If you’re a homeowner in New York, you may have noticed your house is worth a lot more.

“Every day is different," said Kellie Jo Maher. "I absolutely love it."

She loves the rush of helping folks buy or sell a home, though she’s never quite experienced a rush like this.

“They’re all experiencing the same thing. The joke is that 'I’ll give you $50,000 over asking, my first born, a year of tacos for free.' It’s ridiculous what you’re trying to throw in the deal," said Maher.

Cities all over the nation are seeing home prices soar. The average New York homeowner gained $25,000 in equity at the end of 2020.

“There’s even less inventory, but it’s driving the cost up,” said Maher.

In Central New York, the median home selling price in April increased by 18 percent compared to last year, according to the Greater Syracuse Association of Realtors.

“First-time homebuyers and all the other agents, they’re struggling with their buyers who don’t have a lot of money to put down," said Maher. "They’re waiving home inspections."

That means prices soaring, inventory declining and fewer people possibly owning homes over time. Research by Urban Institute shows that if current trends continue, homeownership nationwide will likely fall from 65 percent this year to 62 percent by 2040. That’s the difference of roughly 2.7 million homes.

The findings also suggest that renter growth will be more than twice the pace of homeownership in the next 20 years.

It all begs the question: Where will the market go from here?

“Everyone asks this question. My buyers always ask me this question. I don’t know. We just have to go with the flow," said Maher.

According to Zillow, the average home nationwide was worth around $245,000 at the end of 2019. It is now worth more than $266,000.