What are the average home prices by state?

1 min read by Unbiased team Last updated June 28, 2024

Find out what the average cost of a house by state is so that you can make an informed real estate investment or purchase decision.

Summary 

  • In 2024, the average cost of a house in the US is $495,000.  

  • House prices vary drastically from state to state depending on numerous factors, including economic conditions and population density.  

  • Understanding house prices by state is important for anyone who wants to buy or invest in real estate.  

  • If you’re saving for a home or looking to expand your property portfolio, a financial advisor can help you get your finances in order and help you save enough to purchase a property. 

What does home pricing look like across the US? 

Economic conditions, location, and supply and demand all influence home prices. 

Naturally, other key factors like state, house size, number of bedrooms, age, condition, and zip code also influence the cost of a house. However, at a glance, in 2024, the current average price of a home house in the US is $495,000

Some of the lowest-priced houses in the US can be bought for around $150,000, while the highest-priced houses will set you back $200 million or higher.  

States with the lowest house prices include West Virginia, Alabama, Mississippi, and Arkansas.  

States with the highest house prices include Hawaii, California, New York, and Massachusetts.  

Understanding median house prices by state is crucial for both home buyers and investors. It establishes a benchmark and can indicate the return on investment. 

What national housing trends should you be aware of? 

National housing trends such as interest rates, population growth, and housing policies all impact average home prices by state.  

These trends contribute to the fluctuating real estate market by informing buyers, sellers, and contractors about what kinds of properties are most in demand. 

​​What are the state-by-state home price comparisons? 

The median house price by state changes slightly every year.  

In the below list are the 2023 and 2024 median house prices per state and the year-on-year percentage changes: 

Alabama 

  • 2023 median home value: $220,663.56 

  • 2024 median home value: $230,383 

  • Year-over-year percentage change: 2.1% 

Alaska 

  • 2023 median home value: $370,645.33 

  • 2024 median home value: $363,407 

  • Year-over-year percentage change: 2.0% 

Arizona 

  • 2023 median home value: $431,911.95 

  • 2024 median home value: $461,352 

  • Year-over-year percentage change: 4.4% 

Arkansas 

  • 2023 median home value: $198,501.94 

  • 2024 median home value: $207,880 

  • Year-over-year percentage change: 3.3% 

California 

  • 2023 median home value: $764,721.54 

  • 2024 median home value: $786,938 

  • Year-over-year percentage change: 7.2% 

Colorado 

  • 2023 median home value: $549,171.97 

  • 2024 median home value: $552,622 

  • Year-over-year percentage change: 2.2% 

Connecticut 

  • 2023 median home value: $407,740.96 

  • 2024 median home value: $407,223 

  • Year-over-year percentage change: 11.4% 

Delaware 

  • 2023 median home value: $371,609.08 

  • 2024 median home value: $388,199 

  • Year-over-year percentage change: 4.2% 

District of Columbia (D.C.) 

