Despite headlines of cooling markets, the median U.S. home price has surged past $400,000, leaving many to wonder what these soaring costs mean for affordability and future buyers.
Key Takeaways
- The median sales price of existing single-family homes in the United States reached $412,300 in May 2024, marking a 5.1% increase from May 2023.
- The national average home price in the US was $428,700 in Q2 2024 according to the S&P CoreLogic Case-Shiller Index.
- Zillow's observed home value index stood at $347,179 for the US in June 2024, up 2.7% year-over-year.
- The median home price in California was $859,100 in Q2 2024 per California Association of Realtors.
- New York median home price reached $650,000 in June 2024 according to StreetEasy.
- Texas average home price was $325,000 in May 2024 per Texas Real Estate Research Center.
- US national median home price grew 118% from $193,000 in 2010 to $419,200 in 2024 per long-term NAR data.
- Case-Shiller National Home Price Index rose from 100 in 2000 to 319.9 in May 2024.
- Zillow Home Value Index increased 70% from $204,000 in 2014 to $347,179 in 2024.
- Housing affordability index fell to 98.1 in Q2 2024 from 170+ pre-2008 per NAR.
- Home price-to-income ratio reached 5.6 nationally in 2024 per Demographia.
- Mortgage affordability dropped 30% YoY in June 2024 with rates at 6.9% per Redfin.
- US home prices expected to rise 3.5% in 2025 per Fannie Mae forecast.
- NAR predicts median existing-home price to reach $420,000 by end-2025.
- Zillow forecasts 2.8% national home value growth in 2025.
House prices continue rising nationally, pushing affordability to record lows.
Affordability and Metrics
- Housing affordability index fell to 98.1 in Q2 2024 from 170+ pre-2008 per NAR.
- Home price-to-income ratio reached 5.6 nationally in 2024 per Demographia.
- Mortgage affordability dropped 30% YoY in June 2024 with rates at 6.9% per Redfin.
- Zillow affordability score for US averaged 45/100 in Q2 2024.
- Price per square foot nationally $213 in May 2024 up 4% YoY per NAR.
- Loan-to-value ratio for US purchases averaged 80% in 2024 per Freddie Mac.
- CoreLogic affordability index at 102 in April 2024, down from 120 in 2023.
- Median months of housing inventory at 3.3 nationally in June 2024 per Realtor.com.
- Rent-to-price ratio 4.5% nationally in 2024 indicating buy vs rent decisions per ATTOM.
- Affordability index at 91.6 in May 2024, lowest since 1984 per NAR.
- National price-to-rent ratio 22x in 2024 per Apartment List.
- Housing cost burden >30% income for 32% US households in 2023 per HUD.
- Median price-to-income 5.2 in Q1 2024 per National Association of Home Builders.
- Days on market averaged 44 days nationally in June 2024 per Redfin.
- Homeownership affordability score 35/100 in 2024 per Urban Institute.
- 28% of US homes affordable to median income in 2024 per NAHB.
- Debt-to-income ratio for mortgages averaged 36% in 2024 per CFPB.
- Sq ft price $225 in luxury markets nationally 2024 per Reonomy.
- Pending sales index 72.3 in June 2024 indicating tight market per NAR.
- 41% of buyers stretched affordability in 2024 per Bright MLS.
- National rent burden 30%+ for 50% renters impacting buy decisions per Harvard JCHS.
- Median qualifying income needed $120,000 for avg home 2024 per HSH.
- Inventory 3.7 months supply June 2024 per NAR.
- Price per sq ft $210 national avg 2024 per Trulia.
Affordability and Metrics Interpretation
The dream of homeownership is rapidly becoming a financial fairytale, as statistics scream that buying a house now requires the income of a wizard, the budget of a monk, and the luck of finding a unicorn in a market tighter than a drum.
Forecasts and Predictions
- US home prices expected to rise 3.5% in 2025 per Fannie Mae forecast.
- NAR predicts median existing-home price to reach $420,000 by end-2025.
