Real Estate Prices by State

Hawaii has the highest median home value in the US, typically above $800,000. California, Massachusetts, and Washington DC also rank near the top. The most affordable states for home buyers are Mississippi, Arkansas, West Virginia, Oklahoma, and Alabama, where median homes often cost under $180,000.

The price-to-rent ratio determines this. States with ratios below 15 generally favor buying; above 20 favors renting. Most Midwest and Southern states have low ratios favoring ownership, while coastal states (California, New York, Massachusetts) have high ratios where renting is often more economical short-term.

US home prices surged 40-50% from 2020-2022 due to: historically low mortgage rates (driving demand), pandemic-driven migration to suburbs, remote work enabling relocation, reduced housing inventory (fewer new homes built after 2008), and rising construction costs. 2023-2024 saw a slowdown as rates rose to 7%+.

For current (not historical) home prices and active listings, use Zillow, Redfin, or Realtor.com. For official statistics, the Federal Housing Finance Agency (FHFA) publishes a House Price Index quarterly. The Census data on this site reflects 2022 conditions and is best for state-to-state comparisons.