Home prices in 1997: US median, states and today's value
For a new house sold in the US, the 1997 median price was $145,000 (Census and HUD), about $304,368 once measured in September 2026 dollars. 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 for new houses sold, 1997
- $145,000Census and HUD data.
- Converted to September 2026 dollars
- $304,368. Adjusted using CPI-U.
Median and average house prices in 1997
The median sale price for a new house in 1997 was $145,000, while the average reached $174,875. The average was 21% higher because a few costly houses raise it. The FHFA index rose +3.3% during 1997, making it a steady year.
| Year | Median new house | Average new house | FHFA index, change on the year |
|---|---|---|---|
| 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% |
| 2000 | $167,550 | $205,375 | +6.4% |
| 2001 | $173,100 | $211,050 | +7.5% |
| 2002 | $186,025 | $226,700 | +6.3% |
Yearly new house sales data from the U.S. Census Bureau and HUD (FRED MSPUS, ASPUS). Yearly average of the FHFA all-transactions index. More on both measures in America: median home price and average home price.
Home prices in 1997 by state
Since 1997, District of Columbia, +445%, has posted the biggest FHFA index gain, while Illinois, +161%, has posted the smallest. The FHFA index declined in two states during 1997 (Hawaii −6.4%, District of Columbia −0.3%).
| State | Typical value, September 2026 | FHFA change in 1997 | FHFA change since 1997 |
|---|---|---|---|
| Alabama | $238,614 | +3.8% | +188% |
| Alaska | $397,932 | +2.8% | +210% |
| Arizona | $416,733 | +4.0% | +321% |
| Arkansas | $224,158 | +3.0% | +190% |
| California | $761,538 | +2.6% | +371% |
| Colorado | $529,013 | +5.2% | +308% |
| Connecticut | $447,319 | +1.2% | +225% |
| Delaware | $405,061 | +1.2% | +231% |
| District of Columbia | $567,271 | −0.3% | +445% |
| Florida | $375,361 | +2.7% | +364% |
| Georgia | $329,115 | +4.4% | +235% |
| Hawaii | $832,932 | −6.4% | +325% |
| Idaho | $476,754 | +2.7% | +345% |
| Illinois | $295,943 | +3.0% | +161% |
| Indiana | $257,165 | +4.2% | +185% |
| Iowa | $236,623 | +4.0% | +180% |
| Kansas | $246,055 | +4.1% | +211% |
| Kentucky | $230,909 | +4.4% | +204% |
| Louisiana | $213,867 | +4.4% | +167% |
| Maine | $412,002 | +2.0% | +345% |
| Maryland | $424,890 | +0.9% | +233% |
| Massachusetts | $655,219 | +4.4% | +326% |
| Michigan | $263,760 | +7.6% | +175% |
| Minnesota | $348,778 | +4.9% | +232% |
| Mississippi | $194,531 | +3.6% | +165% |
| Missouri | $265,387 | +4.1% | +212% |
| Montana | $467,275 | +2.9% | +346% |
| Nebraska | $278,299 | +5.1% | +208% |
| Nevada | $440,739 | +2.3% | +256% |
| New Hampshire | $510,937 | +3.8% | +355% |
| New Jersey | $575,123 | +1.5% | +299% |
| New Mexico | $315,812 | +1.9% | +194% |
| New York | $524,942 | +1.0% | +313% |
| North Carolina | $332,159 | +4.7% | +236% |
| North Dakota | $290,657 | +2.5% | +264% |
| Ohio | $245,982 | +4.3% | +168% |
| Oklahoma | $220,801 | +3.1% | +209% |
| Oregon | $492,753 | +6.4% | +278% |
| Pennsylvania | $287,078 | +1.4% | +236% |
| Rhode Island | $508,507 | +0.7% | +341% |
| South Carolina | $304,319 | +4.4% | +257% |
| South Dakota | $317,874 | +4.0% | +258% |
| Tennessee | $330,844 | +4.5% | +265% |
| Texas | $296,424 | +2.2% | +283% |
| Utah | $532,920 | +6.1% | +290% |
| Vermont | $391,900 | +1.1% | +302% |
| Virginia | $412,252 | +1.9% | +282% |
| Washington | $587,533 | +4.0% | +346% |
| West Virginia | $176,576 | +2.7% | +168% |
| Wisconsin | $337,196 | +4.4% | +224% |
| Wyoming | $369,044 | +3.1% | +280% |
FHFA change: the FHFA house price index for all transactions, measured from the yearly average in 1997 through Q2 2026. FHFA HPI datasets
Current value of a 1997 home
Consider a home with a 1997 cost of $145,000, which was the median price for a new house. Using the FHFA index, that home would now be worth about $519,542. Using consumer prices alone, it would be worth $304,368. Once inflation is taken out, today's median new house price sits 29% above the 1997 level.
| A $145,000 home from 1997 | Worth now | As of |
|---|---|---|
| Grown using the FHFA house price index covering the US | $519,542 | Q2 2026 |
| Grown with consumer prices only (CPI-U) | $304,368 | September 2026 |
The following figures compare each series in 1997 with its current level:
| Series | 1997 | Now | As of | Change |
|---|---|---|---|---|
| Median new house sold, Census and HUD | $145,000 | $393,300 | Q3 2026 | +171% |
| Average new house sold, Census and HUD | $174,875 | $494,400 | Q3 2026 | +183% |
| FHFA house price index (an index, not dollars) | 200.9 | 719.9 | Q2 2026 | +258% |
| Consumer prices (CPI-U) | 160.5 | 336.9 | September 2026 | +110% |
For any city and purchase price, use the home appreciation calculator.
Putting 1997 in context
The median new house appears as a steel line, while the average appears in grey. A dashed line identifies 1997.
Before this year: home prices in 1996. After this year: home prices in 1998. One page covers every year: home prices listed by year. Review each fall since 1975: housing market crash history. For a home purchased in 1997, find its current value city by city with the appreciation calculator.