"My parents paid $10,000 for that house. It was 1954. The average cost of a home then was $10,250."
My parents bought a NEW house outside the city limits of Memphis in 1944 at a cost of $7500. It was 3 BR, screen porch and garage.
Today it is in probably the best neighborhood of Memphis, and while the porch and garage were converted to rooms, it is much the same house, but now worth over $200,000.
My mom and dad bought a new house in Indiana in 1966 for $19,000. Other than normal maintenance nothing has been done to it over the ensuing 41 years. If mom sold it today she could easily get $100,000 for it.
Sounds like it IS about 700 square feet larger in living area, but that sounds about right considering that.