Single-Family Homes Appreciating Fast, Especially in These Popular Metros
Across the 50 most populated metropolitan statistical areas (MSAs) in the U.S., the average median single-family home price increased by approximately $10,200 per year from 1990 to 2021, the National Association of Realtors reports. While Cleveland-Elyria, OH posted the smallest nominal increase in median single-family home price with an average of $3,812 per year for a total of approximately $118,200, San Jose-Sunnyvale-Santa Clara, CA had the most significant nominal increase of $37,816 per year for an approximate total of $1,172,300 from 1990 to 2021.
Of the 10-year periods where the median single-family home price increased across the 50 largest metro areas, the average increase was $91,400 after ten years. Negative 10-year periods saw an average decrease in median single-family home price of $27,400 after ten years.
If you were to choose any given 10-year period and MSA combination, there is a 93% chance that this observation would indicate the median single-family home price appreciated at the end of the 10-year period.
If you were to choose any given 10-year period and MSA combination, there is a 7% chance that this observation would indicate the median single-family home price depreciated at the end of the 10-year period.