Rise of median value of homes

By Metro Creative

According to the Zillow Home Value Index, the median value of homes in the United States increased dramatically between 2019 and 2024. Data from the online real estate listing service indicates the median value of a home in the U.S. in August 2019 was $243,386.

Just half a decade later, that value had risen to $361,282, marking a 67% increase in median home value over that time. Housing prices have experienced an even greater uptick in Canada, where data from the Canadian Real Estate Association indicates that the average selling price of homes sold in August 2024 was $529,427.75 USD, a roughly 73% increase since August 2019, when the average homes sold in Canada went for $385,527.84 USD.

The spike in housing costs has greatly outpaced inflation. In fact, according to a 2024 report from the real estate data firm Clever, if home prices had increased at the same rate as inflation since 1963, the median price of a home in the U.S. would be $177,511, which is less than half the median value reported by Zillow in August 2024.

— From Metro Creative