Median home price has reached $300K for the first time ever

But the most affordable homes are becoming harder to find

Median home price has reached $300K for the first time ever

A new record was set in March as the US national median home price reached $300,000 for the first time, having risen 7% year-over-year.

The previous high was in the summer of 2018 when it hit $299,000.

Realtor.com’s monthly housing trend report shows that inventory is still rising but the pace has moderated and in the much-in-demand $200K and below sector inventory was down 9% year-over-year.

Meanwhile, there was an 11% increase in inventory among homes priced $750,000 and above.

Approximately 56,000 additional homes were for sale in March compared to last year, amounting to a 4% increase year-over-year, mainly due to a 9% increase in the 50 largest markets (although new listings were down 0.4%).

"The typical U.S. home list price has set a new high right on the cusp of the spring homebuying season, and despite a slowing growth rate, home prices will likely continue to set new records later this year," said Danielle Hale, realtor.com®'s chief economist. "Heading into spring, U.S. prices are expected to continue to rise and inventory is expected to continue to increase, but at a slower pace than we've seen the last few months as fewer sellers want to contend with this year's more challenging conditions. A buyer's experience will vary notably depending on the market and price point they're targeting."

Metros Seeing the Largest Gains in Inventory

Metro

Active

Listing
Count YoY

New Listing
Count YoY

Median
Listing Price
YoY

Share of
Price
Reduced Y-Y

Median Days
on Market Y-Y

San Jose-Sunnyvale-Santa Clara, Calif.

114%

4%

-12%

8%

11

Seattle-Tacoma-Bellevue, Wash.

77%

11%

11%

6%

9

San Francisco-Oakland-Hayward, Calif.

44%

4%

-3%

5%

7

Portland-Vancouver-Hillsboro, Ore.-Wash.

34%

0%

0%

1%

7

Nashville-Davidson--Murfreesboro--Franklin, Tenn.

28%

11%

-2%

2%

6

San Diego-Carlsbad, Calif.

27%

0%

0%

1%

6

Dallas-Fort Worth-Arlington, Texas

25%

3%

-3%

3%

5

Los Angeles-Long Beach-Anaheim, Calif.

24%

-1%

0%

3%

10

Boston-Cambridge-Newton, Mass.-N.H.

23%

3%

3%

3%

4

Detroit-Warren-Dearborn, Mich.

19%

2%

7%

2%

3

Houston-The Woodlands-Sugar Land, Texas

17%

7%

-3%

3%

5

Atlanta-Sandy Springs-Roswell, Ga.

17%

5%

2%

4%

2

Tampa-St. Petersburg-Clearwater, Fla.

17%

2%

2%

3%

7

Jacksonville, Fla.

15%

1%

-3%

3%

4

Orlando-Kissimmee-Sanford, Fla.

14%

2%

-1%

4%

2

Providence-Warwick, R.I.-Mass.

12%

8%

5%

1%

6

Miami-Fort Lauderdale-West Palm Beach, Fla.

12%

4%

-1%

0%

5

Las Vegas-Henderson-Paradise, Nev.

11%

13%

7%

16%

7

Sacramento--Roseville--Arden-Arcade, Calif.

11%

-11%

3%

0%

9

Charlotte-Concord-Gastonia, N.C.-S.C.

10%

3%

0%

3%

3

New York-Newark-Jersey City, N.Y.-N.J.-Pa.

9%

10%

7%

3%

3

Austin-Round Rock, Texas

8%

3%

-2%

2%

1

San Antonio-New Braunfels, Texas

8%

7%

1%

5%

-1

Richmond, Va.

8%

11%

6%

0%

-1

Riverside-San Bernardino-Ontario, Calif.

7%

-4%

4%

0%

8

Phoenix-Mesa-Scottsdale, Ariz.

7%

-2%

1%

6%

3

Louisville/Jefferson County, Ky.-Ind.

7%

2%

6%

1%

4

Raleigh, N.C.

5%

0%

1%

3%

7

Buffalo-Cheektowaga-Niagara Falls, N.Y.

4%

-3%

5%

1%

6

Chicago-Naperville-Elgin, Ill.-Ind.-Wis.

3%

-3%

2%

0%

-1

Columbus, Ohio

3%

-8%

7%

1%

3

Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.

3%

1%

9%

1%

-1

Hartford-West Hartford-East Hartford, Conn.

2%

-3%

0%

-1%

12

Minneapolis-St. Paul-Bloomington, Minn.-Wis.

2%

-11%

2%

1%

6

Baltimore-Columbia-Towson, Md.

-1%

-1%

4%

2%

7

Memphis, Tenn.-Miss.-Ark.

-1%

-8%

13%

1%

-4

Cleveland-Elyria, Ohio

-2%

1%

8%

1%

-4

Kansas City, Mo.-Kan.

-2%

-18%

13%

1%

16

Cincinnati, Ohio-Ky.-Ind.

-3%

-3%

8%

0%

-1

Pittsburgh, Pa.

-5%

4%

3%

0%

-10

Birmingham-Hoover, Ala.

-5%

2%

13%

1%

-8

New Orleans-Metairie, La.

-6%

-9%

5%

-3%

2

Virginia Beach-Norfolk-Newport News, Va.-N.C.

-8%

-1%

6%

2%

-1

Milwaukee-Waukesha-West Allis, Wios.

-8%

-10%

16%

-1%

1

Indianapolis-Carmel-Anderson, Ind.

-9%

-3%

13%

0%

12

Tucson, Ariz.

-9%

-17%

10%

3%

1

Rochester, N.Y.

-10%

-10%

14%

1%

2

Oklahoma City, Okla.

-11%

32%

7%

4%

-5

Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.Va.

-14%

-12%

1%

2%

8

St. Louis, Mo.-Ill.

-19%

-15%

7%

0%

5