Both median home values across the U.S., along with the proportion of homes valued at $1 million or more is continuing a meteoric rise, according to data just release by the Census Bureau.
Data from the brand new American Community Survey (ACS) showed the national median home value in 2003 had increased to about $140,000, up nearly 16 percent since 2000, while the percentage of “million-dollar homes” nearly doubled, from 0.5 percent to 1.0 percent.
“The real estate market is a great example of how rapidly our communities can change from year to year,” said Census Bureau Director Louis Kincannon in a press release. “Yearly housing value snapshots from the ACS will help state and local governments monitor the availability and affordability of housing in their communities.”
California led the nation with the highest median home value ($316,600), followed closely by Hawaii ($302,300), Massachusetts ($300,800) and the District of Columbia ($246,300). In contrast, some of the states with the lowest median home values were West Virginia ($78,200), North Dakota ($78,600), Mississippi ($78,700) and Arkansas ($79,902). Since 2000, Massachusetts (50 percent), California (46 percent), the District of Columbia (44 percent), New Hampshire (41 percent) and Rhode Island (39 percent) experienced the largest increases in median housing value.
California also had the highest percentage of million-dollar homes (4.1 percent) — almost 1-in-25. High concentrations of million-dollar homes were also found in Connecticut (3.3 percent), the District of Columbia (3.3 percent), Massachusetts (2.2 percent) and New York (2.1 percent).
Of the 231 counties with populations of 250,000 or more included in the ACS, San Mateo ($644,300), San Francisco ($607,000), Santa Clara ($553,500) and Santa Cruz ($553,000) — all in California — had some of the highest median home values. Among counties with the least expensive homes were Hidalgo, Texas ($54,000), Jefferson, Ark. ($61,900) and Cameron, Texas ($62,800).
San Francisco ($607,000) had the most expensive median home values among the 69 large cities with populations of 250,000 or more in 2003. Also among the highest were three other cities in California — San Jose ($481,000), San Diego ($376,800) and Oakland ($370,000).
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