Median Home Price by State 2024 (2024)

Americans spend more on housing than any other expense, with an average of 35% of income dedicated to housing costs. Homeownership allows households to invest a portion of that money into a tangible asset that appreciates over time. For this reason, 91% of Americans indicate that they would like to own a home in their lifetime.

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 average sales price in the same period is higher, at $507,800. 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. This means the median family can only afford a mortgage of around $250,000 and may find themselves being priced out of owning a home.

Costs & Homeownership by State

One way people are bringing down the cost of purchasing a home is by relocating. Location is the most significant contributor to housing costs, with a typical home in Hawaii, for example, costing more than six times a typical home in West Virginia. Home prices are highest in the Northeast and West, with the highest prices concentrated around the most densely populated areas.

Unsurprisingly, areas with higher housing prices tend to have lower homeownership rates. According to the latest census data, 65.4% of U.S. households own their home. The District of Columbia has the lowest rate of homeownership, at 40.3%. California, New York, and Hawaii are among the states with the highest housing prices and the lowest levels of homeownership. 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.

Keep reading to compare home prices across states.

States with the Highest Median Home Price

Hawaii

  • Price: $848,926
  • Size: 1,309 sq. ft.
  • Cost per Square Foot: $649
  • Average downpayment (12%): $101,871

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.

California

  • Price: $760,800
  • Size: 1,625 sq. ft.
  • Cost per Square Foot: $468
  • Average downpayment (12%): $91,296

California's homeownership rate is the second-lowest in the nation and the lowest among states, with only 54.2% of residents owning their homes. The state is notorious for its high housing costs, especially in the San Francisco and Los Angeles areas. Perhaps in part due to these high costs, California also has the nation's highest level of homelessness. The typical home in the state costs $760,800 and is 1,625 square feet.

District of Columbia

  • Price: $701,895
  • Size: 1,440 sq. ft.
  • Cost per Square Foot: $487
  • Average downpayment (12%): $84,227

The District of Columbia has the country's third-highest home prices and the lowest homeownership rate. Only 40.3% of residents own their homes. Those looking to buy can expect to pay $701,895 for a typical 1,440-square-foot home.

Washington

  • Price: $595,732
  • Size: 1,903 sq. ft.
  • Cost per Square Foot: $313
  • Average downpayment (12%): $71,488

A typical home in Washington state is 1,903 square feet and costs $595,723. Only 63.6% of residents own their homes in the state. However, despite the high housing costs, Washington State residents enjoy one of the country's best qualities of living.

Colorado

  • Price: $559,838
  • Size: 2,126 sq. ft.
  • Cost per Square Foot: $263
  • Average downpayment (12%): $67,181

Colorado's homes are among the nation's largest, with the average home measuring 2,126 square feet. At $236 per square foot, the typical home costs $559,838. Colorado's homeownership rate is 67%, higher than the national average, despite the high home costs.

Massachusetts

  • Price: $559,312
  • Size: 1,744 sq. ft.
  • Cost per Square Foot: $321
  • Average downpayment (12%): $67,117

Massachusetts offers one of the nation's highest quality of living and some of its best education. However, the costs of living in the state are high. A typical home in the state costs $559,312, with an average size of 1,744 square feet. Homeownership is among the lowest in the country, with 60% of residents owning their homes.

Utah

  • Price: $544,868
  • Size: 2,305 sq. ft.
  • Cost per Square Foot: $236
  • Average downpayment (12%): $65,384

Utah has the largest homes in the nation, with an average house measuring 2,305, nearly 50% more than the national average. Prices are also high, with the typical home costing $544,868. However, homeownership rates are higher than the national average, with 70.3% of residents owning their homes.

Oregon

  • Price: $502,215
  • Size: 1,780 sq. ft.
  • Cost per Square Foot: $282
  • Average downpayment (12%): $60,266

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. The typical home costs $502,215.

Idaho

  • Price: $466,435
  • Size: 1,932 sq. ft.
  • Cost per Square Foot: $241
  • Average downpayment (12%): $55,972

Idaho has seen a recent housing boom due to its growth. In fact, Idaho has the nation's second-highest level of population growth. Partially due to the increase in demand, home prices are high. The typical home in Idaho costs $466,435 and measures 1,932 square feet. However, homeownership is also high, with 70.4% of residents owning their homes.

States with the Lowest Median Home Price

West Virginia

  • Price: $129,103
  • Size: 1,714 sq. ft.
  • Cost per Square Foot: $75
  • Average downpayment (12%): $15,492

West Virginia boasts the country's lowest housing costs and its highest rates of homeownership. The typical home is 1,714 square feet and costs $129,103. Nearly 80% of residents own their homes. However, the state also consistently ranks among the worst states to live.

Mississippi

  • Price: $157,828
  • Size: 1,879 sq. ft.
  • Cost per Square Foot: $84
  • Average downpayment (12%): $18,939

Mississippi home prices offer a considerable discount. The typical 1,879-square-foot home has a price tag of $157,828. The homeownership rate is also among the highest in the nation, at 74.8%. However, Mississippi also has the nation's highest poverty rate, with a fifth of its inhabitants living below the poverty line.

