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The once attainable American Dream of homeownership is now plagued with rising costs and stiff competition.
The average home sale price in 2014 was $347,700.
With inflation, this equates to about $459,590.
Part of the economic rebound is attributed to high job growth andlow unemployment rates.
2015: Continued Growth
The economy and housing market continued to build off 2014s momentum.
The spring of 2015 saw the best home-building numbers since 2007.
The average home sale price reached $352,700, or about $466,542 when inflation is factored in.
Similarly, housing prices reached a new high at an average sale price of $360,900.
In 2024s currency, this would be about $473,354.
These factors trickled down into home prices increasing to $384,900.
In todays currency, this amount equates to $462,347.
2018: Strong But Steady
2018 remained a strong year despite a few mishaps.
Other stock trading platforms also announced declines, including the Nasdaq and S&P 500.
One of the main causes of the receding market was turbulence at the White House.
Trump declared a national emergency, unlocking $50 billion in federal funds.
At the same time, non-essential businesses shut down, sports leagues were halted and travel bans were enforced.
The average home sale price jumped to $391,900 or $474,219 when factoring in inflation.
This triggered a new wave of home purchases to accommodate lifestyle changes.
In 2021, housing prices advanced 18.8% to $464,200.
In 2024 dollars, this is $547,365.
Even with interest rates cooling, the demand for new housing continued to climb.
Inflation and the cost of living reached their highest levels in 40 years.
The average home sale price was $513,800 or $531,667 in 2024s currency.
Despite the drop, the cost of financing a home remained too high for many Americans.
The Bottom Line
Increases in the average home sale price arent inherently bad.
In fact, growth in home prices does mean the economy is growing.
However, the pandemic created widespread shortages.
With supply still low and interest rates high, many Americans are having difficulty entering the market.
All data was collected on and is up to date as of May 24, 2024.
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