House Prices by State

Getting on the housing ladder in 2024 paints a diverse picture from one state to the next, with a house price difference of $675,685 from the lowest to the highest-priced state.

This article analyzes Zillow’s Home Value Index to discover the increase in the average home value in the U.S. and the difference from one state to the next.

Zillow’s data indicates that the average house price in the U.S. as of January 2024 is $342,941, a 0.57% increase from the previous year. 

Let's delve into the data as we analyze prices by state, and see why the market has changed over time, creating surprising opportunities amidst a market at a crossroads. 

Key statistics

• The average house price across all homes in the U.S. is $342,941 as of January 2024.
• West Virginia is the state with the lowest average house prices ($152,373), followed by Mississippi ($169,792) and Louisiana ($192,173).
• The state with the most expensive average house price is Hawaii ($828,058), followed by California ($750,709), and Washington DC ($602,206).
• The average price of 1-bedroom homes has increased by 97% in the last 15 years from $124,614 in 2009 to $245,581 in 2024.
• Since 2000, the average price of all homes across the U.S. has increased by 189% from $118,651 to $342,941.
• A 1-bedroom home in California averages $495,414 which is 44% more than a 5-bedroom home in West Virginia ($316,894).
• In Washington DC, the average price of a 5-bedroom house is $1,605,371 as of January 2024.

How much does an average house cost in each state?

The state with the lowest house cost is West Virginia with an average house price of $152,373 compared to the highest average of $828,058 in Hawaii. 

Building upon this idea, let’s take a closer look at the house prices in each state.

Using Zillow’s Home Value Index data, here’s the full list of average house prices by state (including all homes).

Source [1] Zillow Housing Data Research (35th to 65th percentile range, smoothed, seasonally adjusted) (Accessed 01/31/2024) https://www.zillow.com/research/data/

Most expensive house prices by state

The data from the three most expensive states in the U.S. for house prices has been extracted with Hawaii, California and the District of Columbia from Zillow’s Home Value Index data. 

Hawaii - $828,058

Hawaii’s average home cost is $485,117 more than the average cost of a home in the U.S. 

Hawaii has the most expensive average home price of $828,058 and a median of $832,688 based on Zillow’s findings. This average is $70,000 more expensive than the second highest-priced state. 

This demonstrates the magnitude of the prices and the economy in this popular state. The median household income in Hawaii ($92,458) is 19% of the average home cost, showing a low ratio that’s unconducive for residents searching the housing market. [1] Zillow Housing Data Research (35th to 65th percentile range, smoothed, seasonally adjusted) (Accessed 01/31/2024) https://www.zillow.com/research/data/ [2] U.S. Census Median Household Income by State (Accessed 01/31/2024) https://data.census.gov/table/ACSST1Y2022.S1901?q=median%20income&g=010XX00US,$0400000_040XX00US01,02,04,05,06,08,09,10,11,12,13,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,44,45,46,47,48,49,50,51,53,54,55,56,72

California - $750,709

California’s average house price is $750,709, making it the second most expensive state to buy a home in 2024 according to Zillow’s data. 

The data highlights a 5.3% increase in home prices from January 2023 to January 2024. 

The median household income in California ($91,551) is 12% of the average house cost, making California the second lowest percentage for the income-to-house-cost ratio. [1] Zillow Housing Data Research (35th to 65th percentile range, smoothed, seasonally adjusted) (Accessed 01/31/2024) https://www.zillow.com/research/data/ [2] U.S. Census Median Household Income by State (Accessed 01/31/2024) https://data.census.gov/table/ACSST1Y2022.S1901?q=median%20income&g=010XX00US,$0400000_040XX00US01,02,04,05,06,08,09,10,11,12,13,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,44,45,46,47,48,49,50,51,53,54,55,56,72

Washington DC - $602,206

Although Washington DC is the third most expensive state to purchase a home, it’s significantly lower than Hawaii and California.

The median household income in Washington DC ($101,027) is 30% higher than the U.S. median income ($74,775). Despite that, it still has a low income-to-house-cost ratio of 17%. [1] Zillow Housing Data Research (35th to 65th percentile range, smoothed, seasonally adjusted) (Accessed 01/31/2024) https://www.zillow.com/research/data/ [2] U.S. Census Median Household Income by State (Accessed 01/31/2024) https://data.census.gov/table/ACSST1Y2022.S1901?q=median%20income&g=010XX00US,$0400000_040XX00US01,02,04,05,06,08,09,10,11,12,13,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,44,45,46,47,48,49,50,51,53,54,55,56,72

Lowest house prices by state

The three most affordable states to purchase a home include West Virginia, Mississippi, and Louisiana.

