Here’s What the Average Home Costs by State
Looking to get a house? Some states cost much more than others!
We all know that getting a home is a costly endeavor, and the worst part is that homes are getting even more expensive every year. Well, some real estate markets are rising at a much faster rate. Places like New York we all know will cost you a pretty penny, but what about Wyoming? Or even Arkansas? These states are surely cheap, right? Boy, do we have news for you!
We compiled a list of how much the average house costs, using Zillow’s median house cost. The reason we’re going with the “median” cost is because real estate is tricky. In a state, there may be several houses in the millions range, which can seriously mess with “averages.” Those million-dollar mansions and cheap fixer-uppers don’t even each other out, making the “average” skewed. The best way to look at the cost of homes in your state is to go by the median.
We also went with the “average” home, which is about 1,500 square feet, either three or four bedrooms. Larger homes will naturally be more expensive.
All facts and figures pulled from Zillow.
Who would have guessed that Wyoming’s median home price sits at $260,000? People are buying a ton of homes in the state, and because of that, prices have gone up 6% since the previous year. This makes it very much a sellers’ market, and homes are expected to continue to increase as much as 3.2% in the next year. That’s not good news for buyers in this state!
Vermont is a great state to sell a home. The median listing price is $269,000, and houses are selling like hotcakes. The cost of homes has increased by 3.6% over the last year, and it’ll continue to increase an estimated 1.9%. Buyers who want a place on a budget may want to wait as this is one of the hottest sellers’ markets in the United States.
Alaska’s real estate is beyond tumultuous. The state’s median home values dropped quite a bit last year, but they’re starting to upturn now (likely due to low mortgage interest rates). Year-over-year, there’s been a 1.3% increase, but Zillow suspects a 3.8% increase in the coming year. The current median listing price is $284,900, with the average price per square foot listed as $168.
Not a lot is happening in North Dakota. The median home listing price is around the same as many other states on the list, around $215,000. That amounts to $147 per square foot. This amount is rising, but very slowly – about 2% year-over-year. Currently, North Dakota is a buyers’ market, so if you’re looking for a home in the state, now’s the time!
South Dakota’s homes are cheaper than its northern brethren, at around $224,900. Believe it or not, this has actually increased 3.6% over the last year, but the growth slowed down dramatically as we entered the new year. It’s estimated that it will only rise another 2.7% by next year. The median price per square foot in South Dakota is $146.
Delaware is in a great spot, but it’s also fairly expensive to get a home in the state. The median listing price is $299,990, which is around $150 per square foot. The cost of a home is pretty high, which could explain the fact it’s only risen 0.6% in the last year; buyers just can’t afford it! It isn’t expected to increase very quickly, either.
Rhode Island is another state that’s highly-sought-after. While sellers are asking for $319,000, they sell for around $265,000 – that’s quite a difference! That amount has increased by 3.1% in the last year, and it’s going to go up another 2.8%. Considering it’s a sellers’ market, we can see the average listing price going up quite a bit in the future. The average price per square foot is $210.
Montana’s housing market is increasing at a crazy rate – 5.3% year-over-year. The median list price is $324,500, which is $206 per square foot. Things aren’t going to slow down either, as projections show another 3.7% increase by next year.
Maine is a small state, but the homes cost a ton of money. The average listing price for homes is $249,000, but most people buy their homes at around $238,000. This makes the median list price per square foot approximately $171. The market in Maine has had a huge upturn recently, with an increase of 5% since just last year. Next year, the amount is expected to increase by another 3.4%.
New Hampshire’s housing market is pretty hot, and it’s a great one for sellers. The average house listed is around $309,000 (or $174 per square foot), but they usually only sell for around $273,500 – a big difference. Prices increased by 4.1% since last year, and Zillow suspects another 4.2% increase.
