Median Home Price by State 2024

Table Of Content

• Typical home price in Massachusetts: $581,414 (170% of typical U.S. price)
• Typical home price in Montana: $441,716 (129% of typical U.S. price)
• Typical home price by state
• Typical home price in Oklahoma: $194,731 (57% of typical U.S. price)
• Median Sales Price of Houses Sold for the United States (MSPUS)
• Typical home price in Florida: $387,988 (114% of typical U.S. price)

The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. Home values are third highest in the nation and its income-to-home-value ratio is the sixth lowest, despite the median income there being 35% above the national median. Homes in Connecticut are valued 9% above the typical U.S. price, but are still somewhat affordable given the state's relatively high income-to-home-value ratio. California has the second-highest typical home value in the United States and the second-lowest income-to-home-value ratio, despite residents making 22% more than the median U.S. income.

Typical home price in Massachusetts: $581,414 (170% of typical U.S. price)

Iowa has one of the highest homeownership rates in the country, with 75.6% of its residents owning their homes. West Virginia boasts the country's lowest housing costs and its highest rates of homeownership. However, the state also consistently ranks among the worst states to live. Massachusetts offers one of the nation's highest quality of living and some of its best education.

Typical home price in Montana: $441,716 (129% of typical U.S. price)

Where are home prices rising and falling in the US? - USAFacts

Where are home prices rising and falling in the US?.

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However, the costs of homeownership in the United States can be startling. According to Federal Reserve Economic Data, the median price of houses sold in 2022 is $428,700. The Zillow Home Value Index, which measures only the middle price tiers of homes, sets the cost of a typical home in the United States at $344,141. Home values increased by 20% in the twelve months between April 2021 and May 2022. Meanwhile, the median household income in the United States is $67,521 a year.

Typical home price by state

On the other hand, states with relatively low housing costs tend to have higher levels of homeownership. West Virginia, which has the lowest typical house cost, also has the highest homeownership rate, with 79.6% of residents owning their own homes. The median home in Hawaii is smaller than the national average while costing a great deal more. The median home in Hawaii is 1,300 square feet, approximately 70% of the national median of 1,800 square feet. The median price for a typical home in Hawaii is $848,926, more than twice the national average. Hawaii also has one of the country's lowest homeownership rates, with 59% of its residents owning their homes.

Conventional wisdom says to make a 20% down payment on a home, but you don’t need to follow that advice. Just keep in mind that if you decide to go with a low-down-payment option, you’ll most likely need room in your budget for monthly mortgage insurance premiums. If your mortgage calculator results make homeownership seem unrealistic, don’t give up. Look into down payment assistance and first-time homebuyer programs from state agencies and lenders that cater to first-time homebuyers. An acre of land, on average, cost $3.6 million in September 2023, according to online marketplace LandSearch. For decades, California’s housing supply hasn’t been large enough for the number of people wanting to live there.

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Although median household income in the state is 19% higher than the median income housing in the state is relatively unaffordable. South Carolina is slightly below the national typical home price and median household income, resulting in an average income-to-home-value ratio. The most densely populated state, the average value of a typical single-family home in New Jersey in the fourth quarter was $491,161, per Zillow. The median household income in New Jersey is above the U.S. median, but it's not enough net income-to-home-value ratio to be considered affordable. Single-family homes in Maine are typically more expensive than the average U.S. home.

Additionally, the tourism industry’s demand for vacation rentals has reduced housing options for residents and kept the long-term rental market sparse. Below, I provide and graph historical monthly median single-family home values in the United States. Significantly, this data is non-seasonally adjusted and based on sales of existing homes.

The value of an average single family home in Nevada is $415,472, 22% above the typical U.S. home price. That and the median household income being just below the national median creates housing affordability concerns in the state. The gap between those percentage changes is a result of home prices rapidly rising from 2020 through late 2022. From the first quarter of 2020 to the fourth quarter of 2022, the median home sales price rose 46% from $329,000 to $479,500, among the fastest rate of median home sales price increases in U.S. history. In the fourth quarter of 2023, the median price of existing homes in the U.S. was 387,000 U.S. dollars, which is set to rise to 407,000 U.S. dollars by 2025.

20 States with the Lowest Average Home Prices - Yahoo Finance

20 States with the Lowest Average Home Prices.

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The COVID-19 pandemic also led to consumers shifting spending to housing and pushed more millennials toward homeownership. Starting in 2022, however, mortgage rates began to rise rapidly, and house prices have dropped from their peak. According to the Federal Reserve Bank of St. Louis, the median home sales price is $417,700. That's down $17,700 from the previous quarter and $61,800 lower than the previous year. To get a sense of how house prices vary by state, we combed through Redfin’s monthly housing market data as of November 2023. The interplay between home prices and mortgage rates significantly influences the magnitude of a mortgage payment.

The typical home value and median household income are both 8% above their respective national benchmarks, so the income-to-home-value ratio is average. The typical home value in South Dakota is 16% lower than the typical U.S. home value, while the median income in the state is just 7% below the national median. That along with the median household income being 88% of the U.S. median results in the fifth-best income-to-home-value ratio.

A Midwestern boy at heart, he was raised in St. Louis and studied journalism at the University of Missouri. Before joining The Times as an intern in 2017, he wrote for the Columbia Missourian and Politico Europe. County, in the Antelope Valley of the western Mojave Desert, lies Lancaster, a charter city home to rugged landscapes and aerospace giants such as Boeing, Northrop Grumman and Lockheed Martin. Deals are aplenty with many houses in the $200,000s, and most come with a spacious lot to spread out. Dubbed “a different world” by a resident, Kagel Canyon emerged as a mining town in the late 19th century and maintains its rugged, rural atmosphere today.

I also trust the underlying indices to get us in the actual market's ballpark. Lyle Daly is a freelance writer who has been covering personal finance since 2016.

The interactive map above provides a visual representation of the median home prices for each county. It's important to note that these home values reflect the overall worth of all homes in a given area rather than focusing solely on home sales data. Oregon's homeownership rate, at 64.3%, is slightly lower than the national average. Home sizes are also slightly below average, with a typical unit measuring 1,780 square feet.

Rocket Homes Real Estate LLC is committed to ensuring digital accessibility for individuals with disabilities. We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. If you wish to report an issue or seek an accommodation, please contact us at I don't know the condo, co-op, townhome, or multi-family market well enough to try to create proxies. However, single-family homes are mostly comparable countrywide, so this feels like a good series.