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Homeowners Gained $28K in Equity over the Past Year
Dated: July 3 2024
Views: 118
If you own a home, your net worth has increased significantly over the past year. Sarasota Home prices have been rising, so you're building equity 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, more people have wanted to buy than there have been homes available for sale, pushing 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 CoreLogic, the 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:
What If You Bought Your House Before the Pandemic?
The equity news is even better if you bought your house before the pandemic. 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.com, says:
“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 CoreLogic, explains 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 prices skyrocketing a few years ago and the ongoing price growth today, homeowners clearly have substantial equity built up, which 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 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 to the Sarasota area, the equity you've gained can really help. Are you curious about how much money money you have and how you can use it to help pay for your next home? Let's connect.
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The information and opinions expressed in this article are not intended to be construed as investment advice. Robert Paul, P.A., does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your research and due diligence and obtain professional advice before making investment decisions. Robert Paul, P.A., will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
Robert Paul, PA
"I'm here to empower YOU to make confident and impactful decisions." Serving both buyers and sellers, I specialize in assisting those relocating to the Sarasota area or those seeking a second home in ....
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All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Updated on September 20, 2026 9:30 PM UTC
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