Man in a blue shirt reviewing colorful graphs on home price growth on a tablet screen.

Is the 2020s Market an Outlier? Comparing Historical Home Price Growth Trends to Today’s Boom

The 2020s real estate market has shattered records, with national home prices experiencing unprecedented home price growth in just a few short years, eclipsing gains in previous decades. As we witness this remarkable surge, questions arise about its sustainability and potential for a market adjustment.

Join us today as we delve into the historical trends and unpack what these developments could mean for you.

Home Price Growth in the 2020s is Surpassing Expectations

Home prices in the early 2020s have been on a tear, leaving the ’90s and 2010s in the dust. The folks over at ResiClub crunched the numbers and found that U.S. home prices have jumped a whopping 47.1% in just the first 50 months of this decade.

And just last year, they went up another 6.4% from February 2023 to February 2024.

Zooming in on Oklahoma City, we’ve noticed the same trend. This time last year, the median home price was $245,000. Fast-forward to today, and it’s $265,000, an 8.2% jump compared to last year.

So, what’s the deal for the rest of the 2020s?

To get the full picture, let’s take a quick trip down memory lane and check out the historical data.

When we look back, we see that home prices usually take the escalator up, not the elevator down. Sure, the headlines can be scary, but at OKCHomeSellers, we get that folks are asking: Is the market gonna crash? Should I buy now or wait it out?

Here’s the scoop based on past decades: According to ResiClub:

home price growth by decade
  • The ’90s saw a +30.1% increase in home prices
  • The 2000s had a +47.3% bump
  • The 2010s were up +44.7%
  • And the 2020s? A +47.1% increase, and we’re only halfway through!

Basically, the 2020s are kinda breaking the mold with higher price hikes than we’ve seen at this point in past decades. But history tells us that real estate prices tend to go up over time.

What does this mean for you?

Here’s the Cliff Notes:

  • Real estate is a marathon, not a sprint. It’s all about the long game, and historically, it pays off. – The housing market’s got its own rhythm.
  • What happens nationally might not match up with what’s going down in your neck of the woods. In Oklahoma City, for instance, we’re seeing consistent growth that outpaces many other markets.
  • Looking ahead, the market’s still hot, and if you play your cards right, you could make a pretty penny.

But remember, doing your homework before you buy is key.

Want the lowdown on the Oklahoma City market? Hit us up at OKCHomeSellers.

To wrap it up, the OKC market might seem like a rollercoaster right now, but history has our backs, showing that real estate is usually a solid bet for the long haul.