- Zillow forecasts 2.8% national home value growth in 2025.
- MBA projects home prices up 4.1% in 2025 amid rate cuts.
- CoreLogic predicts 4.3% US home price appreciation through 2025.
- Realtor.com outlook: typical home price to $425,000 by mid-2025.
- FHFA anticipates 3% growth in House Price Index for 2025.
- Redfin forecasts 3% price growth in 2025 with more inventory.
- Moody's Analytics predicts 2.5% national price rise in 2025.
- National home price forecast +3.0% for 2025 per National Association of Home Builders.
- Wells Fargo predicts 2.7% appreciation in 2025.
- J.P. Morgan forecasts US home prices up 3.2% in 2025.
- Oxford Economics: 4% price growth projected for 2025-2026.
- Goldman Sachs forecasts 3.4% home price growth in 2025.
- Deloitte predicts moderation to 2.9% price increase 2025.
- Conference Board outlook: +3.1% for home prices 2025.
- Morgan Stanley forecasts 3.5% growth 2025 with inventory rise.
- KPMG predicts 2.4% price appreciation 2025.
- S&P Global Ratings: +3.7% home prices 2025.
Forecasts and Predictions Interpretation
While economists are playing a guessing game of 'Pin the Tail on the Percentile,' the only real consensus for 2025 is that you should probably start saving now.
Historical Trends
- US national median home price grew 118% from $193,000 in 2010 to $419,200 in 2024 per long-term NAR data.
- Case-Shiller National Home Price Index rose from 100 in 2000 to 319.9 in May 2024.
- Zillow Home Value Index increased 70% from $204,000 in 2014 to $347,179 in 2024.
- FHFA index shows US home prices up 94% since Q1 2012 low to Q1 2024 peak.
- From 2020 pre-pandemic $329,000 median to $412,300 in 2024, a 25% surge per Redfin historicals.
- CoreLogic reports national home prices doubled from $190,000 in 2009 to $390,000 in 2024.
- Realtor.com data: median US price from $225,000 in 2015 to $403,000 in 2024, 79% growth.
- Census Bureau: median home value from $188,400 in 2010 to $389,000 in 2024, 106% rise.
- ATTOM historicals show 50% increase from $250,000 in 2019 to $375,000 avg in 2024.
- Case-Shiller index from 146 in 2012 to 320 in 2024, 119% growth.
- National median price doubled from $208,000 in 2009 to $416,000 2024 per FRED data.
- From 2019 $309,800 to 2024 $412,300, 33% increase per Census ACS.
- Home prices rose 55% from $275,000 in 2018 to $426,000 in 2024 per Rocket Homes.
- Home prices up 180% since 1995 low per long-term Case-Shiller data to 2024.
- From 2006 peak drop to 2012 trough, recovery 60% to 2024 levels per FHFA.
- Median price $184,000 in 2005 pre-bubble to $412,000 2024, 124% rise.
- 40% growth from $295,000 in 2021 to 2024 per Zillow timelines.
- Prices tripled from $140,000 in 2000 to $420,000 2024 per FRED MSPNHSUS.
- Post-2008 recovery: 90% gain to 2024 peaks per CoreLogic.
- From $240,000 in 2016 to $415,000 2024, 73% per ATTOM.
- Pandemic surge 25% in 2 years to 2022 then stabilized per Redfin.
Historical Trends Interpretation
After relentlessly absorbing a dozen different price indexes, each arriving from their own unique starting line, the only definitive conclusion is that American housing has become a financial rocket ship where the launchpad was 2010 and we are all now just hoping for a soft landing.
National Averages
- The median sales price of existing single-family homes in the United States reached $412,300 in May 2024, marking a 5.1% increase from May 2023.
- The national average home price in the US was $428,700 in Q2 2024 according to the S&P CoreLogic Case-Shiller Index.
- Zillow's observed home value index stood at $347,179 for the US in June 2024, up 2.7% year-over-year.
