Over the past decade—which has included recoveries from both the Great Recession and the COVID-19 recession—U.S. home values grew by more than 100%.

In comparison, average hourly earnings saw a modest 41% increase, while the Consumer Price Index rose by just 32%. Consequently, housing affordability has taken a hit, while homeowners have seen substantial gains in their real estate wealth.

These are the key takeaways from the report for Georgia:

• In 2013, the median home price in Georgia was $132,718.

• Today, Georgia has a median home price of $320,082—an increase of 141.2% in just ten years.

• Overall, Georgia has experienced the 4th largest increase in home prices over the last decade.

While the real estate market appears to finally be cooling down, home price growth has been a defining economic trend in recent years. Over the past decade, which has included recoveries from both the Great Recession and the COVID-19 recession, U.S. home values grew by more than 100%. In comparison, average hourly earnings saw a modest 41% increase, while the Consumer Price Index rose by just 32%. Consequently, housing affordability has taken a hit, while homeowners have seen substantial gains in their real estate wealth.

While recent price increases were amplified by unique factors related to the COVID-19 pandemic, above-average home price growth is a recurring trend in the aftermath of economic recessions. Following previous downturns, U.S. housing experienced robust upswings, with median prices increasing by an average of 32.7% over a five-year period. Although the brief COVID-19 recession led to an unprecedented 49% national increase from 2020 to 2022, prices have since stabilized, aligning the recovery more closely with historical norms.

However, despite a recent decline in sale prices, the confluence of persistent inflation eroding purchasing power and mortgage rates exceeding 7% has offset any potential relief for aspiring homebuyers. Consequently, monthly housing costshave recently hit a historic peak, deterring would-be buyers and causing a 12% year-over-year decline in home sales.

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