past 5 Years

Normally, home prices increase by around 2-5% annually. However, between 2021 and 2022, we saw double-digit jumps, with prices spiking by an incredible 20% or more at their peak. Why the surge? There were far more buyers than available homes, driving prices skyward. While the market has since stabilized, you’re still able to enjoy the rewards of those significant gains.

Your home has gained significantly more value in a short amount of time than it typically would, which means a substantial increase in your wealth as well.

The map below, based on data from the Federal Housing Finance Agency (FHFA), illustrates that national home prices have increased by nearly 60% in just the past five years. Here’s a closer look at the numbers, broken down by state:

If you’ve been hesitating to sell because you were concerned about buying your next home at today’s rates and prices, it’s time to reconsider. The increase in your home’s value could be just what you need to close the affordability gap and move into your next home.

What if you’ve owned your home for even longer? That likely means its value has increased even more. You get to add the exceptional gains of the past five years on top of the steady appreciation from previous years. A real estate agent can help you understand exactly how that impacts your home’s worth.

 

How To Find Out What Your House Is Really Worth

While percentages are helpful, you’re probably looking for more precise numbers. The best way to get an accurate estimate of your home’s true value is to consult with a local real estate agent.

While the map above shows the average appreciation rate by state, it doesn’t account for your local market conditions. For example, is inventory still low in your area? That could drive prices up more quickly. Or maybe you’ve made renovations that have increased your home’s value. These are the kinds of insights a local agent can provide.

A real estate agent will have the local insights you need, combining that knowledge with market data and your home’s condition to give you the most accurate value estimate. Only they have the expertise and resources to provide you with the true value of your home today.

 

Bottom Line

Home values have risen—perhaps more than you anticipated. Want to know what your house is worth in today’s market? Reach out, and let’s find out together.