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Money Management

This Is How Much the Average American Home Costs by State

By July 23, 2024No Comments

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Ever wonder what the average home costs in your state? Well, wonder no more — we’ve got your answers here. [[{“value”:”

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I spent a decade of my life selling homes in my community as a Realtor, and I can tell you, there’s nothing that makes buying or selling a house easier than really being armed with knowledge.

You can’t know everything — that’s why you have an agent — but the more prepared you are going into your purchase or sale, the fewer surprises that will await you. Read on for some helpful information about home prices in all 50 states.

The average American home cost by state

Whether you’re looking to buy a home and you need some idea of pricing to give your mortgage lender, or you’re thinking about selling, it sure helps to know what average prices are near you.

The prices in the table below are based on data from the Zillow Home Value Index (ZHVI). The ZHVI reflects the typical value for a home between the 35th and 65th percentile for an area, making it a fairly realistic gauge of value for the typical buyer in an area. Choosing to look at this slice of data means you eliminate deeply distressed properties, as well as high-end luxury mansions where the last thing you’re worried about is mortgage rates.

I’ve also included the change in price since 2021, so you can see how much equity you may currently have, based on your state’s average.

More: Check out our picks for the best mortgage lenders

Ranking By Price State Q1 2021 Q1 2024 % Change Since 2021 2024 % Difference From Median 1 Hawaii $772,634 $967,296 20.12% 129.87% 2 California $635,822 $785,294 19.03% 86.62% 3 District of Columbia $714,340 $717,557 0.45% 70.52% 4 Massachusetts $486,094 $616,983 21.21% 46.62% 5 Washington $483,026 $589,807 18.10% 40.16% 6 Colorado $452,239 $550,989 17.92% 30.94% 7 New Jersey $403,550 $519,941 22.39% 23.56% 8 Utah $412,426 $519,469 20.61% 23.45% 9 Oregon $418,103 $494,780 15.50% 17.58% 10 New Hampshire $349,856 $475,398 26.41% 12.97% 11 Montana $326,256 $450,517 27.58% 7.06% 12 Rhode Island $343,776 $448,778 23.40% 6.65% 13 Idaho $362,762 $443,630 18.23% 5.43% 14 Nevada $344,911 $441,950 21.96% 5.03% 15 Arizona $332,801 $436,307 23.72% 3.69% 16 New York $334,559 $428,712 21.96% 1.88% 17 Maryland $358,880 $418,225 14.19% (0.61%) 18 Connecticut $307,236 $409,905 25.05% (2.59%) 19 Florida $287,217 $409,638 29.89% (2.65%) 20 Virginia $310,472 $383,327 19.01% (8.91%) 21 Maine $278,905 $379,011 26.41% (9.93%) 22 Vermont $291,444 $375,943 22.48% (10.66%) 23 Delaware $299,760 $371,763 19.37% (11.65%) 24 Alaska $324,818 $362,644 10.43% (13.82%) 25 Wyoming $275,014 $333,745 17.60% (20.69%) 26 Minnesota $282,618 $328,696 14.02% (21.89%) 27 North Carolina $240,089 $324,113 25.92% (22.98%) 28 Georgia $235,319 $323,386 27.23% (23.15%) 29 Tennessee $229,520 $310,207 26.01% (26.28%) 30 Texas $235,889 $299,474 21.23% (28.83%) 31 New Mexico $226,076 $293,801 23.05% (30.18%) 32 South Dakota $230,548 $293,085 21.34% (30.35%) 33 South Carolina $217,913 $289,251 24.66% (31.26%) 34 Wisconsin $231,052 $289,236 20.12% (31.27%) 35 Pennsylvania $212,295 $256,822 17.34% (38.97%) 36 Illinois $208,545 $255,278 18.31% (39.34%) 37 North Dakota $230,507 $252,455 8.69% (40.01%) 38 Nebraska $201,109 $251,976 20.19% (40.12%) 39 Missouri $188,758 $239,144 21.07% (43.17%) 40 Indiana $180,217 $231,797 22.25% (44.92%) 41 Michigan $188,711 $230,579 18.16% (45.20%) 42 Ohio $175,775 $218,937 19.71% (47.97%) 43 Kansas $171,725 $218,078 21.26% (48.18%) 44 Alabama $177,880 $217,961 18.39% (48.20%) 45 Iowa $174,555 $212,618 17.90% (49.47%) 46 Oklahoma $157,331 $200,364 21.48% (52.38%) 47 Arkansas $162,526 $198,530 18.14% (52.82%) 48 Kentucky $158,945 $196,576 19.14% (53.29%) 49 Louisiana $190,184 $195,141 2.54% (53.63%) 50 Mississippi $148,394 $170,810 13.12% (59.41%) 51 West Virginia $131,784 $155,333 15.16% (63.09%)
Data source: Statista / Zillow Home Value Index. Table by author.

Hawaii has the highest property values, where West Virginia has the lowest. The median sales price of homes sold in America was $420,800 in Q1 2024, according to the Federal Reserve Bank of St. Louis. So both Hawaii and West Virginia are very far off the median, which may also influence where you shop for a home or how you plan for your retirement.

Choosing a home in any state

While it’s important to understand property values where you live and where you’re shopping for a home, this information can be used to plan for the future. For example, if you currently live in Virginia, you may find it’s worth choosing your next home in West Virginia when you’re attempting to downsize.

Your life may not change much, depending on where you are in each state, but selling a home in a more expensive location and buying one in a less costly one is one part of a killer retirement strategy.

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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Kristi Waterworth has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Zillow Group. The Motley Fool has a disclosure policy.

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