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.
Related Stories
Market Data + Trends
The Fed Ups Its Pressure on the Housing Market, Amplifying Recession Fears
The Federal Reserve raised the 30-year fixed-rate mortgage yet again on Wednesday, and with more gains expected in the months ahead, housing experts warn a recession could soon follow
Market Data + Trends
Housing Demand and Supply May Be Falling, but Home Prices Haven’t Stopped Rising
The housing market is rebalancing after years of red-hot home sales, but while supply and demand are falling, home prices have yet to fall from record highs
Financing
What the Fed’s Most Recent Rate Hike Means for Homebuyers—Good and Bad News
The 30-year fixed-rate mortgage just surpassed 6%, and while pricier borrowing costs will push homeownership out of reach for some would-be buyers, others will benefit from less competition and more bargaining power
