Retirement communities in Arizona

Home prices have increased significantly over the last year, which in turn has grown the net worth of homeowners. Appreciation and home equity are directly linked – as the value of a home increases, so does a homeowner’s equity. And with these recent gains, homeowners are witnessing their financial stability and well-being grow to record levels.

In more good news for homeowners, the most recent Home Price Expectations Survey – a survey of a national panel of over one hundred economists, real estate experts, and investment and market strategists – forecasts home prices will continue appreciating over the next five years, adding to the record amount of equity homeowners have already gained over the past year. Below are the expected year-over-year rates of home price appreciation from the report:

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Search Results: 156 Properties

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Sold Price Last 3 mo.

Median

$299,900

Sale Price Today

Median

$315,000

Price / Sqft Today

Median

$217

Days on Market Last 3 mo.

Average

88

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10833 W Oakmont Drive Sun City 85351

For Sale

$335,000

Bedrooms: 2

Baths: 2

Sqft: 1,563

MLS: #6472670

RE/MAX Professionals

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9210 N 102nd Drive Sun City 85351

UCB

$249,900

Bedrooms: 2

Baths: 1

Sqft: 1,350

MLS: #6527711

My Home Group Real Estate

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11808 N Hacienda Drive Sun City 85351

UCB

$185,000

Bedrooms: 2

Baths: 2

Sqft: 1,026

MLS: #6529620

Hague Partners

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10625 N 102nd Drive Sun City 85351

For Sale

$349,000

Bedrooms: 3

Baths: 3

Sqft: 2,496

MLS: #6530170

My Home Group Real Estate

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10026 N 103rd Avenue Sun City 85351

For Sale

$350,000

Bedrooms: 3

Baths: 1.75

Sqft: 2,086

MLS: #6525396

Realty Executives

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12441 N Cherry Hills Drive Sun City 85351

New Listing

$309,999

Bedrooms: 2

Baths: 1

Sqft: 1,147

MLS: #6536446

The Maricopa Real Estate Co

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13732 W Aleppo Drive Sun City West 85375

UCB

$318,000

Bedrooms: 2

Baths: 1.75

Sqft: 1,046

MLS: #6531882

Coldwell Banker Realty

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15144 W Black Gold Lane Sun City West 85375

For Sale

$349,900

Bedrooms: 2

Baths: 1.75

Sqft: 1,336

MLS: #6532112

West USA Realty

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9333 W Glen Oaks Circle Sun City 85351

For Sale

$315,000

Bedrooms: 3

Baths: 2

Sqft: 1,865

MLS: #6496260

RE/MAX Fine Properties

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9901 W Cameo Drive Sun City 85351

For Sale

$289,995

Bedrooms: 2

Baths: 2

Sqft: 1,299

MLS: #6519138

Redfin Corporation

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19805 N 99th Drive Sun City 85373

CCBS

$309,000

Bedrooms: 2

Baths: 2

Sqft: 1,774

MLS: #6483719

My Home Group Real Estate

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18230 N Organ Pipe Drive Sun City 85373

UCB

$349,900

Bedrooms: 3

Baths: 2

Sqft: 1,600

MLS: #6511430

My Home Group Real Estate

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10324 W Carob Drive Sun City 85373

For Sale

$279,900

Bedrooms: 2

Baths: 1

Sqft: 918

MLS: #6530854

RE/MAX Professionals

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9743 W Desert Hills Drive Sun City 85351

For Sale

$275,000

Bedrooms: 2

Baths: 2

Sqft: 1,160

MLS: #6534291

Coldwell Banker Realty

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9539 W Willowbrook Drive Sun City 85373

CCBS

$339,000

Bedrooms: 2

Baths: 2

Sqft: 1,827

MLS: #6514959

Realty One Group

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13147 W Wildwood Drive Sun City West 85375

For Sale

$299,900

Bedrooms: 2

Baths: 1.75

Sqft: 1,160

MLS: #6524739

PRO-formance Realty Concepts

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11833 N Balboa Drive Sun City 85351

For Sale

$275,000

Bedrooms: 2

Baths: 1.75

Sqft: 1,435

MLS: #6526477

My Home Group Real Estate

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10920 W Tropicana Circle Sun City 85351

For Sale

$325,000

Bedrooms: 2

Baths: 2

Sqft: 1,311

MLS: #6490397

Delex Realty

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9626 W Cottonwood Drive Sun City 85373

For Sale

$349,900

Bedrooms: 2

Baths: 2

Sqft: 1,589

MLS: #6535660

Realty ONE Group

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12444 N Augusta Drive Sun City 85351

For Sale

$235,000

Bedrooms: 3

Baths: 1

Sqft: 1,214

MLS: #6496164

West USA Realty

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13836 N Kaanapali Drive Sun City 85351

For Sale

$334,900

Bedrooms: 2

Baths: 2

Sqft: 1,574

MLS: #6505924

West USA Realty

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11424 N Capri Drive Sun City 85351

UCB

$275,000

Bedrooms: 2

Baths: 2

Sqft: 1,270

MLS: #6510558

Keller Williams Realty Professional Partners

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11044 W Mountain View Road Sun City 85351

For Sale

$295,000

Bedrooms: 2

Baths: 1.5

Sqft: 1,374

MLS: #6534936

West USA Realty

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13443 W Shadow Hills Drive Sun City West 85375

For Sale

$285,000

Bedrooms: 2

Baths: 1.75

Sqft: 1,160

MLS: #6526096

Award Realty

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What Does This Mean for Homeowners?

Home prices are climbing today, and the data in the survey indicates they’ll continue to increase, but at rates that approach a more normal pace. Even still, the amount of household wealth a homeowner stands to earn going forward is substantial. This truly becomes clear when we consider a scenario using a median-priced home purchased in January of 2021 and the projected rate of appreciation on that home over the next five years. As the graph below illustrates, a homeowner could increase their net worth by a significant amount – over $93,000 dollars by 2026.

Home Price Appreciation and Home Equity

CoreLogic recently released their quarterly Homeowner Equity Insights Report, which tracks the year-over-year increases in equity. It shows an average annual gain of $33,400 per borrower over the past 12 months. In the report, Dr. Frank Nothaft, Chief Economist for CoreLogic, further explains:

“Double-digit home price growth in the past year has bolstered home equity to a record amount. The national CoreLogic Home Price Index recorded an 11.4% rise in the year through March 2021, leading to a $216,000 increase in the average amount of equity held by homeowners with a mortgage.”

The expected, sustained growth of home prices means homeowners can continue to build on the past year’s record levels of home equity – and their financial prosperity. It also presents today’s homeowners with a unique opportunity: using their growing equity for a home upgrade. With so few homes available to purchase and strong buyer demand, there may not be a better time to sell your current house and move into one that better meets your needs.

Bottom Line

Home prices are expected to continue appreciating over the next five years, and the associated equity gains are the quickest way homeowners can build household wealth. If you’re a current homeowner who’s ready to take advantage of your built-up equity, let’s connect today to discuss your options.