Average House Price by U.S State in 2024

As of the second quarter of 2024, the median home sales price stands at $412,300, a decrease of $14,500 from the previous quarter and $6,200 lower than the same period last year, according to the Federal Reserve.

From mid-2021 to late 2022, home prices surged rapidly, but the market has since cooled. In 2023, the median home sales price declined in three out of four quarters but saw a slight increase in the first quarter of 2024.

In 2020, mortgage rates dropped sharply, fueling demand as buyers sought to capitalize on the low rates. The COVID-19 pandemic also spurred a shift in consumer spending toward housing, with more millennials moving into homeownership. However, mortgage rates began rising quickly in 2022, leading to a decline in home prices from their peak.

The Federal Reserve offers data on home sales prices but does not provide state-level figures. In contrast, the Zillow Home Value Index (ZHVI) includes state-specific data. Unlike an average, the ZHVI reflects the typical home value within a given region. Across the U.S., the average ZHVI in the second quarter of 2024 was $364,056.

Housing affordability varies between states. To explore home prices, median income, and affordability by state, data can provide useful insights.