Hawaii is known for being a paradise, at least until you have to purchase a home there. They’re the most expensive of anywhere in the United States. Homes there are listed at a median price of $630,000, or $532 per square foot. When a home is sold, the median price is around $586,400. If you’re thinking of renting there, it’s also not cheap as it’s usually around $2,300 monthly.
West Virginia has some pretty cheap homes. The median listing price for the average home is around $165,000, which amounts to $97 per square foot. Buyers usually walk away happy since the median sold price is $147,900. West Virginia consistently ranks as one of the worst places to live, but people are buying homes quickly. It’s a sellers’ market in this state.
People say not much goes on in Idaho, but people want to live there. It’s currently a sellers’ market in the state, with homes being listed for $334,895 or $173 per square foot. That’s a pretty high number! It wasn’t always that way. The price of homes has increased a whopping 9.4% since this time last year. Zillow predicts it’s only going to get more expensive with another 5.5% jump.
Nebraska is another sellers’ market. Housing prices have risen 4.8% since the previous year, and it’s expected to continue increasing another 4.3%. Homes there are listed for around $199,950, which is approximately $139 per square foot. That being said, buyers are usually able to get away with $184,400. If you want a home in this state, it may be best to get one now before things get even hotter.
It seems like people want to live out west, as made evident by New Mexico’s housing market. Due to major growth in the area, housing prices have risen 5.3% just in the last year. Since the state is still growing, Zillow predicts another 4.5% increase. Homes there are listed for the median price of $235,000 or $135 per square foot.
The price of homes in Kansas, especially Kansas City, are skyrocketing. Since last year, prices have increased by 3.8%, and Zillow suspects it will grow even faster by next year – 4%. The median price per square foot is $120 or $180,000. In Kansas City, reports show that the median listing price increases to $199,000. One thing’s for sure: it’s a sellers’ market.
Homes in the south are typically much cheaper than many other places in the U.S. However, Mississippi breaks that trend. The housing market in this state increased by 4.1% since last year, and houses are listed for around $189,000. It’s currently a hot sellers’ market and is expected to get even hotter with a 4.2% increase by next year.
Arkansas homes are listed high, but they don’t sell for as high as sellers want. Zillow reported that the median listing price for homes in this state is $176,000, but buyers can get their homes for as low as $157,300 – now that’s a big price drop. Still, the housing market has increased by 3.7% year-over-year, and prices are likely going to increase again by another 3.9%.
Nevada wouldn’t be a bad place to live if you have the money to do so. The good news is that the housing market there is rather cool. It only increased by 1.5% since the previous year, although Zillow expects an uptick of 3.8% in the next 12 months. Houses in the state are listed at $324,000 but go for about $293,700.
Iowa was once a cheap place to get a home, but that amount is going up as the housing market heats up. Prices increased 3.4% over the last year, and homes are generally being listed around $175,000. Buyers get a little reprieve as homes are being sold at the median price of $156,000. However, the housing market will continue to increase in price to the tune of 3.8%.
Utah is ranked as one of the best places to live, so people have flocked there. The attraction of Utah has caused the housing market to increase a shocking 5.3% over the last year, and things are going to continue to grow. Naturally, it’s a sellers’ market with the median home listing price being $370,000 or $191 per square foot – now that’s a pretty penny.
Connecticut’s housing market had a bit of a lull at the end of last year. Housing costs stagnated, and it was a buyers’ market. Thankfully, things may be improving. The state hit multi-year highs in January, and things are only getting better for sellers. Of course, that means the housing costs are going to be pretty high – listing prices of $309,000. Buyers are still able to get a deal at the median sale price of $257,500.
Oklahoma is seen as a big investment opportunity, which is why the housing market has seen such a jump in the state. It’s a sellers’ market, especially since the price of homes increased 5% over the last year. Furthermore, it’s predicted to continue increasing by another 4.6% in the coming year. Still, houses are reasonably inexpensive. The listing price is around $195,000, but buyers get their dream home for $152,300.
