TIMTHOMAS

Comparing 5-Year Car and Home Price Trends

For many, the thought of purchasing a reliable vehicle that doesn’t break the bank can feel like a pipe dream.

Prices have been rising steadily since 2017, and until automakers overcome supply chain and labor challenges to get more cars off the assembly line, pent-up consumer demand will only drive prices higher.

With dwindling dealership stock, car buyers have turned to pre-owned vehicles instead, creating fierce competition in both the new and used car markets.

But it’s not just autos—the housing market has also seen a huge jump.

Historically low interest rates and an increased demand for housing during the COVID-19 pandemic led to a shortage of homes for sale—and record-high soaring prices across the country.

Home Prices Have Skyrocketed in the Last Five Years

Median home prices have steadily increased 54.6% in the past five years.

Two years into the pandemic, buyers face a cutthroat market fraught with low inventory and decreased housing affordability.

New Car Prices Have Also Risen, but not as Dramatically

New car prices have risen fairly steadily, increasing 14.3% over the past five years.

2020 was a concerning year for car dealerships due to a new wave of economic uncertainty spurred by a pandemic.

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