Average home values by state in 2023.
Beginning in 2022, mortgage rates began rising at a rapid pace, and home prices in the first two quarters of 2023 fell for the first time since 2020. Now, however, prices seem to have started rising again.
Let's take a deeper look at what the average home prices are in different parts of the country.
Basic results
- The median real estate sales price in the United States is $431,000 as of the third quarter of 2023. This is a 4% increase from the second quarter of 2023, when the median sales price was $416,100.
- According to the Zillow Home Value Index, Hawaii is the most expensive state to buy a home, with a median home value of $972,885.
- West Virginia is the cheapest state to''buying a home, with a median home value of $158,495.
- The median home value in the United States is $430,300.
- The median home sale price is $431,000 as of the third quarter of 2023. This is a 31% increase from the beginning of 2020, when the median value was $329,000.
The median home value in the United States has been increasing over the past four decades. Let's take a look at how median home sale values have changed over the past 40 years (prices are as of January 1 of each year unless otherwise noted):
Data: Federal Reserve Bank of St. Louis.
From 1980 to 2020, the median home sale price increased 416%. From 1980 to the third''Q4 2023 real estate prices increased by 576%.
The gap between these percentage changes is due to the rapid increase in home prices from 2020 through the end of 2022. From the first quarter of 2020 through the fourth quarter of 2022, the median home sale price increased 46%, from $329,000 to $479,500, one of the fastest rates of increase in the median home sale price in U.S. history.
The median home price in the United States: $350,113.
The Federal Reserve only provides data on home sale prices and does not include state-level data. However, the Zillow Home Value Index (ZHVI) provides such data. The ZHVI is not an average value, but it does reflect the typical home value in a particular area.
26 October
3Housing costs vary by state. To find out home prices in each state, median income by state, and housing affordability, read on.
The cost of homes in each stateSource data: Zillow (2023).
The typical home price in Alabama: $220,659 (63% of the typical U.S. price)
The typical value of a single-family home as of the third quarter of 2023: $220,659
The median household income as a percentage of home value: 27%
Housing prices in Alabama are relatively affordable. Although the median household income in Alabama is 80% of the national level median income, the typical cost of housing in the state is''ninth lowest in the nation according to Zillow.
The typical home price in Alaska: $369,997 (106% of the typical U.S. price)
The typical value of a single-family home as of the third quarter of 2023: $369,997
The median household income as a percentage of home value: 24%
The assessed value of housing in Alaska is 6% higher than the typical price in the United States. This is offset by the median income in Alaska, which is higher than the national average.
The typical home value in Arizona: $430,577 (123% of the typical U.S. price)
The typical value of a single-family home as of the third quarter of 2023: $430,577
The median household income as a percentage of home value: 17%
Single-family home in Arizona is expensive - 23% more expensive than''typically in the United States. Buying a home in Arizona is probably not the most affordable option, given that the median household income in the state is in line with the national median.
The typical home price in Arkansas: $198,511 (57% of the typical U.S. price)
The typical value of a single-family home as of the third quarter of 2023: $198,511
The median household income as a percentage of home value: 28%
The typical home value in Arkansas is the third lowest in the nation. Even though Arkansas' median household income is 26% below the national level, the state has one of the highest ratios of income to home value.
...How to save money when buying a homeWith average real estate prices rising in''to significant long-term savings.
The Ascent also has a mortgage calculator that can help you calculate your monthly mortgage payments. You can also use our housing affordability calculator to determine how much property you can afford.
Sources
The list is placed at the end of the original text.
Source data: Zillow (2023).
The typical home price in Alabama: $220,659 (63% of the typical U.S. price)
The typical value of a single-family home as of the third quarter of 2023: $220,659
The median household income as a percentage of home value: 27%
Housing prices in Alabama are relatively affordable. Although the median household income in Alabama is 80% of the national level median income, the typical cost of housing in the state is''ninth lowest in the nation according to Zillow.
The typical home price in Alaska: $369,997 (106% of the typical U.S. price)
The typical value of a single-family home as of the third quarter of 2023: $369,997
The median household income as a percentage of home value: 24%
The assessed value of housing in Alaska is 6% higher than the typical price in the United States. This is offset by the median income in Alaska, which is higher than the national average.
The typical home value in Arizona: $430,577 (123% of the typical U.S. price)
The typical value of a single-family home as of the third quarter of 2023: $430,577
The median household income as a percentage of home value: 17%
Single-family home in Arizona is expensive - 23% more expensive than''typically in the United States. Buying a home in Arizona is probably not the most affordable option, given that the median household income in the state is in line with the national median.
The typical home price in Arkansas: $198,511 (57% of the typical U.S. price)
The typical value of a single-family home as of the third quarter of 2023: $198,511
The median household income as a percentage of home value: 28%
The typical home value in Arkansas is the third lowest in the nation. Even though Arkansas' median household income is 26% below the national level, the state has one of the highest ratios of income to home value.
...How to save money when buying a homeWith average real estate prices rising in''to significant long-term savings.
The Ascent also has a mortgage calculator that can help you calculate your monthly mortgage payments. You can also use our housing affordability calculator to determine how much property you can afford.
Sources
The list is placed at the end of the original text.
With average real estate prices rising in''to significant long-term savings.
The Ascent also has a mortgage calculator that can help you calculate your monthly mortgage payments. You can also use our housing affordability calculator to determine how much property you can afford.
Sources
The list is placed at the end of the original text.
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