House price statistics: what is the average cost of a house in the US?

1 min readLast updated March 28, 2024by Unbiased team

Explore the statistics that influence US real estate and delve into the intricacies of the ever-changing housing market.


  • The US boasts an impressive 85.2 million owner-occupied housing units and an additional 44.2 million units occupied by renters. 

  • A homeownership rate of 65.7% reflects a nation with a deep-rooted affinity for property ownership. 

  • The recent “race for space” trend took the market by storm, with a high of almost 60% of homes selling above their listed price in 2021.  

  • House prices vary substantially between states, with Hawaii claiming the top spot and Mississippi emerging as the most affordable state. 

Housing price data in the US 

With 85.2 million owner-occupied housing units and an additional 44.2 million units occupied by renters in 2022, the US housing market is vast and diverse, catering to myriad preferences and lifestyles.  

The homeownership rate of 65.7% speaks to the deeply ingrained desire for property ownership as a fundamental aspect of the American dream. 

The recent “race for space” phenomenon reflects a paradigm shift in the real estate landscape. At one point in 2021, almost 60% of homes sold above their listed price, indicating a surge in demand driven by factors like remote work and changing lifestyle preferences.  

This housing price data confirms the market's adaptability but also raises questions about the sustainability of this trend. 

What is the average house price in the US by state? 

One of the defining features of the American real estate market is the considerable variation in house prices across states.  

As of the fourth quarter of 2023, the average price for homes in the US stood at $417,700. This average house price data revealed a 4% decrease from the preceding quarter, where the median home sales price was $435,400. 

Hawaii placed first, with an average house price of $832,688. This astronomical figure speaks volumes about the Aloha State's desirability and unique market dynamics, influenced by factors such as limited land availability and high demand for vacation homes. 

On the other end of the scale, Mississippi was the most affordable state, with average house price statistics revealing a median of $173,657.  

What happened during the 2008 housing market crash? 

The 2008 housing market crash was a seismic event that reverberated across the nation.  

On September 6, 2008, as the financial markets experienced a nearly 20% downturn from the peaks of October 2007, the government declared it was taking control of Fannie Mae and Freddie Mac, and both were placed into conservatorships. This action was imperative because of the losses incurred from substantial exposure to the collapsing subprime mortgage market. 

Between July 2006 and January 2009, the national median house price declined by a staggering 29%. This downturn was particularly evident in regions that had previously witnessed significant price appreciation, such as Arizona, California, Florida, and Nevada, where housing prices plummeted

The aftermath of the 2008 housing market crash had a lasting impact on the real estate industry, reshaping regulations and influencing buyer behavior for years to follow.  

Now, many people wonder when the housing market will crash next. 

Is the housing market going to crash in 2024? 

Despite concerns, various indicators suggest that the housing market is not going to crash in 2024. 

Even with mortgage rates potentially declining to around 6% in 2024, the "lock-in effect" prevails.  

Nearly 90% of homeowners continue to pay mortgage rates below 5%, with about two-thirds enjoying rates under 4%.  

This scenario has created a reluctance among sellers to list their homes for sale in anticipation of further market adjustments or rate decreases. This "lock-in effect" acts as a buffer against a rapid market freefall.  

When will the housing market crash next? 

Although the housing market is undergoing a deceleration in year-over-year growth, the available house price research, data, and projections do not indicate an imminent crash in 2024 or 2025.  

Home prices are still on the upward trajectory, albeit at a more moderate pace, and overall market indicators present a generally optimistic outlook. 

While uncertainties persist, several factors contribute to this relatively optimistic outlook. Economic resilience, sustained demand, house price statistics, and ongoing efforts to manage potential risks collectively paint a picture of a market that, while subject to fluctuations, is not on the precipice of a significant downturn. 

Get expert financial advice 

Current US house price statistics reveal a dynamic landscape marked by diversity and resilience. From the intricate state-wise variations to the historical echoes of the 2008 crash, the numbers tell a story of adaptation and evolution. As we peer into 2024 and 2025, statistical indicators hint at cautious optimism. 

As you navigate your real estate journey, consider the expert financial advice and invaluable insights that a financial advisor can provide.  

Let Unbiased match you with a financial advisor who can provide expert financial advice to help you manage your money successfully. 

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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.