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Have You Worried about Your Home’s Value? Read This.
Hearing talk about home prices falling? That may leave you worried about whether your house is losing value. But here’s what you need to know. While some local markets have seen small price dips this year, home prices are not falling nationally. So, don’t let the headlines scare you.
The vast majority of the country is actually seeing prices rise.
While that may feel surprising after the headlines you’ve seen, the map below uses year-over-year data from the Federal Housing Finance Agency (FHFA) to make that clear:
Let’s break down what this really shows.
Most states are seeing prices rise (the blue in that map). Not fall. Now, the gains aren’t as big as they’ve been in recent years, but that’s okay. The story is still, prices are growing. And that positive majority is exactly why data from the National Association of Realtors (NAR) shows, nationally, home prices are up 2.1% compared to last year.
But the headlines don’t draw attention to this. They feed on the negative. But even that isn’t as bad as it sounds.
Yes, there are some states where homes have lost value over the past 12 months (the orange in the map above). That’s what all the chatter is drawing attention too. But here’s what the data really says.
The dips aren’t happening everywhere. And in the select states where prices are inching down, it’s slight. The range here is -0.1 to roughly -2%.
And those states are the ones where prices spiked too high, too fast during the pandemic housing boom. There was always going to be a come down period after that. Now, we’re in it. In those places, prices are leveling off. And that’s a sign of normalization, not collapse.
In plain terms: Home prices aren’t crashing. And this isn’t doom and gloom or the sign of broader trouble.
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