Median Home Price by State (2024)

• The median home price across the U.S. was $439,716 in May 2024, according to Redfin data.
• The areas with the highest home prices include California, Hawaii, the District of Columbia, Washington and Colorado.
• Iowa, Oklahoma, Ohio, Mississippi and Louisiana have the lowest median home prices.

An Overview of Median Home Prices in the US

The U.S. median home sale price hit $439,716 in May 2024, the highest level on record and a year-over-year increase of 5.1%, according to Redfin data. These figures encompass several types of real estate, including single-family homes, townhouses, condos and co-ops.

The housing shortage is one of the main reasons behind ongoing price hikes, even with the total number of homes for sale recently hitting a four-year high. The disparity between supply and demand has pushed prices higher for at least a decade.

Housing was relatively more affordable in early 2020, when interest rates hit a historical low of 2.66% and median sales prices hovered around $330,000. But as of June 2024, the 30-year fixed-rate mortgage has almost tripled and median home prices have shot up by around $90,000. So if you got a mortgage a few short years ago, you probably aren’t interested in moving if it means getting a new home loan at a higher price point and a much higher rate.

According to a Zillow report, the monthly mortgage payment for a typical U.S. home has nearly doubled since early 2020, reaching $2,188. The report also found that prospective homebuyers now need to earn a six-figure salary to afford a median-priced home in the U.S.

And because incomes haven’t increased at the same pace, homeownership is slipping out of reach for many would-be buyers. This sentiment is especially true for first-time homeowners who don’t have the benefit of using home equity toward a new down payment.

As of May 2024, median home sale prices have increased year-over-year in every state and the District of Columbia. Median prices across the country range from a low of $241,500 in Iowa to a high of $860,500 in California. Here’s where prices in each state stand and how the median home sale price has changed from the same time last year:

States With the Highest Median Home Prices

Here’s where the median home sale prices are highest in the U.S.

California

Homebuyers in California face the highest real estate costs in the U.S., with a median home sale price of $860,500. The Golden State has 210 “million-dollar cities,” according to Zillow, where the typical home is worth $1 million or more. Prices are up 9.8% over 2023 and up 48% over 2019, according to Redfin data.

California’s high home prices are partly due to a housing shortage that it’s struggled with for decades. The state has built less than half of the housing units it has needed to keep pace with demand over the last 10 years, according to the state housing department. Some of the major obstacles to new construction include burdensome building codes and a lack of available land.

And while Californians earn some of the highest wages in the nation, salaries haven’t kept pace with the ever-growing home prices. Three of the top five counties nationwide where home price increases are outpacing wage growth—Los Angeles, San Diego and Orange—are in California, according to a 2024 Attom Data report.

Hawaii

The median home sale price in the Aloha State is $754,700, up 4.6% from the previous year and 34% over 2019. For decades, high demand and strict land-use regulations have resulted in a housing shortage that pushes prices higher each year.

A home sold in Hawaii now is 370% more expensive than it would have been in 2000, according to a University of Hawaii housing report. The extreme price jumps have pushed many families out of the housing market. A newer University of Hawaii report showed that in 2023, only 1 in 5 local households could afford a mortgage based on the state’s median price point for a single-family home.

District of Columbia

The median home sale price in the nation’s capital is $697,450, making it the country’s third-most expensive area to buy a home in early 2024. High housing prices are more stable here compared to some other metro areas, increasing by just 3.3% over the previous year and 17% from 2019.

But like many other areas of the U.S., housing inventory here isn’t large enough to keep up with demand. There’s an ever-growing pool of homebuyers spread across just 68 square miles. D.C. has the highest population density in the U.S. at 11,280 people per square mile, while the U.S. average is 94, according to the U.S. Census Bureau.

Washington

Washington state, home to major tech hub Seattle, had a median home price of $658,500 in May 2024. Prices were up by 6.6% over the same month in 2023 and by 47% from 2019. Among the most competitive housing markets, seven of them are clustered around Seattle. Homes in this metro area typically go for around $1 million to $1.6 million.

Wages in this area are rising, pushing home prices higher and driving some of the population to lower-cost parts of the state. For instance, home prices in Washougal, Washington, skyrocketed by 105% in a recent five-year period. This town of 16,828 sits on the southern border of Washington near Portland, Oregon.

