Median existing home price increases set record in 2021

In 2021, the median existing home price was $346,900, which represents a 17.0 percent jump from 2020, and an all-time record in price appreciation. Record low inventory, fueled in part by demand inspired by low mortgage rates, has helped push home prices to these highs. Economists expect this trend to dampen slowly in 2022 as mortgage rates rise.