Home prices in 1994: US median, states and today's value
According to Census and HUD, the median sale price for a new US house was $130,425 in 1994. In September 2026 dollars, that was about $296,478. Since then the FHFA house price index has more than tripled, and the typical US home is worth $366,157 in September 2026 (Zillow).
- Median new house sale price, 1994
- $130,425HUD and Census.
- In dollars as of September 2026
- $296,478. CPI-U adjusted.
House prices in 1994: median and average
New houses sold in 1994 had a median price of $130,425 and an average of $154,175, 18% higher than the median, because a few costly houses lift the average. The FHFA index put 1994 at a steady +2.5% on the year.
| Year | Median new house | Average new house | FHFA index, change on the year |
|---|---|---|---|
| 1989 | $120,425 | $148,125 | +5.3% |
| 1990 | $122,300 | $149,075 | +3.1% |
| 1991 | $119,975 | $147,275 | +1.9% |
| 1992 | $121,375 | $144,675 | +2.8% |
| 1993 | $126,500 | $147,475 | +2.3% |
| 1994 | $130,425 | $154,175 | +2.5% |
| 1995 | $133,475 | $157,750 | +3.0% |
| 1996 | $140,250 | $165,525 | +3.4% |
| 1997 | $145,000 | $174,875 | +3.3% |
| 1998 | $151,925 | $181,150 | +5.1% |
| 1999 | $160,125 | $194,675 | +4.9% |
New houses sold, yearly, from U.S. Census Bureau and HUD (FRED MSPUS, ASPUS). Yearly average of the FHFA all-transactions index. The two measures in more detail: the median home price and the average home price in America.
Home prices in 1994 by state
The FHFA index has climbed most in District of Columbia since 1994, at +448%, and least in Illinois, at +189%. During 1994 the FHFA index dropped in 13 states, and California had the deepest fall, at −4.9%.
| State | Typical value, September 2026 | FHFA change in 1994 | FHFA change since 1994 |
|---|---|---|---|
| Alabama | $238,614 | +3.6% | +224% |
| Alaska | $397,932 | +4.5% | +247% |
| Arizona | $416,733 | +5.2% | +386% |
| Arkansas | $224,158 | +5.7% | +224% |
| California | $761,538 | −4.9% | +374% |
| Colorado | $529,013 | +12.2% | +390% |
| Connecticut | $447,319 | −3.2% | +231% |
| Delaware | $405,061 | −1.7% | +242% |
| District of Columbia | $567,271 | −2.7% | +448% |
| Florida | $375,361 | +0.8% | +402% |
| Georgia | $329,115 | +2.3% | +280% |
| Hawaii | $832,932 | −0.6% | +273% |
| Idaho | $476,754 | +7.8% | +399% |
| Illinois | $295,943 | +4.4% | +189% |
| Indiana | $257,165 | +4.4% | +227% |
| Iowa | $236,623 | +7.1% | +221% |
| Kansas | $246,055 | +6.5% | +257% |
| Kentucky | $230,909 | +6.0% | +249% |
| Louisiana | $213,867 | +6.4% | +207% |
| Maine | $412,002 | −2.0% | +371% |
| Maryland | $424,890 | −0.7% | +243% |
| Massachusetts | $655,219 | −0.2% | +370% |
| Michigan | $263,760 | +5.0% | +242% |
| Minnesota | $348,778 | +4.1% | +283% |
| Mississippi | $194,531 | +5.3% | +201% |
| Missouri | $265,387 | +4.5% | +254% |
| Montana | $467,275 | +10.5% | +415% |
| Nebraska | $278,299 | +7.3% | +261% |
| Nevada | $440,739 | +1.6% | +288% |
| New Hampshire | $510,937 | −1.3% | +394% |
| New Jersey | $575,123 | −0.4% | +313% |
| New Mexico | $315,812 | +10.1% | +229% |
| New York | $524,942 | −2.2% | +323% |
| North Carolina | $332,159 | +4.5% | +287% |
| North Dakota | $290,657 | +6.1% | +306% |
| Ohio | $245,982 | +4.7% | +207% |
| Oklahoma | $220,801 | +4.3% | +242% |
| Oregon | $492,753 | +10.4% | +373% |
| Pennsylvania | $287,078 | 0% | +251% |
| Rhode Island | $508,507 | −3.1% | +348% |
| South Carolina | $304,319 | +2.5% | +303% |
| South Dakota | $317,874 | +7.3% | +306% |
| Tennessee | $330,844 | +4.8% | +326% |
| Texas | $296,424 | +2.0% | +308% |
| Utah | $532,920 | +16.6% | +402% |
| Vermont | $391,900 | +0.3% | +314% |
| Virginia | $412,252 | +0.6% | +302% |
| Washington | $587,533 | +4.8% | +394% |
| West Virginia | $176,576 | +5.3% | +198% |
| Wisconsin | $337,196 | +8.8% | +276% |
| Wyoming | $369,044 | +10.3% | +343% |
FHFA HPI datasets. FHFA change: the all-transactions home price index, yearly average for 1994 up to Q2 2026.
The value today of a 1994 home
Consider a home priced at $130,425 in 1994, which was the median for new houses. If the value grew with the FHFA index, it would now be about $514,827; using only consumer prices, it would be $296,478. Today's median new house, adjusted for inflation, costs 33% more than the 1994 one.
| A $130,425 home from 1994 | Worth now | As of |
|---|---|---|
| Grown with the FHFA house price index (US) | $514,827 | Q2 2026 |
| Grown with consumer prices only (CPI-U) | $296,478 | September 2026 |
Each series measured against itself, 1994 and now:
| Series | 1994 | Now | As of | Change |
|---|---|---|---|---|
| Median new house sold, Census and HUD | $130,425 | $393,300 | Q3 2026 | +202% |
| Average new house sold, Census and HUD | $154,175 | $494,400 | Q3 2026 | +221% |
| FHFA house price index (an index, not dollars) | 182.4 | 719.9 | Q2 2026 | +295% |
| Consumer prices (CPI-U) | 148.2 | 336.9 | September 2026 | +127% |
The home appreciation calculator works for a given city and the price paid for a home.
1994 seen in context
The median new house is shown by the steel line, while the average uses the grey line. The dashed line marks 1994.
Before that: home prices in 1993. After that: home prices in 1995. All yearly home prices appear on one page: home prices by year. Since 1975, every fall is covered in the housing market crash history. City by city, the value today of a home bought in 1994: the appreciation calculator.