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Home Equity Lending Market Size, Industry Share, Analysis 2024-2033
Home Equity Lending Market Size
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According to The Business Research Company's, The home equity lending market size has grown steadily in recent years. It will grow from $28.06 billion in 2023 to $29.23 billion in 2024 at a compound annual growth rate (CAGR) of 4.1%. The growth in the historic period can be attributed to the surge in the prices of the properties, increasing demand for collateral as a risk mitigation strategy by the banks, increasing comparatively higher price rise of housing markets, increase in population, and rise in homeowner equity in real estate.
The home equity lending market size is expected to see steady growth in the next few years. It will grow to $34.73 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to the shift towards remote work, rising real estate prices, rising home renovation, rising residential properties, and rising disposable income. Major trends in the forecast period include technological advancements and fintech innovations, the use of cloud banking software by the banks, advancements in the home equity borrowing process, and data-driven tools of artificial intelligence (AI) and machine learning (ML) are automating the decision-making process of banks.
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Market Drivers and Trends:
The increase in residential properties is expected to propel the growth of the home equity lending market going forward. Residential properties are real estate assets for living accommodations, including single-family homes, apartments, and condominiums. The increase in residential properties can be attributed to infrastructure development, zoning law changes, proximity to workplaces, a shift towards homeownership, and general inflation. Home equity lending benefits residential properties by allowing homeowners to tap into their property's increased value, providing them with funds for improvements, consolidations, or other needs, which can enhance property value and overall marketability. For instance, in March 2024, according to the Australian Bureau of Statistics, an Australia-based government agency, there are 30,992 dwellings of private new houses, rising 3.7% from December and an increase of 14.6% since March 2023. Further, private, and other residential completions increased to 14,844 dwellings, a 5.6% increase compared with December 2023. Therefore, the increase in residential properties has driven the growth of the home equity lending market.
Major companies operating in the home equity lending market offer focused on adopting advanced solutions such as real estate finance solutions utilizing eVault technology to streamline the loan application process, enhance customer experience, and provide flexible financing options tailored to meet diverse borrowers' needs. eVault technology improves the efficiency, security, and compliance of managing electronic loan documents, benefiting both lenders and borrowers by simplifying and securing the lending process. For instance, in May 2022, Wolters Kluwer N.V., a Netherlands-based information services company, launched its OmniVault for Real Estate Finance solution. The solution ensures compliance with legal standards and provides a digitally sealed audit trail, enhancing the security and traceability of digital transactions. This innovative platform utilizes advanced eVault technology to facilitate digital home equity lending, specifically for Home Equity Lines of Credit (HELOCs) and home equity loans, alongside conventional, government-backed, and jumbo first mortgages.
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Major Key Players of the Market:
Bank Of America Corporation, HSBC Holdings PLC, Toronto-Dominion Bank, BMO Bank N.A., U.S. Bancorp, PNC Financial Services Inc., Discover Financial Services Inc., Citizens Financial Group Inc., M&T Bank Corporation, Regions Financial Corporation, Key Corp Limited, Rocket Mortgage LLC, Navy Federal Credit Union, HomeBridge Financial Services Inc., New American Funding Inc., Zillow Group, Loan Depot LLC, PenFed Credit Union, Simmons First National Corporation, Network Capital Funding Corporation, Spring EQ LLC
Home Equity Lending Market 2024 Key Insights:
• The home equity lending market size is expected to see steady growth in the next few years. It will grow to $34.73 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%.
• Growth In Residential Properties Drives Expansion Of The Home Equity Lending Market
• Major Companies Revolutionize Home Equity Lending With Innovative Real Estate Finance Solutions
• North America was the largest region in the home equity lending market in 2023
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