What Is a Median Home Price?

The median home price is a key metric used to understand housing trends at the national, state, and local levels. This market metronome has gained considerable attention in recent years as home prices have increased by as much as 50% since 2019.

In this easy-scan, illustrated guide, we’ll explain what the median home price represents and how it’s used. We’ll also look back at how it’s changed and provide a tool for sellers to estimate home sale proceeds.

What is the median home price metric?

The median home price is the middle price of all homes sold in a specific area during a given time period. In other words, if you lined up all the sold homes from least expensive to most expensive, the median would be the one right in the middle.

This differs from the average home price, which is calculated by adding up all sale prices and dividing by the number of homes sold. The median is often considered a more reliable indicator because it isn’t skewed by a few extremely high or low sales.

For example, if 101 homes sell in a city over a month, the median price is the sale price of the 51st home on the list — not the mathematical average of all 101 sales.

What is the U.S. median home price?

The median home price in the U.S., based on the most recent data, is $419,200. This number gives a snapshot of home values nationwide, but it can vary widely by region, city, and even neighborhood.

If you’re considering selling or just curious about area trends, looking at your local median home price is far more relevant than the national figure. A home in a high-cost market like San Francisco will naturally have a much higher median than one in a more affordable area.

Below are current median home sale prices in some key metro markets throughout the country:

• Los Angeles-Long Beach-Glendale: $939,700
• New York-Newark-Jersey City: $708,500
• Chicago-Naperville-Elgin: $369,600
• Dallas-Fort Worth-Arlington: $382,500
• Houston-The Woodlands-Sugar Land: $340,200
• Washington-Arlington-Alexandria: $623,400
• Miami-Fort Lauderdale-West Palm Beach: $635,000
• Philadelphia-Camden-Wilmington: $376,500
• Atlanta-Sandy Springs-Marietta: $374,700
• Phoenix-Mesa-Scottsdale: $476,400
• Boston-Cambridge-Newton: $735,700
• San Francisco-Oakland-Hayward: $1,315,600

Source: National Association of Realtors (existing single-family homes)