In recent years, you’ve probably seen a lot of headlines about rising home prices. The reality is that home values have risen significantly—much more than the usual 2-5% annual increase. Between 2021 and 2022, many areas saw prices jump by over 20%, primarily driven by high demand and limited inventory. While the market has begun to normalize, home values remain substantially higher than typical levels. This could mean a much larger payday if you're thinking about selling.
The Impact of the Past 5 Years Over the past five years, home prices have increased by nearly 60% nationally. In Utah, specifically, home prices have seen a remarkable 57% rise during this period. If you’ve been holding off on selling because you were concerned about the cost of buying your next home, this surge in home values may help bridge that affordability gap, making it easier for you to move forward.
If you’ve owned your home for longer than five years, your property’s value has likely appreciated even more, combining the recent boom with steady, normal appreciation over time. This means you may have built more equity than you realize!
How the Hudgens and Harrison Team Can Help At the Hudgens and Harrison Team, we specialize in helping homeowners like you understand the true value of your property in today’s market. While national trends provide a helpful guide, the value of your home depends on several local factors, such as inventory levels, interest rates, and any upgrades or renovations you’ve made. Our team knows the Utah market inside and out and can offer a comprehensive, accurate home valuation tailored to your specific situation.
Whether you’re looking to sell or just curious about your home’s worth, we’re here to provide you with expert insights and the most up-to-date data to help you make informed decisions.
The Bottom Line Home values have risen dramatically, and you may have more equity tied up in your property than you think. If you’re wondering what your home is worth in today’s market, reach out to the Hudgens and Harrison Team. We’ll help you assess your home’s value with accuracy and expertise, ensuring you’re equipped to make the best decision for your future.
Information in this post was taken from the "Do You Know How Much Your Home Is Worth?" article on the Keeping Current Matters website.
https://www.keepingcurrentmatters.com/2025/02/27/do-you-know-how-much-your-home-is-worth/
