Over the past few years, you’ve probably heard plenty about rising home prices. But have you ever considered what that means for your own home?

Home values have surged well beyond the typical appreciation rate, which could mean a bigger payout if you decide to sell. So, just how much has your home’s value changed? Let’s break it down.

Home Prices Have Climbed—Fast

Historically, home prices increase by about 2-5% per year. But during 2021-2022, we saw double-digit growth, with some areas experiencing price jumps of 20% or more. The reason? A massive demand for homes and limited supply sent prices soaring.

While the market has stabilized, homeowners are still benefiting from those rapid gains. In fact, according to data from the Federal Housing Finance Agency (FHFA), home prices have risen nearly 60% nationwide over the past five years.

If you’ve been hesitant to sell because of today’s mortgage rates or home prices, think about this: The value your home has gained could help bridge the affordability gap when buying your next property.

And if you’ve owned your home even longer? Your equity has likely grown even more, stacking years of appreciation on top of the recent surge in value.

How Much Is Your Home Worth Now?

A percentage increase is helpful, but you probably want real numbers. The best way to find out your home’s current value is to connect with a local real estate agent.

Statewide appreciation trends are useful, but they don’t reflect what’s happening in your specific neighborhood. Is demand still strong in your area? Have you made upgrades that increase your home’s value? Local market trends and your home’s unique features can significantly impact what your property is worth.

A real estate professional can analyze all these factors and provide a precise estimate of your home’s current market value.

Bottom Line

Home prices have climbed dramatically—likely more than you expected. If you’re curious about what your home is worth in today’s market, let’s chat and take a closer look at your home’s true value.