Please ensure Javascript is enabled for purposes of website accessibility
Select Page

Sure thing! Let’s chat about house prices like we’re sipping coffee at a cozy cafe.

So, you’re eyeing that dream home, huh? Whether it’s a charming cottage or a sleek city apartment, your house-hunting journey is about to get interesting. But hold onto your hat (or your favorite beanie)—the cost of that abode can vary like a rollercoaster ride, depending on where you plant your roots.

Affordability: Not One-Size-Fits-All:

  • Picture this: affordability isn’t a one-size-fits-all situation. It’s like shopping for jeans—some fit just right, while others make you do a weird dance in the fitting room. Same goes for houses.
  • So, let’s talk bang for your buck. Where can you stretch those hard-earned dollars? Buckle up, my friend!

The United States Price Tag:

  • Drumroll, please! As of November 2023, the median price for an existing home (you know, the ones that have already seen a few seasons) is $387,600. Yep, that’s the magic number according to the National Association of Realtors.
  • But wait, there’s more! Prices have been doing the cha-cha—they waltzed their way up by 4% year-over-year. And guess what? This dance party has been going on for five straight months.

Supply, Demand, and Resilient Homes:

  • The housing market is like a game of tug-of-war between supply and demand. Right now, demand is doing a victory dance, but supply is like, “Hold my hammer, I got this.”
  • Since there’s not enough supply to match the house-hungry demand, home prices are flexing their muscles and staying pretty darn resilient.

Seasonal Shenanigans:

  • Brace yourself for some seasonal drama! House prices do the tango with the calendar. In January, they’re all like, “Hey, I’m rising!” By June, they’ve hit their peak. But as winter knocks on the door, they’re like, “Chill, bro,” and start their descent.

State Showdown: Who’s Got the Price Power?:

  • Now, let’s peek at the map. We’ve got our magnifying glasses out, Sherlock-style.
  • State by state, house prices do their little dance. Some states are moonwalking with high prices, while others are breakdancing with affordability.

So, my fellow house-hunters, keep your eyes peeled for that perfect spot. And remember, whether it’s a cozy cabin or a swanky penthouse, home is where the heart (and the mortgage) is!

Median house prices by state

To get a sense of how house prices vary by state, we combed through Redfin’s monthly housing market data as of November 2023.

State Price
Alabama $267,100
Alaska $350,000
Arizona $435,300
Arkansas $246,000
California $793,600
Colorado $586,100
Connecticut $424,900
Delaware $375,000
District of Columbia $640,000
Florida $405,000
Georgia $389,500
Hawaii $714,100
Idaho $539,000
Illinois $266,800
Indiana $242,500
Iowa $289,900
Kansas $263,700
Kentucky $246,700
Louisiana $243,300
Maine $370,000
Maryland $395,000
Massachusetts $595,700
Michigan $238,800
Minnesota $330,500
Mississippi $232,800
Missouri $243,500
Montana $609,900
Nebraska $280,400
Nevada $479,299
New Hampshire $451,400
New Jersey $485,900
New Mexico $358,600
New York $649,000
North Carolina $362,200
North Dakota $334,075
Ohio $228,000
Oklahoma $233,900
Oregon $490,200
Pennsylvania $268,100
Rhode Island $455,500
South Carolina $360,800
South Dakota $300,200
Tennessee $418,900
Texas $336,400
Utah $548,900
Vermont $395,800
Virginia $415,600
Washington $605,400
West Virginia $284,000
Wisconsin $329,000
Wyoming $317,000
Source: Redfin, accessed Jan. 3, 2024.

 

Image Source: Photo by Joey Csunyo on Unsplash

973.641.2664