From CoreLogic: CoreLogic: Borrowers Gained Over $280B in Home Equity in 2024

CoreLogic® ... today released the Homeowner Equity Report (HER) for the fourth quarter of 2024. Nationwide, borrower equity increased by $281.9 billion, or 1.7% year-over-year. The report shows that U.S. homeowners with mortgages (which account for roughly 61% of all properties) saw home equity increase by about $4,100 between Q4 2023 and Q4 2024, which is less than the gain of $6,000 in Q3 2023. The states that saw the largest gains were New Jersey ($39,400), Connecticut ($36,300), and Massachusetts ($34,400), while the largest losses were in Hawaii ($-28,700), Florida ($-18,100), and the District of Columbia ($-14,700).

Quarter-over-quarter, the total number of mortgage residential properties with negative equity increased by 9.3% to 1.1 million homes or 2% of all mortgaged properties. While year-over-year, negative equity increased by 7% from 1 million homes, or 1.8% of all mortgage properties.

“Housing equity growth slowed in 2024 versus 2020-2023 due to moderating price appreciation, but homeowners maintain substantial equity gains from prior years, preserving their strong financial position,” said Dr. Selma Hepp, chief economist for CoreLogic.

From the press release:

Home prices continued to be the major driver of equity shifts and markets with declining prices generally saw fallen equity in 2024. In particular, a number of Florida’s markets, including Cape Coral, Sarasota, Lakeland and Tampa have experienced weakening prices over the past year, which led to Florida’s average equity declining by about $18,000 at the end of 2024. Thinking ahead, in light of mass government layoffs in Washington metro region, it is important to note that borrowers in the tri-state area have accumulated between $261,000 (in Maryland), $287,000 (in Virginia) and $353,000 (in Washington DC), in average home equity which will help as a financial buffer but also provide a downpayment in case of a move.

This map from CoreLogic shows the average year-over-year change in equity by state.  States with surging inventory - like Florida and Texas - saw declines in equity.