Home prices have been surging for years in the United States. According to the Case-Shiller Index, sales prices for single-family homes in the U.S. climbed by more than 50% from the beginning of 2020 to the middle of 2024. While this rapid increase was a boon for homeowners, millions of whom saw a significant appreciation in their most valuable asset, it also created a housing affordability crisis — one that hit Americans with no real estate holdings especially hard. But in the second half of 2024, market conditions began to shift in favor of prospective homebuyers.
Key Points
- Despite significant fluctuations over the past 12 months, home prices in the U.S. are very similar to where they were a year ago.
- Still, housing markets are highly localized, and in nearly every state, there is at least one city where homes are now meaningfully more expensive than they were a year ago.
- In addition to owning a home, working with a financial advisor can be one of the best ways to build wealth. Click here to get started now.