Whether you’re interested in buying or selling a home, it’s important to know how much homes are worth in your area so you can gauge the real estate market. You can see what $1 million dollars will buy you across the country or study the median home value in your state.
Home values are estimates of how much someone is willing to pay for a home in a given area. Although these home value estimates from Zillow aren’t official appraisals, they’re a good starting point to help you figure out how much your home is worth in your state (Louisiana was not included in this list due to insufficient data).
Click through to see if the homes in your area are worth more than you thought.
Alabama Median Home Value: $125,600
Home prices in Alabama have risen over the past year with an increase in demand and a drop in home inventory, according to the Alabama Center for Real Estate at the University of Alabama. Still, Alabama is one of the states where you can buy a luxurious home for less.
Click through to see more states where living luxuriously will cost you the least.
Alaska Medium Home Value: $295,800
According to our research, Alaska is one the most expensive places to live.
In larger cities such as Anchorage, the housing market has remained stable for most of 2017 due to low inventory, according to the Alaska Journal.
Arizona Median Home Value: $238,100
An earlier GOBankingRates study found Arizona to be one of the top states for millennial homebuyers because of its affordable home values. According to the research, Phoenix tends to be cheaper than the state overall.
Arkansas Median Home Value: $121,000
If you want to stretch your home-buying dollar, Arkansas is one of the few states where your money will go the furthest.
Home prices have gone up 5.9 percent over the past year, however, and Zillow predicts home prices will rise another 3 percent in 2018.
California Median Home Value: $521,700
California is one of the most expensive states to buy a home — and home values have gone up 7.1 percent over the past year, according to Zillow. The California housing market is also predicted to rise another 2.5 percent within the next year, research shows.
Colorado Median Home Value: $352,500
Colorado is a rather pricey place to live, with homeownership being more expensive than renting, according one GOBankingRates study.
It doesn’t appear to be changing anytime soon either. Home values have gone up 7.5 percent over the past year, according to Zillow, and they’re expected to rise another 3.3 percent in 2018.
Connecticut Median Home Value: $262,400
Property values certainly vary by location in Connecticut, as it’s way more expensive to live in Greenwich than cities such as New Haven.
Compared to the median home value in America, prices have increased modestly — 2.2 percent over the past year, according to Zillow. Connecticut’s median home values are anticipated to rise another 2.4 percent over the next year.
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Delaware Median Home Value: $216,700
How much is my house worth? If you’re in Delaware, the median single-family home is $216,700.
According to Zillow, home values have increased 1.8 percent over the past year and should rise another 1.9 percent during the upcoming year. Keep in mind, though, that Delaware is the second-smallest state, so there’s much less to compare to than most other states.
Florida Median Home Value: $226,400
Buyers, beware: Another study found that Florida is one the states getting hit hard by the foreclosure crisis.
Home prices have been climbing in Florida. Zillow research shows the prices have increased 7.8 percent this past year, and they’re predicted to rise another 2.8 percent in 2018.
Georgia Median Home Value: $157,800
Although real estate is costlier in cities like Atlanta, the Peach State as a whole offers some of the most affordable housing around.
Prices may not stay as low forever, though. Home values have gone up 5.5 percent over the past year and are anticipated to rise another 3.1 percent next year.
Hawaii Median Home Value: $718,400
Hawaii is one of the costliest places to live. Zillow research shows housing prices have risen 5.1 percent over the past year and are expected to increase 3.6 percent more over the next 12 months.
Idaho Median Home Value: $203,600
Idaho is experiencing a major uptick in housing prices. According to Zillow research, home values have shot up 13.1 percent over the last year and are anticipated to rise another 6.2 percent.
Illinois Median Home Value: $168,800
You might think Illinois would have a higher median home price, being that it’s home to Chicago — the third largest city in the country. Many of the biggest housing markets in the state are quite affordable — such as Rockford and Aurora. Even Chicago is affordable when compared to places like New York City and Los Angeles.
Indiana Median Home Value: $125,000
Overall, the Hoosier State is quite affordable when it comes to purchasing a home. You won’t find bargain prices everywhere, however.
Indianapolis has recently experienced a surge in home prices — making it great for sellers but not for buyers in the market, according to the Indy Star. The state as a whole has seen prices go up 6.2 percent.
