The Top Ten Most Expensive States To Own A Home In America

New data has revealed the most expensive states to own a home in America.

The research, conducted by real estate experts Agent Advice, analyzed the typical price of homes throughout the country from March 2021-March 2023. The data also considered price and percentage increases to supply a comprehensive account of real estate in America.

Hawaii takes the crown as the most expensive state to own a home. It’s no secret that the ‘Aloha State’ is a hotspot for residents looking to buy their property, with typical house prices reported to be $834,583 as of March 2023. This is 146% above the national average – $338,649 – and a 25% increase from March 2021, setting house hunters back by an extra $166,777 and standing for the highest monetary increase in the United States.

California receives a silver medal as the second most expensive state to own a home. With its blissful weather, beautiful coastal resorts, and breathtaking mountain ranges, the typical house price of a home was $728,134 in March 2023, 115% above the national average. This Western state also has the fourth-highest monetary increase in house prices, with a $95,228 rise between March 2021-March 2023. However, typical house prices also decreased by $18,573 and 2.5% between March 2022-March 2023.

Washington, a state filled with mountain ranges and breathtaking landscapes, comes in third place. The research has revealed that a typical home price was $562,936 as of March 2023, 66% more than the national average. This is $72,533 more than the typical price in March 2021, making it the ninth-highest rise in price throughout America. That being said, typical house prices also fell by $17,938 and 3.09% between March 2022-March 2023.

Massachusetts ranks in fourth place. In the Northeastern state, typical house prices were $558,313 as of March 2023, 65% more than the national average. The research revealed a $54,476 rise in typical home value between March 2021-March 2023. However, this only represents an 11% increase during that time, suggesting house prices were already high before 2021. Typical house prices depreciated by $1,050 and 0.19% between March 2022-March 2023, showing a slight decrease in the last year.

Colorado ranks fifth. In Colorado, typical house prices were $539,640 as of March 2023, 59% more than the national average, representing a $82,504 increase in property value between March 2021-2023. Colorado has the ninth-highest monetary surge in property value during this time throughout America. Similar to Massachusetts, Colorado’s typical home values fell by $1,527 and 0.28% between March 2022-March 2023.

Utah is the sixth most expensive state to own a home in America. The typical cost of a home comes in at $506,072 as of March 2023, 49% above the national average. The research shows this rising by 20% and $86,071 between March 2021-2023, the eighth-highest monetary increase. However, Utah’s typical home cost fell by $10,849 and 2% between March 2022-March 2023, depicting a higher depreciation than Massachusetts and Colorado.

Oregon, nestled in the Pacific Northwest, ranks in seventh place. The data has benchmarked typical house prices at $485,475 as of March 2023, 43% above the national average, with property values increasing by $56,730 and 13% between March 2021-2023. Although, the typical home value has decreased by $11,998 and 2% from March 2022-March 2023.

New Jersey, with a typical home value of $451,559 as of March 2021, is the eighth most expensive state to own a home. Idaho follows in ninth place with a typical price of $435,374, while New Hampshire rounds out the top ten most expensive states to own a home at $429,421.

Chris Heller, Co-founder of Agent Advice has commented on the findings: “The U.S. housing market is estimated to be worth $43.4 trillion in 2023. To take advantage of this, both consumers and agents alike must understand the ever-changing nature of the real estate market.”

“Overall, there has been an increase in cost in the last three years throughout the nation. However, this research shows that there has also been a depreciation in multiple states over the last two years, showing a rise in more affordable housing.

“In Hawaii, for example, the typical cost of housing increased by 25% in the last three years; this decreased to 2.98% in the last two years. So, it will be interesting to see if the cost of housing will eventually decrease.”

The top 10 most expensive states to own a home in America

Agent Advice is a team of real estate experts providing hand-selected recommendations to help real estate businesses grow.