Strong Demand & Tight Supply Drive U.S. Home Prices to Historical Highs

Strong Demand & Tight Supply Drive U.S. Home Prices to Historical Highs

For the first time ever, the national median home price has reached $200,000, a 7.5% increase from June 2016, according to a Real Estate Market Report by real estate service company Zillow. During the previous housing bubble, the national median price peaked at $196,600.

The strongest annual price gains were in:

  • Seattle: 13% to $447,100
  • Dallas-Forth Worth: $10.5% to $211,000
  • Las Vegas: 10.2% to $255,500

San Jose, CA has the highest national median home price at $1,013,700, a 5.9% increase from the same time last year. Cleveland, OH has the lowest median price at $134,600, 5.6% higher than the first 6-months of 2016.

Meanwhile, the median rent across the nation rose a meager 1% over the same time last year, reaching $1,422 per month. The greatest rent increases were in:

  • Seattle: 5% to $2,142 per month
  • Sacramento: 4.5% to $1,744 per month
  • Los Angeles: 4.2% to $2,682

San Jose, CA led the nation with a median monthly rent of $3,472.  Detroit, MI has the lowest median monthly rent at $1,074.