Homes in Oregon have always been expensive, as is the cost of living in general. As far as the housing market is concerned, homes are increasing in price, but at a slower rate compared to other places. There was a 2.8% increase since last year, and there’s a 3.8% forecasted increase. As expected, homes are listed at the high price of $378,900 ($218 per square foot), but the median price of homes sold is $353,200.
The Kentucky housing market has shot up over the last year by 5.4%, and there’s an expected 4.4% increase by next year. There’s been concern that the market is outpacing what most people in Kentucky make. The average home listed in the state is $193,500, which amounts to around $118 per square foot. Buyers have a bit of a decrease since the median price of holds sold is $164,800.
Louisiana has a hot housing market. While things stagnated in late 2018, they were on fire by the end of 2019. Year-over-year, there was a 1.9% increase, most of that from an end of the year jump. Now, Zillow suspects the housing market will see a 3.7% increase by 2021. Currently, the median listing price for homes is $212,000. Even though it’s a sellers’ market, now may be the best time for a real estate buy in Louisiana.
It seems like southern real estate is cheap, but on fire recently. Alabama alone has had a 5.1% increase year-over-year, and that amount is forecasted to go up another 4.5%. Now, the average list price in the state is $220,000, and the median sold price is approximately $170,400. Needless to say, this is a good market to get a new home in, as long as you buy early.
Experts claimed late last year that South Carolina was one of the top inbound states where people were choosing to move, and the housing market proves that statement. The price of homes increased by 3.9%, and there’s a 4% forecast for the next year, too. Homes have gotten particularly expensive in South Carolina, with the average listing price going up to $246,921. However, buyers may be happy to learn that the median price of homes sold is just $196,700.
Minnesota’s housing market is super-hot. In fact, prices of homes have increased by 4.2% over the last year, and the forecast says it’ll increase another 4.1%. Now, the median price of homes is $275,000, while the median price of homes sold is $248,700. That being said, the real estate in the Twin Cities could be skewing the data as it’s very pricey to purchase a home there.
Everyone knows that things are expensive in Colorado, but did you know they were this expensive? The average price of a home listed is $428,300. When purchased, homes have a median price of $379,700. This isn’t because of massive inflation either – it only went up 2.8%. However, Zillow suspects it will increase another 4.1% in the future.
Homes are cheap in Wisconsin, and that means that people are buying like crazy. This very much makes it a sellers’ market, but that doesn’t mean prices aren’t going up. Prices increased 5.4% over the last year, and they’re forecasted to go up another 4.5%. Still, the median listing price is $210,900, while the sold amount is $186,400.
Maryland is a great place to get a home, and tons of people know that, which is why the housing market there is very hot. The median listing price in the state is $319,900, while the median price of homes sold is $279,600. Prices have only gone up 1.4% since last year, but they’ll likely increase more in the future. Zillow suspects a 3.4% jump.
Missouri has a ton of home buyers flooding the scene. Because of this, prices have shot up 4%, and it’s become a sellers’ market. The forecast is suspected to continue increasing at this rate, another 4% by next year. Currently, homes put on the market are around $185,950, which is about $120 per square foot.
Indiana’s housing market is pretty cheap, but it’s very hot, meaning it’s a great place for sellers. Over the last year, prices have risen by 5.5%, and the forecast is another 4.3% increase. Right now, homes are listed around $186,000 or $108 per square foot.
For a moment there, Tennessee had a cooling market, but all that changed at the end of last year. Housing costs began to rise quickly – 5.6% year over year. Houses in the state are now listed to be $257,904, which is certainly a lot. The bad news is that things are going to continue to increase by 4.6%.
Everyone knows that living in Massachusetts is expensive, but this expensive? Prices only went up 2.2% since last year, and homes are listed around $464,900. Thankfully, the median price of homes sold is $394,100, which is still a lot, but certainly less than listing prices. Unfortunately for buyers, Zillow suspects prices will increase another 3.9%.
