Homeowners Still Have Positive Equity Gains over the Past 12 Months

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

Because there was a significant imbalance between the number of homes available for sale and the number of buyers looking to purchase over the past few years, home prices appreciated substantially.

And while home price appreciation has moderated this year and even depreciated slightly in some overheated markets, that doesn’t mean you’ve lost all the equity you gained during the pandemic frenzy.

To prove you still have equity, you can use the latest Homeowner Equity Insights from CoreLogic to find the average homeowner equity has grown by $34,300 over the past 12 months.

Despite the headlines, the average homeowner still gained positive equity in just about every market over the last year. While the gains aren’t as dramatic as they were in the previous quarter due to home price moderation, they’re still significant. And if you’ve been in your home for longer than a year, chances are you have even more equity than you realize.

While that’s the national number, if you want to know what happened over the past year in your area, look at the map below from CoreLogic:

Why This Is So Important Right Now

While equity helps increase your overall net worth, it can also help you achieve other goals, like buying your next home. When you sell your current house, the equity you’ve built comes back to you in the sale, and it may be just what you need to cover a significant portion – if not all – of the down payment on your next home.

So, if you’ve been holding off on selling because you weren’t sure what the headlines meant for your bottom line, rest assured you’ve still gained equity in recent years, and it can help fuel your move.

Bottom Line

If you’re planning to move, the equity you’ve gained over time can significantly impact you. Let's connect to find out just how much equity you have in your current home and how you can use it to fuel your next purchase.