Iowa Median Home Value: $130,900
Des Moines has had exceptional growth over the last several years with record home prices, according to the Des Moines Register. Iowa as a whole might not have experienced this enormous growth, but home values have increased 4.3 percent over the past year.
Kansas Median Home Value: $127,600
Kansas has seen home prices rise 5 percent this year. In places like Wichita, it’s very much a seller’s market with a shortage of inventory.
Kentucky Median Home Value: $136,600
Kentucky has a very competitive housing market, with home prices increasing 4.2 percent over the past year. According to Kentucky REALTORS, the state has experienced record sales at a fast pace, and 2018 may be the busiest year yet.
Maine Median Home Value: $209,700
Home values have also been increasing in Maine, with a 5.9 percent jump over the past year, according to Zillow. If you’re a house hunter in the Portland-South Portland area — good luck. According to USA Today, the metro area has a less than 1 percent vacancy rate.
Maryland Median Home Value: $284,400
The cost of living tends to be more expensive in Maryland. The housing market is also quite strong with home values increasing 3.1 percent overall this past year.
Massachusetts Median Home Value: $387,700
Massachusetts has some of the highest median home prices in the country, but it’s still better to own than to rent.
Home values continue to rise, with the state seeing a 5.9 percent jump this past year. The Greater Boston area has had the lowest inventory of homes for sale, according to the Massachusetts Association of Realtors.
Michigan Median Home Value: $132,400
Michigan has been on our list as one of the best states for first-time home buyers. Still, home prices continue to rise. Over the past year, prices have increased by 6.7 percent, according to Zillow.
Minnesota Median Home Value: $214,600
Although home prices have gone up 5.7 percent over the past year in the state, the market is starting to cool off, according the Minneapolis Area Association of Realtors. Minneapolis and St. Paul are still hot markets for home buyers, though you can still get good deals in the suburbs too.
Mississippi Median Home Value: $115,600
You can live quite comfortably in Mississippi, with reasonable home prices and the cheapest cost of living when compared to other states.
Home values have gone up 3.7 percent over the past year, and Zillow predicts home values will increase another 4.8 percent next year.
Missouri Median Home Value: $145,900
Missouri is still a bargain to live despite home prices rising. Home values increased 4.9 percent this past year but it’s still an affordable place to live.
Montana Median Home Value: $207,600
In Montana, home prices have risen at the third-fastest rate among all states. Prices this year alone have gone up 6 percent.
Nebraska Median Home Value: $152,800
Nebraska home prices increased 7 percent this past year, according to Zillow. To see your paycheck stretch the furthest, head to Omaha where you can enjoy a better cost of living.
Nevada Median Home Value: $268,100
The housing market in Nevada is hot, with home prices increasing 10.5 percent over the past year, according to Zillow. That’s a good thing for sellers, as it means low inventory and less bargaining for home buyers.
New Hampshire Median Home Value: $265,900
New Hampshire has experienced higher housing prices and low inventory across the state, according to the New Hampshire Housing Finance Authority’s September 2017 update. Prices have jumped 6.4 percent over the past year according to Zillow.
New Jersey Median Home Value: $310,700
New Jersey isn’t the best place for buyers or renters. Our research has shown renting to be more expensive than buying, but mortgages in the state are typically more expensive than the national average. Although housing prices remain high, the increase isn’t as significant as elsewhere at 3.8 percent, according to Zillow.
New Mexico Median Home Value: $175,400
Inventory remained low for many parts of New Mexico this past year — putting the state on track for record-setting year. Median home prices increased 4 percent this past year, and homes priced right are going quickly and receiving multiple offers.
New York Median Home Value: $258,200
When isn’t New York hot? Home prices shot up 10.9 over the past year, according to Zillow. You’ll get more bang for your buck in places such as Albany or Syracuse than the Big Apple, of course.
If your heart is set on on New York City, you’ll have more buying power in Howard Beach, Staten Island or Jamaica, according to a GOBankingRates study.
North Carolina Median Home Value: $165,500
The Tar Heel State has experienced an uptick in housing prices. Overall, home prices rose 6.3 percent in the state, according to Zillow. Raleigh, in particular, has had a boost in pricing due to demand and growth opportunities combined with a rich job market.
