[quote=sdrealtor]Thats not it nj and my point was to find out what people think would be reasonable appreciation over 22 years. It would be a good idea to look at what has happened to the CPI and median HH incomes as a starting point.
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sdr – I wasn’t suggesting that it was the same house – the Glencliff house was built a year later than your example and sold for $580,000 (before landscaping). It came to mind only because I thought it had a very nice size yard and view (if you can ignore the power lines) compared to the interior. Interestingly, that home last sold less than three years ago for $1.6 million.
The median HH income varies (widely) with location. The CPI also varies with location. For San Diego, the CPI in 1988 was 138; in June of this year it was 244. Not that it’s particularly meaningful alone, but if you take your hypothetical home value and scale it up based on the San Diego CPI, you get about $844,000. Which, if I’m understanding your earlier post, is pretty close to what it is being sold for.
Regarding location, as someone mentioned earllier, Detroit provides a great example. I grew up in the suburbs of Detroit and my parents sold that home in 1987. Taking a quick look at what has sold around that area lately, the value of that home has not appreciated at all (and may have declined slightly) during the 23 years since my parents sold it.