West Virginia: $152,373

West Virginia’s average house value of $152,373 is the lowest out of all the states in the U.S. 

The median household income in West Virginia ($54,329) is 35% of the average house price, making it an affordable state to buy a house. [1] Zillow Housing Data Research (35th to 65th percentile range, smoothed, seasonally adjusted) (Accessed 01/31/2024) https://www.zillow.com/research/data/ [2] U.S. Census Median Household Income by State (Accessed 01/31/2024) https://data.census.gov/table/ACSST1Y2022.S1901?q=median%20income&g=010XX00US,$0400000_040XX00US01,02,04,05,06,08,09,10,11,12,13,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,44,45,46,47,48,49,50,51,53,54,55,56,72

Mississippi: $169,792

Mississippi is the second cheapest state to buy a home with house values averaging $169,792.

The median household income in Mississippi ($52,719) is 31% of the average home cost. 

The average prices are $173,149 below the general mean U.S. house prices, making it one of the most affordable places to get onto the property ladder. [1] Zillow Housing Data Research (35th to 65th percentile range, smoothed, seasonally adjusted) (Accessed 01/31/2024) https://www.zillow.com/research/data/ [2] U.S. Census Median Household Income by State (Accessed 01/31/2024) https://data.census.gov/table/ACSST1Y2022.S1901?q=median%20income&g=010XX00US,$0400000_040XX00US01,02,04,05,06,08,09,10,11,12,13,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,44,45,46,47,48,49,50,51,53,54,55,56,72

Louisiana: $192,173

Louisiana has the third cheapest homes in the United States with an average cost of $192,173. 

The median household income in Louisiana ($55,416) is 29% of the average house price.

The average price for a 3-bedroom in Louisiana is just $203,886, cheaper than the average 1-bedroom when compared to the most expensive locations such as Hawaii. [1] Zillow Housing Data Research (35th to 65th percentile range, smoothed, seasonally adjusted) (Accessed 01/31/2024) https://www.zillow.com/research/data/ [2] U.S. Census Median Household Income by State (Accessed 01/31/2024) https://data.census.gov/table/ACSST1Y2022.S1901?q=median%20income&g=010XX00US,$0400000_040XX00US01,02,04,05,06,08,09,10,11,12,13,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,44,45,46,47,48,49,50,51,53,54,55,56,72

Average house prices by number of bedrooms and state

The size of a house determines, or at least plays a pivotal role in the price of a home. The more rooms in a house, the more expensive it’ll be.

With that said, there are other factors that play into the cost of a house. This includes the location of the property.

The table below demonstrates how an area can impact the value of a house. Data from Zillow shows that a one-bedroom home in California averages $495,414 in contrast to a five-bedroom house in West Virginia averaging $316,894. Thus, the location is a significant element in the cost of a house despite the number of rooms. 

However, when pinpointing your focus to one area only, the correlation shows the rise in prices as houses get larger. The table below shows the average house price by size and state, as of January 2024.

Source [1] Zillow Housing Data Research (35th to 65th percentile range, smoothed, seasonally adjusted) (Accessed 01/31/2024) https://www.zillow.com/research/data/

Average 1-bedroom home price

The average 1-bedroom home in the U.S. is priced at $245,581 and has increased by 97% since 2009 when the average price was $124,614.

As expected,1-bedroom prices have risen in the past 15 years, with Zillow’s research showcasing Idaho as the state with the biggest increase in one-bedroom home prices since 2009 (158%) from $121,715 to $314,182 and the smallest increase in Louisiana 1-bedroom prices, only rising by 15% in that time (from $107,335 to $124,313). [1] Zillow Housing Data Research (35th to 65th percentile range, smoothed, seasonally adjusted) (Accessed 01/31/2024) https://www.zillow.com/research/data/

Again, the two ends of the spectrum perfectly display the disparity between home values in states. 

Average 2-bedroom home price

The average 2-bedroom home price is $265,738 in the U.S., more than doubling from $125,001 in 2009 to $265,738 in 2024, a 112.5% increase.

