NAR economist: the typical US home could cost $1 million by 2050

Lawrence Yun, chief economist for the National Association of Realtors, said the median single-family home sale price could reach $1 million by 2050 if home prices grow steadily at 3% to 4% each year. For context, the median sale price of an existing home was $429,300 in June.

Yun called the projection speculative but pointed to past shifts in the market to show how dramatic changes can be. "Back in 1990, the median national home price was barely above $100,000," he noted, and in San Francisco "a million-dollar home is very common today," while its 1990 median was about $250,000.

He said some local markets are already diverging from national trends. Home-price growth has slowed in places such as Austin and San Diego, and new construction in smaller markets like Kaufman, Texas, and Harnett, North Carolina, has helped sales. Still, Yun described those cities as outliers within a broader market marked by rising prices and soft demand.

United States

lawrence yun, nar, median price, existing home, 3% growth, 4% growth, san francisco, austin, kaufman texas, harnett nc