Average Home Price in the U.S.
The next section provides information on the average home price by state and an overview of the historical U.S. home prices as well as a comparison of homes available for sale from 1986 to today.
Average Home Price by State
Who wouldn’t want to move to Hawaii and live the tropical lifestyle life? Well, you might want to think twice before doing that as Hawaii is the state with the highest average price for a house ($910,349). The main reason for the high price tag is the land use and zoning regulations of the state and counties. The state with the lowest price is West Virginia ($114,640), which also has the highest homeownership rate among all states. The reason behind this might be the low levels of median income and the high levels of poverty, mostly caused by the decline of the coal and mineral industry. This also contributed to population decline as well as a higher rate of unemployment.[3][4][6]
Historical U.S. Home Prices
Average home prices have increased significantly from 1988 ($53,000) to the present ($240,600). The prices fluctuated a bit over the years, growing rapidly between 2000 to 2007, then decreasing from 2007 to 2012 ($135,400). Ever since 2012, household prices have been growing steadily, reaching an all-time high in 2021. House prices keep rising faster than wages, a challenge for young buyers entering the market.[1]✓
✓ Trusted source
U.S. Census Bureau
The U.S. Census Bureau, a principal organization in the U.S. Federal Statistical System, is in charge of producing data on the country’s population and economy.[5]✓
✓ Trusted source
The Federal Reserve Bank of St. Louis
The St. Louis Fed works to support the U.S. Treasury’s financial operations, nurture a healthy financial system, advance economic education, community development, and equitable access to credit. It also promotes stable pricing and economic progress.
How Many Homes Are Up for Sale in the U.S.?
The number of homes listed for sale has been continuously getting lower, from 1,236,254 active listings in 2016 to only 445,784 listings in 2021. However, the number of listings grew to 308,061 active listings in 2022. [7]✓
✓ Trusted source
The Federal Reserve Bank of St. Louis
The St. Louis Fed works to support the U.S. Treasury’s financial operations, nurture a healthy financial system, advance economic education, community development, and equitable access to credit. It also promotes stable pricing and economic progress.