  • 2023 median home value: $723.081.23 

  • 2024 median home value: $619,595 

  • Year-over-year percentage change: -0.9% 

Florida 

  • 2023 median home value: $408,118.28 

  • 2024 median home value: $399,944 

  • Year-over-year percentage change: 3.2% 

Georgia 

  • 2023 median home value: $320.922.92 

  • 2024 median home value: $333,614 

  • Year-over-year percentage change: 4.6% 

Hawaii 

  • 2023 median home value: $972,884.84 

  • 2024 median home value: $856,644 

  • Year-over-year percentage change: 2.5 %  

Idaho 

  • 2023 median home value: $445,298.27 

  • 2024 median home value: $459,489 

  • Year-over-year percentage change: 2.7% 

Illinois 

  • 2023 median home value: $256,600.41 

  • 2024 median home value: $265,824 

  • Year-over-year percentage change: 7.3% 

Indiana 

  • 2023 median home value: $234,165.99 

  • 2024 median home value: $243,877 

  • Year-over-year percentage change: 5.6% 

Iowa 

  • 2023 median home value: $216,698.61 

  • 2024 median home value: $220,855 

  • Year-over-year percentage change: 4.6% 

Kansas 

  • 2023 median home value: $220,219.76 

  • 2024 median home value: $229,970 

  • Year-over-year percentage change: 5.4%  

Kentucky 

  • 2023 median home value: $197,759.76 

  • 2024 median home value: $207,528 

  • Year-over-year percentage change: 4.9% 

Louisiana 

  • 2023 median home value: $201,120.89 

  • 2024 median home value: $202,170 

  • Year-over-year percentage change: -2.5% 

Maine 

  • 2023 median home value: $387,523.51 

  • 2024 median home value: $403,919 

  • Year-over-year percentage change: 7.5% 

Maryland 

  • 2023 median home value: $418,999.69 

  • 2024 median home value: $421,804 

  • Year-over-year percentage change: 4.0% 

Massachusetts 

  • 2023 median home value: $610,853.88 

  • 2024 median home value: $629,177 

  • Year-over-year percentage change: 8.8% 

Michigan 

  • 2023 median home value: $235,827.22 

  • 2024 median home value: $247,697 

  • Year-over-year percentage change: 5.9%  

Minnesota 

  • 2023 median home value: $336,904.78 

  • 2024 median home value: $338,880 

  • Year-over-year percentage change: 2.4% 

Mississippi 

  • 2023 median home value: $176,829.86 

  • 2024 median home value: $180,452 

  • Year-over-year percentage change: 2.6% 

Missouri 

  • 2023 median home value: $240,768.18 

  • 2024 median home value: $248,331 

  • Year-over-year percentage change: 4.6% 

Montana 

  • 2023 median home value: $456,074.42 

  • 2024 median home value: $466,311 

  • Year-over-year percentage change: 5.1% 

Nebraska 

  • 2023 median home value: $255,266.79 

  • 2024 median home value: $264,763 

  • Year-over-year percentage change: 4.5 % 

Nevada 

  • 2023 median home value: $433,802.11 

  • 2024 median home value: $440,473 

  • Year-over-year percentage change: 5.7% 

New Hampshire 

  • 2023 median home value: $473,379.61 

  • 2024 median home value: $479,363 

  • Year-over-year percentage change: 8.9% 

New Jersey 

  • 2023 median home value: $509,666.68 

  • 2024 median home value: $527,599 

  • Year-over-year percentage change: 9.5% 

New Mexico 

  • 2023 median home value: $294,313.87 

  • 2024 median home value: $303,286 

  • Year-over-year percentage change: 5.2% 

New York 

  • 2023 median home value: $426,660.95 

  • 2024 median home value: $470,663 

  • Year-over-year percentage change: 7.0% 

North Carolina 

  • 2023 median home value: $322,789.39 

  • 2024 median home value: $335,974 

  • Year-over-year percentage change: 4.8% 

North Dakota 

  • 2023 median home value: $262,048.76 

  • 2024 median home value: $259,916 

  • Year-over-year percentage change: 0.8% 

Ohio 

  • 2023 median home value: $220,798.59 

  • 2024 median home value: $231,604 

  • Year-over-year percentage change: 7.03% 

Oklahoma 

  • 2023 median home value: $199,764.60 

  • 2024 median home value: $207,178 

  • Year-over-year percentage change: 3.8% 

Oregon 

  • 2023 median home value: $502,426.45 

  • 2024 median home value: $503,811 

  • Year-over-year percentage change: 2.0% 

Pennsylvania 

  • 2023 median home value: $258,741.53 

  • 2024 median home value: $269,246 

  • Year-over-year percentage change: 5.7% 

Rhode Island 

  • 2023 median home value: $446,633.41 

  • 2024 median home value: $465,459 

  • Year-over-year percentage change: 8.6% 

South Carolina 

  • 2023 median home value: $288,530.77 

  • 2024 median home value: $298,598 

  • Year-over-year percentage change: 4.2% 

South Dakota 

  • 2023 median home value: $297,880.95 

  • 2024 median home value: $306,829 

  • Year-over-year percentage change: 2.4% 

Tennessee 

  • 2023 median home value: $310,926.83 