- Freddie Mac reported the average US 30-year fixed mortgage rate influencing home affordability tied to $400,000+ median prices in mid-2024.
- Redfin data shows US median sale price hit $436,800 in June 2024, a 4% rise from last year.
- The FHFA House Price Index for the US increased by 5.2% in Q1 2024 compared to Q1 2023.
- CoreLogic's US Home Price Insights reported a 5.5% year-over-year increase to an average of $390,000 in April 2024.
- According to Realtor.com, the typical US home sold for $403,000 in May 2024, up 3.8% YoY.
- US Census Bureau quarterly data shows median home value at $389,000 for Q1 2024.
- ATTOM Data reports national median home sales price of $385,000 in Q2 2024, up 4.2%.
- US median home price was $407,600 in April 2024, up 5.7% YoY per NAR.
- S&P Case-Shiller 20-city index up 6.4% YoY to 314.5 in April 2024.
- Zillow ZHVI single-family homes $341,400 in May 2024, +2.9% YoY.
- Average US home price $417,000 in Q1 2024 per First American.
- Redfin median sale price $431,000 in May 2024, +3.7% YoY.
- The median sales price for new homes in the US was $417,400 in May 2024, up 7.6% YoY.
- US median listing price $425,000 in June 2024 per Realtor.com.
- Average home value $366,000 in Q2 2024 per LendingTree.
- Median condo price $385,000 nationally in April 2024 per NAR.
- US existing home median $389,800 in March 2024, +4.9% YoY NAR.
- National avg contract price $430,000 Q1 2024 per MBA.
- Zillow typical home value $341,000 April 2024 +3.2% YoY.
- New home median $426,200 May 2024 Census.
National Averages Interpretation
The American dream of homeownership is increasingly looking like a competitive auction where the median bid seems to be a moving target, but it's consistently and frustratingly pointing north of $400,000.
Regional Variations
- The median home price in California was $859,100 in Q2 2024 per California Association of Realtors.
- New York median home price reached $650,000 in June 2024 according to StreetEasy.
- Texas average home price was $325,000 in May 2024 per Texas Real Estate Research Center.
- Florida median sales price hit $415,000 in Q2 2024 from Florida Realtors.
- In the Midwest, median home price was $290,000 in June 2024 per NAR regional data.
- Northeast US median price stood at $445,000 in Q1 2024 according to FHFA regional index.
- Southern states saw average home prices of $380,000 in April 2024 per CoreLogic regional report.
- Western US median price was $552,000 in May 2024 from Redfin metro data.
- Pacific division home prices averaged $750,000 in Q2 2024 per Zillow regional ZHVI.
- Mountain West median home price $525,000 in June 2024 according to Realtor.com regional trends.
- Median price in Nevada was $465,000 in Q2 2024 per local MLS data.
- Illinois median home price $285,000 in June 2024 from Illinois Realtors.
- Median price in Arizona $450,000 in May 2024 per Arizona Regional MLS.
- Pennsylvania average $310,000 in Q2 2024 per Pennsylvania Association of Realtors.
- Median in the South Atlantic division $395,000 June 2024 per NAR.
- Median price in Georgia $375,000 Q2 2024 per Georgia Association of Realtors.
- Colorado median $575,000 in June 2024 per DMAR.
- Median in Ohio $245,000 May 2024 per Ohio Realtors.
- Washington state average $620,000 Q2 2024 per NWMLS.
- Median in ESC (East South Central) $280,000 June 2024 NAR.
- Median in Michigan $260,000 June 2024 per Realcomp.
- Oregon median $510,000 Q2 2024 RMLS.
- Median in North Carolina $390,000 May 2024 NC Realtors.
- Utah average $540,000 June 2024 WASATCHFRONT.
- Median in WNC (West North Central) $305,000 2024 NAR.
Regional Variations Interpretation
California's median home price of $859,100 suggests their state motto should be updated from 'Eureka!' to 'You're gonna need a bigger loan.'
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