Arizona houses have some of the biggest price increases on the list at 6.6% year-over-year. It also won’t cool down any time soon – Zillow suspects another 5% increase before the year is over. Naturally, it’s a sellers’ market. Houses are listed for $299,900 and sell for approximately $261,000. No doubt this is a great place to live, but those housing costs are crazy.
Washington is another state that’s pretty expensive, and things have gotten more expensive over the years. Since last year, prices have gone up by 4.9%. That’s rough since houses are currently being listed for $415,000. They sell for amount that amount at $391,600. There’s no cool-down in sight either; the forecast is another 4.8% increase.
Virginia homes are less expensive than many may think, especially since Virginia is one of the best places to live in the United States. The market is very hot, and there’s been a 3.8% increase since last year. Things are expected to continue at this rate with another 3.9% increase. The median home listing price in Virginia is $300,000, but homes are sold for about $281,900.
New Jersey real estate is absolutely insane, so many people have decided to back off for a bit. The market in the state is just now picking back up, but home prices have only increased by 1.8% since last year. Currently, homes are listed at $340,000, but the sold amount is much lower at $309,000. Things are probably going to get a lot more expensive, around 3.7% more expensive.
Michigan real estate has had a really strong year, especially as far as increasing prices. Since last year, things went up 4.9%, and they’ll continue to rise. That being said, the prices are much more affordable than some may imagine. Listing price is around $175,000, while buyers get away with paying $158,200 on average.
North Carolina is primed for growth, and much of that is thanks to the job opportunities in the state. Of course, people that want those jobs need a home! The housing market increased by 5.1% since last year, but it’s suspected to cool down a little more by next year. The forecasted value increase is only 4.2%, which isn’t bad. The median listing price sits at $274,490, while the median price of homes sold is $217,400.
Georgia must be a great place to move to because people are scooping up homes quickly. Because of this, prices have increased by 4.9%. However, sellers are asking for a bit much. They list their homes for around $260,700, but buyers usually get their dream home for $203,900. That’s more than some of the other southern states, too.
Ohio has a very hot housing market. Year-over-year, there’s been a 5.4% increase, but things are suspected to cool out a little more later in the year. The forecast drops to 4.5%, but homes are still making bank. The median listing price is about $169,900 while the median sold amount is $144,200.
Illinois has had a hard time recently. Property taxes are going up, but home prices only increased by 1.2% – that’s hardly even noticeable. Things aren’t going to get much better, either, as experts suspect it will remain pretty flat, especially in Chicago. Homes in Illinois are listed around $229,900 and sell for $196,300.
Pennsylvania is a great state to sell a home, but that means it’s tough for buyers. There’s been a 4.0% increase recently, making it hard for people to afford a home. Homes in the area are listed for about $210,000, but they sell for approximately $175,300. Because it’s such a hot market, properties are selling in a matter of hours.
New York is great and all, but people aren’t digging the state like they used to. Housing prices only went up 2.5%, much less than what people were hoping for. Still, houses are super expensive there, which could be why people aren’t biting. Homes are listed for around $429,000, which is about $200 per square foot.
Things are hot in Florida, and we’re not just talking about the weather. The housing market has had steady gains in the last year, to the tune of 3%. It’s going to remain like this, with a suspected increase of 4% by the next year. Properties are listed for $299,000 and selling for $243,700.
Texas isn’t as hot as other southern states. It’s definitely a buyers’ market in the Lone Star state. However, prices are still increasing. Homes increased in price about 3.3%, and Zillow suspects it will grow by about 3.8% by next year. The typical listing price is around $274,500, which is about $130 per square foot.
California’s housing market is really volatile, and things definitely lulled in 2018. People just were biting, and houses weren’t increasing in price. Thankfully, they picked up a little thanks to the low interest rates. Housing costs are increasing once again (2.5% since last year). Homes are typically listed for a whopping $533,500 and sell for $517,400.