Arkansas

  • Price: $169,867
  • Size: 1,792 sq. ft.
  • Cost per Square Foot: $95
  • Average downpayment (12%): $20,384

A typical home in Arkansas costs $169,867 and measures 1,792 square feet. Homeownership in the state is slightly higher than the national average, with 66.5% of residents owning their homes.

Oklahoma

  • Price: $171,057
  • Size: 1,746 sq. ft.
  • Cost per Square Foot: $98
  • Average downpayment (12%): $20,527

A typical home in Oklahoma costs $171,057. At 1,746 square feet, the average home in the state costs less than $100 a square foot, meaning those with the budget can afford a larger house for their dollar than they can in most states. However, Oklahoma has high levels of poverty and low levels of quality of life satisfaction. Oklahoma's homeownership rate is 67.3%.

Iowa

  • Price: $183,418
  • Size: 1,550 sq. ft.
  • Cost per Square Foot: $118
  • Average downpayment (12%): $22,010

Iowa's typical house costs $183,418 and is 1,550 square feet. Iowa has one of the highest homeownership rates in the country, with 75.6% of its residents owning their homes.

Median Home Price by State 2024 (2024)

FAQs

What is the median home price in the US 2024? ›

Average home price in the United States: $420,800. The median home sales price is $420,800 as of the first quarter of 2024.

Will 2024 be a good time to buy a house? ›

In summary, buying a house in California in 2024 may be a good time for some buyers, depending on their personal and financial situation. The housing market is expected to rebound from a sluggish year in 2023, with more supply and demand, higher prices and affordability, and lower mortgage rates and inflation.

What is the median price of a house in New Jersey? ›

$455,310.75

Is the housing market going to recession in 2024? ›

The general consensus is that there will be a lack of home prices dropping in 2024. Every notable housing market forecast indicates that house prices in the US are expected to rise or remain stable in 2024.

What will home rates be in 2024? ›

Mortgage rate predictions 2024

The MBA's forecast suggests that 30-year mortgage rates will fall into the 6.5% to 6.9% range throughout the rest of 2024, and NAR is predicting a similar trajectory. But Fannie Mae thinks rates could stay in the low 7% range this year.

Should I sell now or wait until 2024? ›

Best Time to Sell Your House for a Higher Price

April, June, and July are the best months to sell your house in California. The median sale price of houses in June 2023, was $796,400, which is expected to grow more in 2024. However, cities like Arcadia and San Mateo follow an upward trend throughout the year.

Should I buy a house now or wait for a recession? ›

And as you might imagine, recessions are a risky time to buy a home. If you lose your job, for example, a lender will be much less likely to approve your loan application. Even if a recession doesn't affect you directly, if your area is hard-hit, that could have a serious effect on the local real estate market.

Will US housing ever be affordable again? ›

It could take until 2026 to see a 'normal' real estate market. To get affordability back to a comfortable range will take a combination of higher wages, lower interest rates and stable prices, economists say, and that combination may take until 2026 or later to coalesce.

What is the most overpriced housing market in the US? ›

Homes in the Detroit metro area are 40.79% overvalued, while housing premiums in Atlanta are 40.37% overvalued, according to researchers at Florida Atlantic University and Florida International University.

What state are house prices the cheapest? ›

This year, West Virginia has the cheapest homes in the country, with an average house price of $152,373. These low housing prices can be attributed to the state's rural way of life, low property taxes, and low state income tax, which helps keep land and housing prices affordable.

What state has the cheapest property tax? ›

  • Hawaii has the lowest property tax rate in the U.S. at 0.29%. ...
  • Alabama is generally one of the more affordable states in the country. ...
  • Colorado has the third-lowest property tax rate at 0.51%. ...
  • Nevada has the fourth-lowest property tax rate in the nation (0.55%).
Dec 21, 2023

What is a good salary in NJ? ›

Average Salary in New Jersey
Annual SalaryMonthly Pay
Top Earners$91,393$7,616
75th Percentile$74,393$6,199
Average$58,890$4,907
25th Percentile$43,387$3,615

Why are NJ homes so expensive? ›

Why are NJ homes more expensive? New Jersey's higher home prices are driven by two key factors: its proximity to New York City and its population density, which is the highest in the country, according to SmartAsset. The Garden State has two of America's wealthiest counties: Hunterdon and Somerset.

Will house prices go down in 2024 near New Jersey? ›

The runaway housing prices we've seen over the past few years in New Jersey should finally slow down in 2024, real estate experts say. And the market is expected to normalize. Falling interest rates should lead to more houses being listed for sale, helping prices level out.

What is the current median home price in the US? ›

How much does a home cost in the United States? According to data from the National Association of Realtors, the median price for an existing home — one that's already standing, not new construction — was $387,600 as of November 2023.

How much will the average American home cost in 2030? ›

According to a study by RenoFi, the average price of a single-family home in the United States could reach $382,000 by 2030. However, the actual cost varies significantly by location.

What is the median house price in California? ›

The median price for a single-family home has surpassed $900,000 for the first time ever, according to a new report by the California Association of Realtors. The new statewide record of $904,210 was recorded amid a surge in home sales in April.

What's the median age of first time home buyers in the US? ›

Why it matters: The median homebuyer age has jumped 10 years — to 49 — in two decades, new data shows, as the housing affordability crisis deepens. Repeat buyers were a median age of 58 in 2023, while first-time buyers were 35, per National Association of Realtors annual data released this week.

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