Home prices in the US surge by 47% since 2020

Posted on May 20, 2024   |  

Home prices in the US have surged by a substantial 47.1% since the start of the current decade.

The housing boom observed in the early 2020s has exceeded the growth rates of previous decades, including the 1990s and 2010s, and is now poised to surpass the entire growth of the 2000s.

Even the pre-2007 housing market peak is now within reach, indicating the magnitude of this decade's housing market surge.

The COVID-19 pandemic acted as a catalyst for this housing market surge, driving an unprecedented rush among buyers.

Despite mortgage rates doubling to around 7% from the pandemic peak, home prices continue to rise steadily without showing signs of plateauing.

To provide context, the median US home sale price soared to $420,800 in the first quarter of this year, compared to a modest $327,100 at the beginning of the decade and a mere $124,800 at the start of the 1990s.