County Median Home Prices and Monthly Mortgage Payment

Median Home Values

The map above allows you to see the median home price for each county. Applying the House Price Index growth from FHFA to the latest housing data from the American Community Survey (ACS), we calculated a median home value for 3,119 counties and county-equivalents in the United States. Home values represent the value of all homes instead of home sales.

Here is the list of the counties with the highest median home values in the 3rd quarter of 2020:

  • San Mateo County, CA: $1,176,700
  • San Francisco County, CA: $1,161,300
  • New York County, NY: $1,152,800
  • Santa Clara County, CA: $1,126,100
  • Nantucket County, MA: $1,060,100

In the meantime, home prices continue to rise due to the record low housing inventory. In fact, rising home prices threaten housing affordability and significant concerns have been raised about its effects on affordability, especially at the local level.

However, ultra-low mortgage rates significantly lower the borrowing cost. In fact, mortgage rates have dropped more than 1 percentage point within a year. Specifically, the 30-year fixed rate was 3.73% at the end of 2019 compared to 2.67% at the end of 2020. Thus, although home prices have increased in nearly every county across the country, housing is still more affordable compared to a year earlier. Nevertheless, if home prices continue to rise at this pace, many would-be homebuyers will be priced out of the market.

The tool below shows you the monthly mortgage payment for a 30-year fixed-rate mortgage as of now compared to a year earlier. Select a state and county to see how much the payment drops due to the low mortgage rates.

Data

Citation guidelines for NAR research and statistics

Advertisement