The median home sale price in the United States is $420,800 as of the beginning of 2024, an increase of 28% from the first part of 2020. Here are the top 10 states with the highest average home values, the median home sale prices over the past four decades, and some of the factors that influence the cost of housing in different regions.
10 Most Expensive States to Buy a Home
- Hawaii: $856,327
- California: $782,695
- Massachusetts: $609,415
- Utah: $518,241
- Washington: $588,986
- New Jersey: $508,430
- Colorado: $548,602
- Oregon: $497,249
- New Hampshire: $463,091
- New York: $458,072
Location, supply, and demand greatly influence the cost of housing. The breathtaking scenery and limited availability of land puts Hawaii at the top of the list, while prestigious universities contribute to high home prices in Massachusetts. Other more expensive states generally provide better job opportunities, higher incomes, good infrastructure, and access to quality healthcare.
While it’s challenging to predict with any certainty what will happen over the next decade, housing prices historically trend upward. Factors such as, economic conditions, government policies, and changing demographics all may have an impact on home values. Staying informed on these topics could provide insight into future price trends. Here’s a look at how median home sale prices have increased over the past 40-plus years.
1980: $63,700
1990: $123,900
2000: $165,300
2010: $222,900
2020: $329,000
2024: $420,800
No matter which state you live in or how much you paid for your home, it’s important to have adequate home insurance coverage. Talk to a Westwood agent today and review your home policy to ensure you have the protection you want.
Please Note: This article is for general informational and educational purposes only. It does not represent any specific insurance policy and does not modify any provisions, limitations, or exclusions of any current policy.
