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State-by-State Average House Price in 2024

State-by-State Average House Price in 2024

average House Price in 2024

As of the first quarter of 2024, the average house price in the United States reflects a nuanced landscape of real estate values across different states. According to recent data from the Federal Reserve Bank of St. Louis, the median home sales price nationwide stands at $420,800, which represents a slight decrease from previous quarters.

average House Price in 2024
Get insights into the average house price by state in 2024. Learn about the factors impacting the real estate market across the U.S. | Image from Canva

This article delves into the state-by-state breakdown of housing prices, offering insights into how economic factors and market trends are shaping the cost of homeownership across the country.

National Housing Price Trends

The median home sales price in the U.S. declined by 0.6% to $420,800 in the first quarter of 2024 from $423,200 in the last quarter of 2023. This trend is part of a broader cooling in the housing market, which saw prices increase significantly from mid-2021 through late 2022.

Factors influencing these dynamics include changing mortgage rates and demographic shifts, notably increased homeownership among millennials spurred by the COVID-19 pandemic and subsequent economic changes.

State-by-State Analysis of Average House Price in 2024

The disparity in housing prices across states is stark. Hawaii tops the list as the most expensive state with an average home value of $856,327, while West Virginia is the most affordable, with homes averaging just $160,044. These figures, derived from the Zillow Home Value Index, illustrate the varied landscape of housing affordability in the U.S.

State Q1 2024 average
Alabama $225,579
Alaska $353,229
Arizona $429,787
Arkansas $202,520
California $782,695
Colorado $548,602
Connecticut $390,817
Delaware $385,331
District of Columbia $619,490
Florida $396,318
Georgia $326,078
Hawaii $856,327
Idaho $449,952
Illinois $256,138
Indiana $235,465
Iowa $213,206
Kansas $222,704
Kentucky $200,661
Louisiana $198,970
Maine $390,636
Maryland $413,065
Massachusetts $609,415
Michigan $238,220
Minnesota $330,258
Mississippi $177,699
Missouri $242,235
Montana $453,732
Nebraska $255,935
Nevada $430,849
New Hampshire $463,091
New Jersey $508,430
New Mexico $298,984
New York $458,072
North Carolina $328,181
North Dakota $252,426
Ohio $221,816
Oklahoma $202,848
Oregon $497,249
Pennsylvania $260,153
Rhode Island $449,550
South Carolina $292,948
South Dakota $297,384
Tennessee $316,473
Texas $303,352
Utah $518,241
Vermont $380,433
Virginia $384,026
Washington $588,986
West Virginia $160,044
Wisconsin $293,023
Wyoming $340,036

Data from Zillow

Economic Factors and Home Prices

The fluctuations in home prices are closely tied to economic indicators such as median household incomes and the proportion of that income that homeowners are likely to spend on housing.

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Cost of Living in California
Image from Canva

States like California and New York, known for their high cost of living, also exhibit some of the highest home values, whereas states like West Virginia offer more affordable housing options in relation to local incomes.

Looking Ahead

As we move further into 2024, potential home buyers and investors should monitor these trends closely. Understanding the dynamics at play can help in making informed decisions about where and when to invest in real estate.

The average house price in various states provides more than just financial data; it reflects the economic health and priorities of regions. By keeping an eye on these trends, stakeholders can better navigate the complexities of the real estate market in 2024.