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U.S. states and D.C. by median home price, February 2024 (in February 2024 dollars) [1] State rank State or territory Median home price in US$ 1 Hawaii: $839,013 2 California: $765,197 — District of Columbia: $610,548 3 Massachusetts: $596,410 4 Washington: $575,894 5 Colorado: $539,151 6 Utah: $509,433 7 New Jersey: $503,432 8 Oregon: $487,244 9
1990: In January 1990, the Median Home Price was $125,000, while the Average Home Price was $151,700. [18] The average cost of a new home in 1990 is $149,800 [19] ($234,841 in 2007 dollars). 1991–1997: Flat Housing prices. 1991: US recession, new construction prices fall, but above inflationary growth allows them to return by 1997 in real terms.
The 2000s United States housing bubble or house price boom or 2000s housing cycle [2] was a sharp run up and subsequent collapse of house asset prices affecting over half of the U.S. states. In many regions a real estate bubble, it was the impetus for the subprime mortgage crisis.
Real estate bubbles are invariably followed by severe price decreases (also known as a house price crash) that can result in many owners holding mortgages that exceed the value of their homes. [ 32 ] 11.1 million residential properties, or 23.1% of all U.S. homes, were in negative equity at December 31, 2010. [ 33 ]
The 88240 neighborhood in Hobbs, New Mexico, is projected to see the highest percent decline in average home prices at -7.4%, or a $12,054 decline on the average $162,908 home price.
The biggest year over year drop in median home prices since 1970 occurred in April 2007. Median prices for new homes fell 10.9 percent according to the U.S. Department of Commerce. [49] Others speculated on the negative impact of the retirement of the Baby Boom generation and the relative cost to rent on the declining housing market.