housing is, by definition, a depreciating asset: it wears out you are asking if real estate prices have fallen over a 20 year period in the US and the answer i

housing is, by definition, a depreciating asset: it wears out you are asking if real estate prices have fallen over a 20 year period in the US and the answer is not in the modern inflationary era: https://fred.stlouisfed.org/series/QUSR628BIS https://fred.stlouisfed.org/series/QUSR628BIS but that mixes land & housing prices together of course prices have fallen over 10 year periods (sometimes dramatically) however, and the average length of ownership is 8 years, so timing can make a huge difference in outcomes of home ownership, particularly with the leverage involved.