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If you are looking to purchase a home one of the first questions you are likely to ask is how much house can i afford? One of the key factors in answering this question is looking at the purchase price of homes — which can look drastically different depending on where you are looking to purchase a home. The median home price in the US serves as a good indicator for what you can expect the cost of a typical home to be.
Table of contents
- US Median Home Price
- Historical Home Prices
- Median Home Price In Each State
- Least Affordable States
- Most Affordable States
What is the median home price in the USA?
The median home price in the USA was $416,700 in August 2024 according to the National Association of Realtors. The median home price has decreased 1.49% M/M from the median home price of $422,600 in July 2024. On a year-over-year basis the median home price in the US has increased 2.36% from the median home price of $407,100 in August 2023.
Historical home prices in the US
The above chart shows the historical median home price in the US from March 2020 till August 2024. Over this period the median home price increased from $280,700 in March of 2020 to $416,700 in August 2024 — which is a 48.45% increase in the median home price. The highest median home price in the period was $426,900 in June 2024 — the current median home price is 2.39% lower than the peak price.
It is important to consider the seasonality of home prices when looking at home price trends. When the market activity increases, so do the home prices. Home price trends tend to be the highest from April through June.
Median home price in each state
While the median home price in the US can be used as a metric to see the overall trend of home prices at a quick glance — home prices vary greatly based on the state / county / city they are purchased in. The map below shows the 2024 median house prices by state in the USA to help understand what is driving the overall median home price. The home prices in this map are based on Redfin's median home prices for August 2024.
This table breaks down all of the median home prices by state as of August 2024
| State | Median Home Price |
|---|---|
| Iowa | $240,800 |
| West Virginia | $250,700 |
| Oklahoma | $251,800 |
| Mississippi | $256,300 |
| Ohio | $258,100 |
| Kentucky | $264,600 |
| Arkansas | $265,200 |
| Indiana | $267,200 |
| Missouri | $269,300 |
| Michigan | $271,300 |
| Louisiana | $277,900 |
| Kansas | $280,100 |
| Alabama | $281,700 |
| North Dakota | $288,300 |
| Nebraska | $296,600 |
| Illinois | $300,800 |
| Pennsylvania | $311,300 |
| Wyoming | $317,000 |
| South Dakota | $321,400 |
| Wisconsin | $328,000 |
| Texas | $349,600 |
| Delaware | $368,600 |
| Georgia | $373,300 |
| New Mexico | $377,100 |
| North Carolina | $381,400 |
| South Carolina | $382,300 |
| Minnesota | $385,500 |
| Tennessee | $385,600 |
| Alaska | $399,100 |
| Florida | $403,200 |
| Vermont | $411,800 |
| Maine | $414,700 |
| Maryland | $436,100 |
| Arizona | $442,900 |
| Virginia | $448,000 |
| Connecticut | $461,200 |
| Nevada | $467,600 |
| Idaho | $481,800 |
| New Hampshire | $502,800 |
| Rhode Island | $512,500 |
| Oregon | $513,200 |
| Montana | $520,400 |
| Utah | $548,300 |
| New York | $551,900 |
| New Jersey | $556,300 |
| Colorado | $594,200 |
| Massachusetts | $643,000 |
| Washington | $643,500 |
| Hawaii | $783,700 |
| California | $818,900 |
States with the most expensive homes
California: $818,900
The state with the most expensive homes is California with an median home price of $818,900. The median price of a home in California is 193.78% more than the median home price in the United States.
Hawaii: $783,700
Hawaii is the state with the second most expensive homes with an median home price of $783,700. The median home price in Hawaii is 185.45% above that of the United States.
Washington: $643,500
Washington has an median home price of $643,500. This median home price is 152.27% higher than the national median.
Massachusetts: $643,000
The median home price in Massachusetts is $643,000 which is 152.15% above the United States median home price of $362,481.
Colorado: $594,200
Colorado is the fifth most expensive state with a median home price of $594,200. The median Colorado home price is 140.61% of the median USA home price.
States with the least expensive homes
Iowa: $240,800
The least expensive state in the United States for home price is Iowa with an median home price of $240,800. The median home price in Iowa is 56.98% of the national median home price.
West Virginia: $250,700
West Virginia has an median home price of $250,700 which makes it the second cheapest state for home prices.
Oklahoma: $251,800
Oklahoma has an median home price of $251,800. The median home price in Oklahoma is 59.58% of the United States median home price.
Mississippi: $256,300
The median home price in Mississippi is $256,300 which is the fourth cheapest state. The median home price in Mississippi is 60.65% of the median US home price.
Ohio: $258,100
Ohio has an median home price of $258,100 which is 58.05% of the 2024 USA median home price.
Source: NAR; Redfin