Median home prices in each of the states | Bankrate

If you're hoping to buy a home in the near future, your path to purchase will vary significantly depending on where you want to live. The definition of affordability is not the same across the country, so it's important to think about where you can get the most value for your money.

How much does a home cost in the United States?

According to the National Association of Realtors, the median price for an existing home - one that is already standing, not new construction - was $410,200 in June 2023. This is the second highest price since the association began tracking the data. (The absolute record of $413,800 was set during the real estate boom of June 2022.)

If you're wondering if you should buy a home now or if it's better to wait in hopes of a significant price drop, you may be out of luck. The real estate market usually follows the law of supply and demand, and because there is not enough supply to meet demand, home prices remain fairly stable. Home prices tend to rise over time, but they fluctuate in the short term. For example, seasonality plays a role: the median price in January was just $359,000 before starting to climb steadily to $410,200 in June, reflecting the fact that buying and selling activity typically slows down during the colder months.

To get an idea of how home prices vary from state to state, we analyzed monthly real estate market data from Redfin for June 2023. Average sales prices in North Dakota and Wyoming are based on ATTOM.

data

• State Price
• Alabama $286,000
• Alaska $384,000
• Arizona $443,000
• Arkansas $259,000
• California $799,000
• Colorado $582,000
• Connecticut $432,000
• Delaware $335,000
• District of Columbia $606,000
• Florida $409,000
• Georgia 376,000 dollars
• Hawaii 713,000 dollars
• Idaho $460,000
• Illinois $295,000
• Indiana $258,000.00
• Iowa $239,000
• Kansas $282,000
• Kentucky $257,000
• Louisiana $260,000
• Maine $389,000
• Maryland $433,000
• Massachusetts $640,000
• Michigan $260,000.00
• Minnesota $353,000.00
• Mississippi $263,000.00
• Missouri $267,000.00
• Montana $527,000
• Nebraska $296,000
• Nevada 437,000 dollarsTAOf course, you get what you pay for, and for many, a vacation on the Pacific coast or in a desert hideaway is worth their money. Keep in mind, however, that this state is huge, and while you probably won't find a bargain in Malibu, there are also plenty of budget-priced options in the California real estate market, especially inland.

  Hawaii: $713,000

  From the big city vibe in Honolulu to the laid-back vibe on the island of Kauai, living in this state can make you feel like you're always on vacation. While housing costs here are not as high as in California, don't be fooled: you may cost more here, as utilities and food are generally more expensive on the islands than in the continental U.S.

  Massachusetts: $640,000

  Massachusetts may be relatively small in size, but the real estate market in this densely populated state generates big numbers. Of course, it's impossible to estimate the value of New England, and for many residents, professional opportunities in and around Boston may justify the cost.

  Washington: $621,000

  With giant companies like Microsoft, Amazon and Starbucks headquartered here, Washington, D.C. is a great place to find a high-paying job. Which is good, because you'll have to spend most of your income on the house. Washington's real estate market can be challenging, especially in the Seattle area.

  District of Columbia: $606,000

  Another Washington state - Washington, D.C. - may not technically be a state, but it's definitely an expensive place to buy a home.

Our capital city covers a fairly small area with excessive demand for housing. Surrounding suburbs, such as Alexandria and Arlington in Virginia, are also among the expensive places.

States with the most affordable housing

Iowa: $239,000

The first state to voice its opinion in the presidential election also tops the list of the cheapest place to live. While Iowa is best known for its rural setting, the state also offers a small-town atmosphere in Des Moines, Cedar Rapids, and Iowa City. And if you're ready to stop working, you should consider Joba: it's the best state for retirement according to Bankrate.

Ohio: $249,000

OH ... IO! That familiar cry from the crowd at Ohio University soccer games no longer applies only to touchdowns; it also applies to the real estate market, which seems to be a win for those on a tight budget. The Buckeye State offers a balance of big cities like Cincinnati, Columbus and Cleveland, with plenty of small towns in between.

Oklahoma: $256,000

The central U.S. continues to have affordable home prices in Oklahoma, where home prices are significantly lower than their neighbor to the south, Texas. The Suner State is an affordable option, whether you want to live in a quaint farmhouse, an urban atmosphere in Oklahoma City or a college sports paradise in Norman.

Kentucky: $257,000

This state has much more than the iconic Kentucky Derby - and high-quality, equally famous bourbon. From the hustle and bustle of downtown Louisville to quiet rural homes in horse farm country, the Bluegrass State won't cost you too much money.

Indiana: $258,000

They call it the Crossroads of America, but there's a good reason to stop in Indiana: affordability. From college town charm in Bloomington to big-city opportunities in Indianapolis, the state offers a laid-back Midwestern atmosphere. Can you afford to live in this state? The prices shown here are medians, meaning that half of the residences in each state sold for more expensive and half sold for less. So just because you can't afford to spend $799,000 on a house doesn't mean you can't afford to live somewhere in California: half the houses there sold for less. Real estate is a localized game, and you should be sure to look at individual cities and neighborhoods to determine what fits your budget. If you like a particular