Augusta-Richmond County, GA-SC Federal Housing Finance Agency Home Price Index (FHFA HPI)

Augusta-Richmond County, GA-SC is located in the east central part of Georgia and is the second largest city in the state. The city is home to the Augusta National Golf Club and the Masters Tournament. The population of Augusta-Richmond County is 197,872 according to the 2010 census. The median home value in Augusta-Richmond County is $131,900 which is lower than the national median home value of $184,700.

The Federal Housing Finance Agency (FHFA) House Price Index for Augusta-Richmond County was 154.48 in the first quarter of 2019. This index value means that home prices in Augusta-Richmond County have increased by 54.48% since 2005 when the index was set at 100.0. Home prices in Augusta-Richmond County have been on a steady upward trend since 2012 when the FHFA House Price Index bottomed out at 134.09 during the housing market crash and recession.

The increase in home prices has led to an increase in home equity for homeowners in Augusta-Richmond County. Home equity is defined as the portion of a property’s value that is owned by the homeowner free and clear of any outstanding mortgage debt. According to CoreLogic, a leading provider of consumer, financial and property information, data and analytics, as of March 2019 homeowners with mortgages (68%) had an average equity stake of 40% while those without mortgages had an average equity stake of 61%.

The increase in home values has also led to an increase in mortgage debt levels for homeowners in Augusta-Richmond County as they seek to cash in on their equity through refinancing or taking out home equity loans/lines of credit (HELOCs). According to Experian, one of the three major credit reporting agencies, total mortgage debt outstanding for all borrowers nationwide was $9 trillion as of March 31st 2019 – this represents an all time high!

With interest rates rising and concerns about a potential housing market slowdown on the horizon, now may be a good time for homeowners in Augusta-Richmond County to consider cashing out some of their hard earned equity while they still can!