Short answer. In 1981 the median new home in the U.S. sold for $68,900 and the median existing home for $66,400, with a 30-year mortgage rate of 16.63%. In 2024 the medians were $420,300 and $407,500 at 6.72%.
1981 is the year mortgage rates peaked, so it is the natural comparison point. The Census Bureau's median sales price of new houses sold was $68,900; the National Association of Realtors' median existing-home price was $66,400; Freddie Mac's annual average 30-year fixed rate was 16.63%, the highest annual figure in the series.
1981 versus 2024
- Median new home: $68,900 in 1981, $420,300 in 2024 (6.1 times higher)
- Median existing home: $66,400 in 1981, $407,500 in 2024 (6.1 times higher)
- 30-year fixed rate: 16.63% in 1981, 6.72% in 2024
- New homes sold: 436000 in 1981, 679000 in 2024
What the monthly payment looked like
A buyer putting 20% down on the 1981 median existing home borrowed about $53,120 at 16.63%, a principal-and-interest payment near $741 a month. The same 20%-down buyer of the 2024 median existing home borrowed $326,000 at 6.72%, about $2,108 a month. Prices rose roughly sixfold; the payment rose less than that because the rate fell by more than half.
Sources: U.S. Census Bureau (new-home median sales price and sales), National Association of Realtors (existing-home median price), Freddie Mac Primary Mortgage Market Survey (annual average 30-year fixed rate). Payments are computed, not reported.
Sources
U.S. Census Bureau Survey of Construction; National Association of Realtors Existing Home Sales report; Freddie Mac Primary Mortgage Market Survey; National Bureau of Economic Research Business Cycle Dating Committee.