33. How much have home prices risen since 2019?

A lot. Since the end of 2019, the typical resale home in the U.S. is up about 55%. Single-family homes are up 53%, and condos are up 45%.

Almost all of that happened in about a two and a half year period. When mortgage rates were near 3% in 2020–22, buyers could afford more, there weren’t enough homes for sale, and prices took off.

However, since then it’s been a different market. Prices are up 13.9% since 2023, which is real but nowhere near the pace of growth seen during the pandemic. Right now they’re still rising - but at a pace that's slower than inflation so, in real terms, homes are actually getting a little cheaper.

Where prices rose, and where they’re falling now

The leaders flipped. During the boom period, the Sunbelt and Florida grew faster than any other market. That changed in mid-2023, when smaller Northeast and Midwest metros like New Haven, CT, and Rockford, IL took over (places that never overbuilt and still look affordable next to the coasts).

Data shows that the West has gone the other way. According to NAR, Seattle-area single-family homes prices were down 2.3% from a year earlier (vs Q2-2025) and 3.1% below their 2025 peak.

Some boom markets are giving back a lot more:

• Austin: −20.8%

• Fort Myers: −16.3%

• San Francisco: −15.2%

  
  

Bottom line

Most of the run-up since 2019 is locked in, and it isn’t going away. What’s happened since 2023 is that the market has split. Places that boomed hardest are giving some back, and the places that stayed cheap are catching up.