Leave a Message

Thank you for your message. We will be in touch with you shortly.

Homeowners Gained $24K in Equity over the Past Year in New York

Oriana Suarez July 15, 2024

Sellers

Homeowners Gained $24K in Equity over the Past Year in New York

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.

FREE CONSULTATION WITH US!

Recent Blog Posts

Stay up to date on the latest real estate trends.

How to Sell Your Home in Union County, NJ: A Local Expert’s Guide – Florostone Realty

Sellers

How to Sell Your Home in Union County, NJ: A Local Expert’s Guide

July 8, 2025

Selling your home in Union County? Get expert pricing strategies, neighborhood insights, and a free CMA from Florostone Realty—your trusted local real estate team.

Florostone Realty graphic titled 'Why More Homeowners Are Listing in Union County in 2025' set against a soft backdrop of downtown Union County, New Jersey.

Buyers

Is Union County, NJ a Good Place to Sell Your Home in 2025?

July 1, 2025

What today's market conditions, pricing trends, and buyer demand mean for Union County homeowners looking to sell.

Hero image for Florostone Realty’s 2025 affordability guide, titled “How Much House Can You Afford in Different NJ Counties,” with a suburban New Jersey neighborhood in the background.

Buyers

How Much House Can You Afford in Different NJ Counties in 2025?

June 24, 2025

2025 Home Affordability Guide Across Union, Middlesex, Essex, and Bergen Counties

Cover graphic for Florostone Realty’s article titled “Best NJ Towns for NYC Commuters – 2025 Guide for Buyers,” featuring a city skyline with New Jersey and New York postage stamp illustrations.

Tips

Best NJ Towns for NYC Commuters: 2025 Guide for Buyers

June 18, 2025

Featuring Union, Middlesex, Essex & Bergen Counties

Florostone Realty title graphic with skyline and benches, introducing a 2025 seller roadmap for Union County homeowners preparing to sell their property.

Sellers

Selling Your Home in Union County, NJ? A 2025 Seller’s Roadmap from Florostone Realty

June 11, 2025

Your step-by-step guide to selling a home in Union County, NJ—covering pricing, preparation, marketing, and closing in today’s 2025 real estate market.

Florostone Realty banner promoting first-time homebuyer programs in Roselle Park, NJ with aerial view of residential neighborhood. Text overlay reads 'First-Time Homebuyer Programs in Roselle Park, NJ (2025 Update)

Buyers

First-Time Homebuyer Programs in Roselle Park, NJ

June 4, 2025

Why Roselle Park Is a Great Choice for First-Time Buyers

Beige background with minimalist line art of a house in the background. Foreground text reads: “Where to Buy a Home in New Jersey: A County-by-County Guide.” Clean, modern design with soft tones and elegant typography.

Buyers

Where Should You Buy a Home in NJ? A Guide to Union, Middlesex, Essex, and Bergen Counties

May 21, 2025

Explore the top neighborhoods and housing markets in Union, Middlesex, Essex, and Bergen Counties with insights from the experts at Florostone Realty.

Florostone Realty graphic showcasing real estate marketing services, illustrating home staging, client interaction, and property sales with the tagline 'Want to see how our marketing makes homes shine?

Sellers

How to Sell Your Home Fast in Union, Middlesex, Essex, and Bergen Counties

May 13, 2025

Florostone Realty's Proven Strategies for Maximizing Home Sales in New Jersey's Competitive Markets

Florostone Realty graphic listing 5 key tips for selling a home in Union County, NJ, including pricing strategies, curb appeal, professional photography, optimal listing timing, and partnering with a local expert.

Tips

Selling a Home in Union County, NJ? 5 Key Tips for a Successful Sale

May 7, 2025

Expert Tips to Sell Fast and Maximize Value in 2025

LET’S CONNECT

We strive to become your go-to Real Estate Advisors. Book a free consultation today and let’s get started with a buying or selling plan for your home customized to your unique timeline.