Home prices in 1998: US median, states and today's value
A new home in the US had a median sale price of $151,925 in 1998 (Census and HUD), roughly $314,031 when adjusted to September 2026. Since then the FHFA house price index has more than tripled, and the typical US home is worth $366,157 in September 2026 (Zillow).
- New home sales, 1998 median
- $151,925Census and HUD data.
- Adjusted to September 2026
- $314,031. CPI-U adjusted.
Median and average house prices in 1998
The 1998 median for a new house was $151,925, compared with an average of $181,150. The average was 19% higher because a few costly houses raise it. The FHFA index recorded its fastest yearly rise in 1998 since 1989, at +5.1%.
| Year | Median new house | Average new house | FHFA index, change on the year |
|---|---|---|---|
| 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% |
| 2003 | $192,125 | $244,550 | +6.2% |
Yearly new house sales figures come from the U.S. Census Bureau and HUD (FRED MSPUS, ASPUS). Yearly average from the FHFA all-transactions index. More detail on each measure: median home price, plus average home price in America.
Home prices in 1998 by state
The FHFA index has climbed the most in District of Columbia since 1998, at +417%, and the least in Mississippi, at +152%. Only one state saw the FHFA index fall in 1998 itself: Hawaii (−0.1%).
| State | Typical value, September 2026 | FHFA change in 1998 | FHFA change since 1998 |
|---|---|---|---|
| Alabama | $238,614 | +5.0% | +174% |
| Alaska | $397,932 | +3.1% | +200% |
| Arizona | $416,733 | +5.2% | +300% |
| Arkansas | $224,158 | +3.7% | +180% |
| California | $761,538 | +8.4% | +334% |
| Colorado | $529,013 | +6.0% | +285% |
| Connecticut | $447,319 | +5.0% | +209% |
| Delaware | $405,061 | +3.3% | +220% |
| District of Columbia | $567,271 | +5.4% | +417% |
| Florida | $375,361 | +4.9% | +343% |
| Georgia | $329,115 | +6.1% | +216% |
| Hawaii | $832,932 | −0.1% | +326% |
| Idaho | $476,754 | +3.8% | +329% |
| Illinois | $295,943 | +3.2% | +153% |
| Indiana | $257,165 | +4.4% | +173% |
| Iowa | $236,623 | +4.9% | +167% |
| Kansas | $246,055 | +5.0% | +197% |
| Kentucky | $230,909 | +4.4% | +191% |
| Louisiana | $213,867 | +5.3% | +153% |
| Maine | $412,002 | +5.1% | +324% |
| Maryland | $424,890 | +2.9% | +224% |
| Massachusetts | $655,219 | +7.0% | +298% |
| Michigan | $263,760 | +6.2% | +159% |
| Minnesota | $348,778 | +5.9% | +213% |
| Mississippi | $194,531 | +5.2% | +152% |
| Missouri | $265,387 | +4.1% | +200% |
| Montana | $467,275 | +3.5% | +331% |
| Nebraska | $278,299 | +4.6% | +195% |
| Nevada | $440,739 | +3.0% | +246% |
| New Hampshire | $510,937 | +6.5% | +327% |
| New Jersey | $575,123 | +4.3% | +283% |
| New Mexico | $315,812 | +2.5% | +187% |
| New York | $524,942 | +5.1% | +293% |
| North Carolina | $332,159 | +4.9% | +220% |
| North Dakota | $290,657 | +5.1% | +246% |
| Ohio | $245,982 | +4.7% | +156% |
| Oklahoma | $220,801 | +4.8% | +194% |
| Oregon | $492,753 | +5.0% | +260% |
| Pennsylvania | $287,078 | +3.6% | +225% |
| Rhode Island | $508,507 | +3.9% | +324% |
| South Carolina | $304,319 | +5.6% | +239% |
| South Dakota | $317,874 | +4.2% | +244% |
| Tennessee | $330,844 | +5.2% | +247% |
| Texas | $296,424 | +4.8% | +265% |
| Utah | $532,920 | +5.1% | +271% |
| Vermont | $391,900 | +2.4% | +292% |
| Virginia | $412,252 | +3.1% | +270% |
| Washington | $587,533 | +6.7% | +317% |
| West Virginia | $176,576 | +4.9% | +155% |
| Wisconsin | $337,196 | +3.9% | +212% |
| Wyoming | $369,044 | +3.5% | +267% |
FHFA change uses the all-transactions house price index, from the 1998 yearly average through Q2 2026. FHFA HPI datasets
Current value of a 1998 home
A home priced at $151,925 in 1998 matched the median new-house price. Applying the FHFA index gives that home a current value of about $517,833, while consumer prices alone give $314,031. Today's median new house, adjusted for inflation, costs 25% more than the one from 1998.
| A $151,925 home from 1998 | Worth now | As of |
|---|---|---|
| Grown with the FHFA house price index for the US | $517,833 | Q2 2026 |
| Grown with consumer prices only (CPI-U) | $314,031 | September 2026 |
Each series measured against itself, in 1998 and now:
| Series | 1998 | Now | As of | Change |
|---|---|---|---|---|
| Median new house sold, Census and HUD | $151,925 | $393,300 | Q3 2026 | +159% |
| Average new house sold, Census and HUD | $181,150 | $494,400 | Q3 2026 | +173% |
| FHFA house price index (an index, not dollars) | 211.2 | 719.9 | Q2 2026 | +241% |
| Consumer prices (CPI-U) | 163.0 | 336.9 | September 2026 | +107% |
For a specific city and price paid, see the home appreciation calculator.
1998 seen in context
The median new house is shown by the steel line and the average by the grey line; the dashed line marks 1998.
View 1997 home prices for an earlier year. View 1999 home prices for a later year. Find every year in one place: home prices by year. Since 1975, each fall appears in the housing market crash history. City by city, the home appreciation calculator shows today's value for a house bought in 1998.