Homeowners Gained $28K in Equity over the Past Year

If you own a home, your net worth has probably gone up a lot over the past year. Home prices have been rising, which means you're building equity much faster than you might think. Here’s how it works.

Equity is the current value of your home minus what you owe on the loan.

Over the past year, there have still been more people wanting to buy than there are homes available for sale, and that’s pushed prices up. That rise in prices has translated directly into increasing equity for homeowners.

How Much Equity Have You Earned over the Past 12 Months?

According to the latest Homeowner Equity Insights from CoreLogicthe average homeowner's equity has grown by $28,000 in the last year alone.

That's the national average, so if you want to see what's happening in your state, check out the map below. It uses data from CoreLogic to show how much equity has grown in each state over the past year. You’ll notice every single state with sufficient data saw annual equity gains:No Caption Received

What If You Bought Your House Before the Pandemic?

If you bought your house before the pandemic, the equity news is even better. According to data from Realtor.com, home prices shot up by 37.5% from May 2019 to May 2024, meaning your home's value has likely increased significantly. Ralph McLaughlin, Senior Economist at Realtor.comsays:

“Homeowners have seen extraordinary gains in home equity over the past five years.”

To give context to how much equity can stack up over time, Selma Hepp, Chief Economist at CoreLogicexplains the total equity the typical homeowner has today:

“With home prices continuing to reach new highs, owners are also seeing their equity approach the historic peaks of 2023, close to a total of $305,000 per owner.”

How Your Rising Home Equity Can Help You

With how prices skyrocketed a few years ago, and the ongoing price growth today, homeowners clearly have substantial equity built up – and that has some serious benefits.

You could use it to start a business, fund an education, or even to help you afford your next home. When you sell, the equity you’ve built up comes back to you, and may be enough to cover a big part – or even all – of your next home’s down payment.

Bottom Line

If you're planning to move, the equity you've gained can really help. Curious about how much you have and how you can use it to help pay for your next home? Let's connect.

73 Properties
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Open 7/21
17594 Vellum CIRCLE Punta Gorda,  FL 33955
$549,900
Neighborhood: Punta Gorda Isles Sec 21
3
Beds
2F21/2
Baths
2,223
Sq.Ft.
2023
Year Built
6
Days on Site
C7494811
MLS
$974,900
Neighborhood: South Bayview Estates
3
Beds
2F11/2
Baths
2,699
Sq.Ft.
2002
Year Built
8
Days on Site
C7495222
MLS
$2,100,000
Neighborhood: Venezia Park Rep
4
Beds
4
Baths
4,570
Sq.Ft.
1958
Year Built
8
Days on Site
N6133767
MLS
$529,900
Neighborhood: Port Charlotte Sub 22
4
Beds
3
Baths
2,549
Sq.Ft.
1995
Year Built
9
Days on Site
C7495103
MLS
$525,000
Neighborhood: Hrbr Heights
2
Beds
2
Baths
1,156
Sq.Ft.
1977
Year Built
10
Days on Site
C7495029
MLS
Open 7/20
1583 Hyssop LOOP North Port,  FL 34289
$540,000
Neighborhood: Cypress Falls
3
Beds
2
Baths
1,997
Sq.Ft.
2019
Year Built
13
Days on Site
C7494406
MLS
$520,000
Neighborhood: Gran Paradiso Ph 1
4
Beds
3
Baths
2,025
Sq.Ft.
2014
Year Built
16
Days on Site
C7494672
MLS
$725,000
Neighborhood: Lido Towers
2
Beds
2F11/2
Baths
1,367
Sq.Ft.
1980
Year Built
16
Days on Site
C7494344
MLS
$500,000
Neighborhood: North Port Charlotte Country Club
3
Beds
2
Baths
1,788
Sq.Ft.
1993
Year Built
17
Days on Site
C7494821
MLS
$1,200,000
Neighborhood: Punta Gorda Isles Sec 12
3
Beds
2
Baths
2,180
Sq.Ft.
2014
Year Built
18
Days on Site
C7494377
MLS
$599,900
Neighborhood: Golden Gate Un 02
4
Beds
3
Baths
2,513
Sq.Ft.
2002
Year Built
24
Days on Site
D6137110
MLS
Open 7/20
27072 Ecuador Dr Punta Gorda,  FL 33983
$553,900
Neighborhood: Punta Gorda Isles Sec 20
3
Beds
3
Baths
2,120
Sq.Ft.
1990
Year Built
29
Days on Site
C7494304
MLS

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