And if you expand that time frame even more, the benefit of homeownership and the drastic gains homeowners made over the years become even clearer ( see map below ):
Percent Change in Home Prices Since Q1 1991, Q2 2023
Source: FHFA
The second map shows, nationwide, home prices appreciated by an average of over 297% over a roughly 30-year span. This nationwide average tells you the typical homeowner who bought a house 30 years ago saw their home almost triple in value over that time. That’s a key factor in why so many homeowners who bought their homes years ago are still happy with their decision. And while you may have heard talk in late 2022 that home prices would crash, it didn’t happen. Even though home prices have moderated from the record peak we saw during the ‘unicorn’ years, prices are already rebounding today. That means your home should grow in value over the next year. Bottom Line Before you make up your mind about whether to buy a home this fall or not, remember the incredible long-term benefits of homeownership. If you’re ready to start the conversation, let’s connect today.
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