Homeowners in the U.S. with mortgages — roughly 61% of all properties — saw an equity increase of $4,100 between fourth quarter 2023 and fourth quarter 2024, according to CoreLogic. The average borrower had $303,000 in home equity at the end of last year.

Home equity, however, showed signs of leveling off, said Selma Hepp, CoreLogic’s chief economist in a statement. The data is from CoreLogic’s Homeowner Equity Report for the fourth quarter of 2024.

“Housing equity growth slowed in 2024 versus 2020-2023 due to moderating price appreciation, but homeowners maintain substantial equity gains from prior years, preserving their strong financial position,” Hepp said.

The states that saw the largest gains were New Jersey, which had equity gains on average of $39,400; Connecticut, $36,300; and Massachusetts, $34,400. Several states also face a decline in home equity. Those included: Hawaii, which saw a drop of $28,700 in equity; Florida, a drop of $18,100; and the District of Columbia, a drop of $14,700.

Nationwide, borrower equity increased by $281.9 billion, or 1.7% year-over-year, according to the report.