Median sale price of existing homes sold in the U.S. 2017-2023 with forecast for 2025
In the fourth quarter of 2023, the median price of existing homes in the U.S. was 387,000 U.S. dollars, which is set to rise to 407,000 U.S. dollars by 2025. House prices increased notably between 2017 and 2021, but the mortgage interest rate hikes that started in late 2021, led to demand falling and prices stabilizing.
Growth in new home prices also continues
New homes are valued higher than existing homes, which can be explained by their superior energy efficiency, modern fittings and reduced need for home improvement projects. In 2023, the median sales price of new homes declined, after soaring during the previous year.
Where have house prices grown the most?
In just a year, home price appreciation in five states exceeded 10 percent. In many other states, the cost of a home rose by over eight percent. Rhode Island, Vermont, and West Virginia were the top three states where prices rose the most, while Hawaii and District of Colombia exhibited a decline in property values.
