Historical US Home Prices: Monthly Median from 1953-2024

Table Of Content

• Housing Market Update: Buying a Home Costs More Than Ever, With Prices Hitting All-Time High and Mortgage Rates Rising
• Typical home price in North Dakota: $246,497 (72% of typical U.S. price)
• Los Angeles goods and services prices
• Typical home price in South Carolina: $282,385 (83% of typical U.S. price)
• Typical home price in Kansas: $212,952 (62% of typical U.S. price)
• New US Home Sales Jump to Highest Level Since September

The definition of affordability isn’t identical across the entire country, so it’s important to think about where you can get the biggest bang for your buck. New residents should know that the cost of living in Los Angeles is higher than in many other parts of the United States, particularly when it comes to housing. Researching neighborhoods and planning for commuting times can help in making a successful transition. Additionally, embracing the diverse culture and exploring different parts of the city can lead to discovering hidden gems and building a connection to the community.

Housing Market Update: Buying a Home Costs More Than Ever, With Prices Hitting All-Time High and Mortgage Rates Rising

The second most expensive homes in the US are in the state of California. It is precisely these special features that contribute to the huge house prices in Hawaii. The state is unmatched in access to tropical beaches and island life, but you’ll have to pay if you want to live here.

Bay Area home prices in every city and ZIP code - San Francisco Chronicle

Bay Area home prices in every city and ZIP code.

Posted: Thu, 25 Apr 2024 16:31:00 GMT [source]

Typical home price in North Dakota: $246,497 (72% of typical U.S. price)

Many of them also have plenty of undeveloped land, which means a high supply of real estate opportunities. At 137% of the typical US house price, Utah is the sixth most expensive state for buying property. Like Colorado, Utah is a popular destination for outdoor and mountain lovers, as it has some of the best skiing locations in the country. It’s got some of the most beaches in the country, warm weather all year in some regions, a high-paying job market, and iconic cities like San Fransisco and Los Angeles. However, the high-paying jobs and the high demand for housing have pushed the price of houses skyward.

Los Angeles goods and services prices

New single-family home sales increased 8.8% to a 693,000 annual pace last month, the fastest since September, government data showed Tuesday. Sales rose in all four regions, and the rate of purchases exceeded most estimates in a Bloomberg survey of economists. Affordability fell by 0.1% compared with February, according to the First American Real House Price Index (RHPI).

Typical home price in South Carolina: $282,385 (83% of typical U.S. price)

Buying a house is costlier than anytime in at least the last decade, with property buyers hit with the double whammy of rising mortgage rates and home prices, according to real estate company Redfin. Located just north of Texas, in the middle of the United States, a move to Oklahoma could be a good idea for someone looking to purchase a house at a lower-than-average price in a state with low population density. The average mortgage payment in Oklahoma is just 21.7% of the state’s median income level. At only 32% of the median house price in the US, the typical home in West Virginia comes at a major discount when compared to the rest of the country. The cost of living in West Virginia is also more than 5% below the national average. The median home price gives us an idea of what the typical home costs.

Rent like a boss!

The direction and pace at which housing supply changes indicate whether the options for buyers are increasing or decreasing. They can also indicate whether homes are lingering on the market or being sold faster than sellers are listing them. There are currently 1,521,330 residential homes for sale in the United States. Although median household income in the state is 19% higher than the median income housing in the state is relatively unaffordable. Pennsylvania has affordable homes, with the typical home price being 74% of the national value and the median household income being almost even with the national median.

Typical home price in Kansas: $212,952 (62% of typical U.S. price)

If California, Texas, or New York change housing policies, it can move the whole country's median home price. Expand this block to see the historical median price of single family homes in the United States. Real estate is a local game, and you should be sure to look at individual towns and neighborhoods to figure out what works for your budget. If you love a particular city, you can often get more bang for your buck just outside of it.

The median home sales price in the U.S. declined in three out of four quarters in 2023. If you want to know how much homes typically cost in a location, you can look at the average sale price or median sale price. Even in the state’s fastest-rising market—Burlington—the median home cost just $132,000 ($98 per square foot) in September 2023. The area with the second-highest rate of price increases—Coralville—is another story. Iowa’s median home price was the lowest in the nation at just $229,000 as of September 2023.

The typical price of a house in Kansas is just over $200,000 and 48% of the national median price. The median income in Kansas is actually 8% higher than the national median, and this makes it a potentially attractive place to buy a house and have more income left over. South Carolina is slightly below the national typical home price and median household income, resulting in an average income-to-home-value ratio. Minnesota has a typical home value of $317,275, 7% below the typical national home price.

These five states have the lowest median home prices in the country. The median single-family home price increased by 260% from 2000 to 2022, according to UHERO, an economic research organization at the University of Hawaii. Additionally, the tourism industry’s demand for vacation rentals has reduced housing options for residents and kept the long-term rental market sparse. Find my historical home price series using nominal prices and one adjusted for inflation. The tool automatically checks for data updates weekly, but due to report release cadence, the data lags behind (by a few months). New York state’s real estate prices are heavily influenced by New York City.

That means, to afford an average one-bed priced at $2,835 your annual income should come in at or over $113,400. What’s good about this particular piece of the cost of living in Los Angeles, is that it’s all optional. If one month the cost of a movie ticket edges your budget into the red you can skip it. Overall, transportation expenses in Los Angeles, CA, are 26 percent above the national average.

The Federal Reserve only provides data on home sales prices and does not include state-level data. The Zillow Home Value Index (ZHVI), however, does provide that data. The ZHVI isn't an average, but it represents the typical home value in a given area. In the United States as a whole, the average ZHVI over the fourth quarter of 2023 was $341,825. Between 1980 and 2020, the median home sales price increased by 416%.

Conventional wisdom says to make a 20% down payment on a home, but you don’t need to follow that advice. Just keep in mind that if you decide to go with a low-down-payment option, you’ll most likely need room in your budget for monthly mortgage insurance premiums. If your mortgage calculator results make homeownership seem unrealistic, don’t give up. Look into down payment assistance and first-time homebuyer programs from state agencies and lenders that cater to first-time homebuyers.

We are investigating the feasibility of extending the time-series back further. Because of differences in data collection and housing policy, caution is advised when comparing Scotland's estimates with other areas in England and Wales and within Scotland. More information is available in our PIPR Quality and Methodology Information (QMI).

The typical home in Oklahoma is cheap at 57% of the typical U.S. home price. The median income is low, 80% of the national median, but it's enough to make homes in Oklahoma among the most affordable in the country. North Dakota boasts a solid income-to-home-value ratio due to a typical home value being well below the nationwide typical home price and a median household income close to the national median. The typical home price in North Carolina is slightly below the typical national price, as is the median household income there.

The national median may be around $400,000, but the United States is a big country and prices could be much higher or lower where you want to live. For example, Illinois has many cities where you can buy a decent home for under $100,000. Divide that number by seven and you get an average price of $415,142.