  • 2024 median home value: $324,797 

  • Year-over-year percentage change: 4.7% 

Texas 

  • 2023 median home value: $303,703.03 

  • 2024 median home value: $306,756, 

  • Year-over-year percentage change: 1.0%  

Utah 

  • 2023 median home value: $519,840.69 

  • 2024 median home value: $522,754 

  • Year-over-year percentage change: 2.4 % 

Vermont 

  • 2023 median home value: $398,737.03 

  • 2024 median home value: $393,649 

  • Year-over-year percentage change: 4.4% 

Virginia 

  • 2023 median home value: $378,609.65 

  • 2024 median home value: $393,527 

  • Year-over-year percentage change: 6.0%  

Washington 

  • 2023 median home value: $587,414.79 

  • 2024 median home value: $600,204 

  • Year-over-year percentage change: 4.4% 

West Virginia 

  • 2023 median home value: $158,495.35 

  • 2024 median home value: $167,862 

  • Year-over-year percentage change: 5.7% 

Wisconsin 

  • 2023 median home value: $297,157.79 

  • 2024 median home value: $303,921 

  • Year-over-year percentage change: 5.3% 

Wyoming 

  • 2023 median home value: $340,438.77 

  • 2024 median home value: $347,409 

  • Year-over-year percentage change: 3.6% 

What is the difference between home prices in urban and rural areas? 

The price differences between urban and rural settings can be significant.  

Urban areas generally have access to more resources, better education systems, and higher-quality buildings, all of which contribute to higher prices for houses.  

For example, California, which is known for its high quality of life and relationally high-priced properties, has some of the highest-priced houses in the country. The average cost of a home in California is $683,000.  

Rural areas, on the other hand, tend to have limited access to resources and are less developed than city areas.  

This means that some of the lowest-priced houses in the US are found in states like West Virginia and Alabama, where the median price for a home drops to between $150,000 and $200,000.  

3 tips for prospective homebuyers 

Buying a home is a big decision that requires a lot of financial planning and foresight.  

You need to consider home value comparison, future area developments, budget, and location, among many other things.  

Below is some practical advice for navigating the home-buying process in different states: 

1. Time the market 

Housing markets fluctuate, and timing impacts prices. If you make an impulsive real estate purchase, you risk overspending on a property that isn’t worth the cost or making a bad investment.  

Time the market and assess changes in average home prices by state to ensure that your purchase aligns with your investment decision.  

2. Understand local taxes 

Property taxes vary from state to state.  

Over time, local property taxes add up and can seriously impact the amount of money you end up spending on your property.  

By gaining an understanding of local taxes, you can buy property in an area whose rates match your budget.  

3. Consider future area developments 

You might like the look and feel of a certain state or neighborhood right now, but what is it projected to look like in a few years?  

Find out what future developments are lined up for the area you’re interested in before making a purchase decision.  

What are some potential future trends in the housing market?  

If you are hoping to invest in real estate, it is important to be aware of future trends. 

Potential changes in the real estate market that impact the average home sale price by state are based on economic forecasts, technological advancements, and demographic shifts.  

Looking forward, experts suggest that the housing market will continue to improve and that there will be an increase in homes being purchased outside of cities and along coastal routes.  

These trends can affect future house prices by state by influencing buyer power, wealth distribution, and even property design.  

Get expert financial advice 

House prices by state can be very different, and understanding the average home sale price by state can empower you to make a better real estate investment.  

Other factors, such as neighborhood, market flux, and population growth, contribute to the average cost of a house by state.  

Let Unbiased match you with an SEC-regulated financial advisor who can offer expert advice about real estate investments and managing your finances now and in the future.  

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Unbiased team

Our team of writers, who have decades of experience writing about personal finance, including investing and retirement, are here to help you find out what you must know about life’s biggest financial decisions.