Idaho has seen the biggest increase in home value for 2-beds over the last 15 years with average prices changing from $126,638 to $334,893 (a 164.4% increase). In contrast, Alaska is the state with the smallest climb since 2009, with prices increasing by 32.1% (from $189,774 to $250,752) and now averaging over $60,000 more than they used to. [1] Zillow Housing Data Research (35th to 65th percentile range, smoothed, seasonally adjusted) (Accessed 01/31/2024) https://www.zillow.com/research/data/

Average 3-bedroom home price

The average price for a 3-bedroom in the U.S. has soared by 98.9% according to Zillow’s research. Homes have gone from $163,348 to $325,051 in the space of 15 years.

The pattern across many home prices shows Idaho to be a state with rising prices - 3-bedroom homes that had a value of $168,394 in 2009, now come with a price tag of $417,657, showcasing an escalation of 148%.

Other states with substantial price changes include Colorado, California and Arizona with a 15-year increase of 142.7%,136.9%, and 134.5% respectively. [1] Zillow Housing Data Research (35th to 65th percentile range, smoothed, seasonally adjusted) (Accessed 01/31/2024) https://www.zillow.com/research/data/

Average 4-bedroom home price

Homes with four bedrooms in America have increased in value over the past 15 years with an increase of 91.46% on average. The average 4-bedroom in the U.S. cost $248,316 in 2009 compared to $475,424 in 2024.

Four-bedroom homes in 12 states have more than doubled in price since 2009, including Colorado, California and Montana. 

Even the smallest price hike was almost 40% with Connecticut seeing their 4-bedroom homes increase by 132.92% from $381,085 in 2009 to $532,870 in 2024. [1] Zillow Housing Data Research (35th to 65th percentile range, smoothed, seasonally adjusted) (Accessed 01/31/2024) https://www.zillow.com/research/data/

Average 5+ bedroom home price

Average 5-bedroom homes in America have increased in price by 87.36% from $356,162 in 2009 to $667,317 in 2024. 

Washington DC is home to the most expensive 5-bedroom homes according to Zillow’s analysis. The value of homes in the state has increased by 64.24% since 2009 (from $977,431 to $1,605,371).

Illinois only saw a 31.24% rise in the average 5-bedroom prices, taking their new average to $496,320 (compared to $378,168 in 2009), less than half the average cost of California’s five-bedroom options. [1] Zillow Housing Data Research (35th to 65th percentile range, smoothed, seasonally adjusted) (Accessed 01/31/2024) https://www.zillow.com/research/data/

Change in U.S. house prices over time

The average value of homes continued to rise year on year from 2000 until 2007. Due to the recession, prices of homes started to steadily decline between 2007-2013. It wasn’t until 2014 that house prices began to rise each year once again.

Year	Avg home price all homes
2000	$118,651
2001	$126,516
2002	$135,415
2003	$145,251
2004	$156,874
2005	$174,222
2006	$194,386
2007	$202,923
2008	$197,389
2009	$178,232
2010	$167,330
2011	$161,234
2012	$153,925
2013	$159,868
2014	$172,672
2015	$181,476
2016	$193,202
2017	$203,742
2018	$216,885
2019	$229,211
2020	$240,815
2021	$265,570
2022	$307,956
2023	$332,546
2024	$342,941

Source [1] Zillow Housing Data Research (35th to 65th percentile range, smoothed, seasonally adjusted) (Accessed 01/31/2024) https://www.zillow.com/research/data/

According to CEIC Data, an all-time low was recorded (quarterly) in March 2009. But it bounced back, hitting an all-time high in 2021, demonstrating how the property values in America have stabilized and continue to grow year on year. [3] CEIC U.S. House Prices Growth (Accessed 01/31/2024) https://www.ceicdata.com/en/indicator/united-states/house-prices-growth#:~

Zillow’s data indicates that the current average home price is $342,941 in the U.S. showing a 189% increase since 2000.

Sources

• ^[1] Zillow Housing Data Research (35th to 65th percentile range, smoothed, seasonally adjusted) (Accessed 01/31/2024) https://www.zillow.com/research/data/
• ^[2] U.S. Census Median Household Income by State (Accessed 01/31/2024) https://data.census.gov/table/ACSST1Y2022.S1901?q=median%20income&g=010XX00US,$0400000_040XX00US01,02,04,05,06,08,09,10,11,12,13,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,44,45,46,47,48,49,50,51,53,54,55,56,72
• ^[3] CEIC U.S. House Prices Growth (Accessed 01/31/2024) https://www.ceicdata.com/en/indicator/united-states/house-prices-growth#:~