The median sales price of an existing single-family home in the United States reached almost 393,000 U.S. dollars in 2022 – the highest price on record. The sales price has risen year-on-year since 2011, increasing by over 100,000 U.S. dollars between 2019 and 2022.
Location, location, location
Regional differences in the median sales prices of existing single-family homes were evident across the United States. The cheapest region is the Midwest; the most expensive region is the West. An existing home in the West cost over 100,000 U.S. dollar more than in the in the Midwest.
Prices surge due to housing shortage
A lack of properties on the market is one reason why the prices of existing single-family homes are rising across all regions of the United States. The shortage in housing comes despite increases in both the number of new single-family units being authorized by building permits and new single-family housing unit starts. Homebuyers in the United States will have to pay top dollar should they want a new single-family home.
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