Colorado

A strong demand for homes in Colorado comes from a growing population and robust economy, with many cities routinely listed as some of the best places to live in America. But those factors, coupled with a growing supply shortage due to lagging development, are pushing home prices higher. The median home sale price in the Centennial State is $602,900, a 3.4% jump from 2023 and 46% increase over 2019.

Here’s where you’ll find the lowest median home prices in the U.S.

Iowa

Iowa’s median home sale price is the lowest in the nation at just $241,500—but prices have still gone up over time, climbing 5.5% year over year and 37% from 2019. The Hawkeye State has a relatively small population that only increased by 0.41% between 2008 and 2023, compared to the national average of 0.47%. Compared to other states, mortgages in Iowa have remained very affordable, according to the Common Sense Institute.

Oklahoma

The median home sale price in Oklahoma was $250,800 in May 2024, a 1.9% increase from 2023 and a 47% jump over the past five years. Many of the state’s smaller, rural areas, like Chickasha and Ponca City, have seen the highest rate of home value growth, while prices slightly dropped in Oklahoma City, the state’s largest city.

Home prices may continue rising as more people move to the Sooner State. Oklahoma is among the 10 states with the largest raw number of domestic migrants, and is listed as one of the fastest growing areas for housing demand.

Ohio

The median home price in Ohio is $259,500, which is a 7.6% increase from the previous year and a 51% jump from 2019. The Buckeye State housing market is competitive for sure. In May 2024, about 42% of homes sold above their listing price, which is higher than the national average of 35%.

But you’ll find wildly different prices across the state. The median price hovers around $105,000 in Canton, Youngstown and Steubenville, dropping by up to 31% year over year. And trends are moving in the opposite direction in the state’s largest areas. For instance, median prices increased to $800,000 in Bexley, rising by 86%. The suburb sits outside of Columbus, the fastest-growing region in the Midwest between 2000 and 2021.

Mississippi

The median home sale price in Mississippi is $262,800, which is a 1.1% increase year over year and a 47% jump over 2019. In May 2024, about 30% of listings experienced price drops, which is much higher than the national average of 19%.

The most competitive markets in the Magnolia State are located either along the Gulf of Mexico, near the capital of Jackson or in the northern part of the state—a quick driving distance from Memphis, Tennessee.

Louisiana

Home prices in Louisiana haven’t gone up much over the years compared to many other states. Its median home sale price was $263,900 in May, rising 2.6% from 2023 and 21% from 2019. Only 12.5% of homes sold above their listing price in May, and 30% experienced a price drop, indicating a struggle to attract buyers. Homes are so cheap here because land is inexpensive and plentiful, and homebuilding costs are relatively low.

How to Save Up for a Home

Check Home Prices in Your Area

The national median home price is around $440,000, but prices vary widely in every state and metro area. Comparing home listings in the area where you’re buying property can help you set a realistic price range.

Websites like Redfin and Zillow post current home listings and recent home sales in the neighborhoods you’d like to live in. You’ll find information like property tax rates, whether listings go for more or less than the asking price, and the typical floor layouts you can expect. This research can help you determine your price range and figure out how much to save for a down payment and closing costs.

Assess Your Finances

Once you’ve set a price point, contact a few mortgage lenders that operate in the area where you’re looking to buy a home. Ask for a mortgage prequalification, which allows you to check your offers without an impact to your credit scores. You’ll want to find out whether you’d qualify for a mortgage based on your price range, estimated down payment, income and credit score.

Save for a Down Payment and Closing Costs

Your down payment is a lump sum of cash you give your mortgage lender at closing. It’s based on a percentage of your home’s selling price. So if you buy a home for $400,000 and put down 3%, for example, you’d finance the remaining 97% in the form of a mortgage.

All of the major mortgage programs come with minimum down payment requirements that typically range from 0% to 5%, and lenders may increase those percentages. You can also choose to increase your down payment to boost your starting equity, lower your monthly mortgage payments and avoid paying private mortgage insurance.

Closing costs are the costs involved with processing your loan. These usually range from 2% to 5% of your property’s purchase price.

After determining your general price range and the down payment you want to make, you can start saving for this goal.

Consider Alternative Solutions

If you don’t think you can afford to buy a home in your current area, you may decide to get creative. For example, many single homebuyers are co-buying property with a friend or relative to help with affordability, according to the Zillow report. About 21% of buyers in 2023 report going this route.

You may also decide to pick up and move to a more affordable area. This option may be more realistic if you’re looking for a new job or your employer allows for remote work.