The Story of The American Dream: Homeownership

I’m sharing with you a brief history of how homeownership has changed over the past century. It’s an interesting look at how the events that occurred nationwide as well as globally have impacted American homeowners over the years.

I’m also sharing a projection of what experts anticipate will happen in the real estate market through 2025. It’s important to remember that there is no universally “perfect time” to buy or sell a home — the right time is when it's the right time for you. \

I’m always here for any of your real estate-related questions or needs. That includes offering a referral to an agent outside of the area I serve as well as any other service professionals you might need.

Homeownership 1890-1920

Owning a home has long been a cornerstone of the American Dream. Although the market has shifted over the last century, homeownership continues to be a goal many hope to ultimately achieve.

From 1890 to 1920, homeownership hovered around 47% with the majority living in rural areas. Farm ownership started to decline in the early part of the 20th century as more people, especially immigrants, moved to cities. The government did not set policies — housing at that time was dictated by the market.

Homeownership 1930-1960

In 1937, the federal government implemented programs to reduce foreclosures and aid new construction. Homeownership rose post-WWII, climbing to 64% by the end of 1969.

The Great Depression saw 100s of 1000s lose their homes.

Homeownership 1970- To Today

After the 2007-2008 subprime mortgage crisis, regulatory changes were created in 2010 to protect consumers.

The Federal Reserve raised interest rates in March 2022 in an attempt to corral inflation after rates hit record lows during the pandemic years.

Looking Ahead — 2025 Market Projections

Projections for 2025 are rates will hover in the low 6% and upper 5% for 2025, bringing us a stronger housing market for 2025 with an estimation of 5.4 Million homes sold - 2024 ended with just over 4.65 Million homes sold nationally. Home prices continue to increase slightly, with the national median sales price at $404,000. Builders are optimistic and plan on starting just over 1.5 million homes, increasing inventory throughout the country.

Buying or Selling a Home in 2025?

Preparing ahead of time as much as possible will help make the process go smoother. Here are some quick buyer and seller tips.

graphic - Buffini & Co.

As always, If 2025 brings about a change of address for you, your family and friends, please keep me in mind. I cover North Georgia and the Upstate of South Carolina and would be honored to work with you. You can reach me here or complete the homebuyer or homeseller survey.