The median residence worth is a key metric used to know housing traits on the nationwide, state, and native ranges. This market metronome has gained appreciable consideration in recent times as residence costs have elevated by as a lot as 50% since 2019.
On this easy-scan, illustrated information, we’ll clarify what the median residence worth represents and the way it’s used. We’ll additionally look again at the way it’s modified and supply a device for sellers to estimate residence sale proceeds.
What’s the median residence worth metric?
The median residence worth is the center worth of all properties bought in a selected space throughout a given time interval. In different phrases, for those who lined up all of the bought properties from least costly to most costly, the median can be the one proper within the center.
This differs from the common residence worth, which is calculated by including up all sale costs and dividing by the variety of properties bought. The median is commonly thought of a extra dependable indicator as a result of it isn’t skewed by a couple of extraordinarily excessive or low gross sales.
For instance, if 101 properties promote in a metropolis over a month, the median worth is the sale worth of the 51st residence on the record — not the mathematical common of all 101 gross sales.
What’s the U.S. median residence worth?
The median residence worth within the U.S., primarily based on the latest knowledge, is $419,200. This quantity provides a snapshot of residence values nationwide, however it will possibly range broadly by area, metropolis, and even neighborhood.
In the event you’re contemplating promoting or simply inquisitive about space traits, your native median residence worth is much extra related than the nationwide determine. A house in a high-cost market like San Francisco will naturally have a a lot greater median than one in a extra reasonably priced space.
Under are present median residence sale costs in some key metro markets all through the nation:
- Los Angeles-Lengthy Seaside-Glendale: $939,700
- New York-Newark-Jersey Metropolis: $708,500
- Chicago-Naperville-Elgin: $369,600
- Dallas-Fort Price-Arlington: $382,500
- Houston-The Woodlands-Sugar Land: $340,200
- Washington-Arlington-Alexandria: $623,400
- Miami-Fort Lauderdale-West Palm Seaside: $635,000
- Philadelphia-Camden-Wilmington: $376,500
- Atlanta-Sandy Springs-Marietta: $374,700
- Phoenix-Mesa-Scottsdale: $476,400
- Boston-Cambridge-Newton: $735,700
- San Francisco-Oakland-Hayward: $1,315,600
Supply: Nationwide Affiliation of Realtors (current single-family properties)
