Median Prices of Property By US State in 2023
Here is a detailed table of the value of homes for each state in 2023, which also includes a comparison showing if the prices have increased or decreased from 2022. Data sourced using Zillow.
|State||Average Home Value||Increase/Decrease from 2022|
Findings from Research
Apart from Hawaii, California is by far the most expensive place to buy property, with the average home costing $148,927 more than 3rd placed Massachusetts. We’ve written an article on why California is so expensive.
On the other hand, the cheapest place to buy a home in the US in 2023 is West Virginia, which is more than half of the price of the average home in neighboring state Virginia. West Virginia is definitely an ideal place to move to if you’re looking for a new home and are on a tight budget.
The state with the largest increase in price of property from 2022 to 2023, is Connecticut, with a huge 8% increase from last year. Those residents in Connecticut that bought a home in 2022 will be delighted with this statistic. Other states that have seen large increases in their average property prices are Nevada and Wisconsin.
Idaho has seen the largest decrease in average house prices, with a drop of 6.6% compared to 2022. Arizona has seen a similar decrease of 6.1%. This is great news for those looking to buy a property in these states, but you should be wary that prices of homes may continue to fall.
In North Dakota, house prices have almost stayed the same from 2022 to 2023, with just a 0.2% increase.