North Dakota Median Home Value: $207,300
Demand has driven housing market prices down in North Dakota — a decline of 1.1 percent this past year, according to Zillow.
The lower prices are attracting millennials, which could help shift the market in the right direction, according to real estate website Inman.
Ohio Median Home Value: $130,300
Ohio is an affordable place to live with a median home price of $130,300. Pricing did take a modest increase this past year — 5.1 percent, according to Zillow. If you want to find yourself a good investment, consider Columbus or Cincinnati, as the real estate market there is anticipated to be hot in 2018.
Oklahoma Median Home Value: $116,900
Oklahoma is among the most affordable states to live in the country. Housing prices rose modestly this past year — a mere 3.2 percent, according to Zillow.
Oregon Median Home Value: $318,200
Oregon is among the most expensive places to buy a home in the country. In fact, home values have gone up 7 percent this past year, according to Zillow.
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Pennsylvania Median Home Value: $165,700
You can live pretty reasonably in Pennsylvania. Housing prices are lower than much of the country, and buying makes better financial sense than renting, according to our research.
Rhode Island Median Home Value: $265,400
Home prices aren’t cheap in Rhode Island, and they jumped 7 percent across the state this past year, according to Zillow. The rising cost of home prices and even rent has made affordable options in the state fairly slim.
South Carolina Median Home Value: $146,200
The Palmetto State also has a limited home supply to keep up with demand, particularly in cities such as Charleston and its suburb, Mount Pleasant. Pricing has increased 4.3 percent through 2017, according to Zillow.
South Dakota Median Home Value: $177,000
South Dakota residents saw an uptick in home prices also this past year — 6.6 percent. Home prices are expected to continue to rise, with Zillow prediction to be another 4.5 percent next year.
Tennessee Median Home Value: $142,900
Prices jumped 7.8 percent in Tennessee in 2017 and are anticipated to rise another 3.6 percent, according to Zillow. Nashville is ranked as the hottest single-family home market, according to USA Today.
Texas Median Home Value: $173,200
Texas is another hot spot for real estate, with house prices increasing 7.1 percent this past year, according to Zillow. The housing boom has remained steady in Texas, unlike elsewhere.
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Utah Median Home Value: $276,400
The housing market is also sizzling in Utah, and homes are often selling in a just a few days and over asking price, according to a local CBS affiliate. Home prices increased 12.7 percent — one of the highest in the country.
Vermont Median Home Value: $180,000
Vermont has had two consecutive years of rising housing prices, which is the first time since the Great Recession, according to the Burlington Free Press. It’s one of the cheaper alternatives in the New England area.
Virginia Median Home Value: $235,800
Home prices have risen modestly in Virginia as a whole — 3.1 percent, according to Zillow. If you look at an area such as Northern Virginia, home prices are skyrocketing and have been for the last eight years, according to the Northern Virginia Association of Realtors.
Washington Median Home Value: $345,200
It’s expensive to purchase a home in Washington state, especially when home prices increased 10.1 percent this past year, according to Zillow. The market is anticipated to increase 4 percent in the next year.
Washington, D.C., Median Home Value: $593,200
Washington, D.C is undoubtedly one the costliest places to live in terms of living factors and property values. Home values in the country’s capital increased 1.2 percent this past year.
West Virginia Median Home Value: $102,900
There has been little to no change in the value of homes in West Virginia. To be exact, home values have gone up 1.8 percent, according to Zillow.
Wisconsin Median Home Value: $169,400
Wisconsin recently experienced a loosening of the housing market — that means there’s more housing available and the cost of homes is starting to decrease, according to U.S. News. This past year, however, home prices increased 6 percent, according to Zillow.
Wyoming Median Home Value: $198,700
Wyoming is more affordable than its neighbors, such as Colorado and Utah. Home prices increased 2.6 percent in Wyoming this past year, according to Zillow.
All home value figures were sourced from Zillow’s research for October 2017 and are for single-family residences. Louisiana was excluded from this list due to insufficient data on home value.
About the Author
With a broadcast news career that spans more than a decade, Lia Sestric has had the opportunity to cover local and national news for television and radio. The Washington, D.C.-based writer has been freelance writing for a number of years. She frequently writes about higher education, careers, and finance. Along with GOBankingRates, her work has appeared on major sites like Yahoo, The Huffington Post, MSN and many other news outlets.