Home Prices: What You Need to Know
Whether you’re buying, selling or staying put, there’s no doubt that home prices have a huge impact on your overall financial journey.
For example: If you’re hoping to buy this year, but you haven’t been in the market for a while, you might get overwhelmed by sticker shock. And, for current homeowners waiting to sell for the highest profit, you’ll definitely want to keep an eye on the growth of your home’s value.
Whatever your situation, we’re here to help you unpack this year’s home pricing trends so you know what to expect when it comes to your largest asset.Home Prices: A Closer Look
First, let’s rewind a bit. According to data collected by the head honchos of the U.S. Census Bureau, the median home price in 1980 was $147,000 in today’s dollars and then $178,000 in 2000.1,2,3 That shows a growth of about 20% in 20 years.
Fast-forward to 2018, and median home prices were around $250,000 nationwide—a growth of more than 40% in less than 20 years!4 That’s double the growth of the previous 20-year period! You’ve got to love real estate.
Now for home prices today. As of May 2019, the U.S. median home price was $315,000.5 This marks an interesting point in housing pricing trends. While that price is a new record high (woo-hoo!), it’s the slowest rate of growth (6%) since 2015.