The housing market has gone through some significant swings since the start of the pandemic in 2020. Despite a temporary lull in early 2020, the market rebounded hotter than ever in 2021. As we’ve rolled into 2022, the housing rush is simmering down just a little but not much. The median home price in January 2022 was $350,300, as compared to $356,700 from August 2021, according to the National Association of Realtors. And now, according to Zillow, the median home price is $331,533, with a predicted median of $390,546 by the end of 2023.
To figure out the value of homes in 2023 across the country, GOBankingRates analyzed median home values from February 2022 using Zillow’s forecast tool to predict the increase or decrease in home values by state to assess where home values will be in February of 2023. The study ranked each state according to its median home value, beginning with the lowest.
It is important to note that GOBankingRates used the median home value instead of the median home price by state, because value accounts for more factors, such as comparable home sales and inspections. Median home value is an estimate of what the property is actually worth, while the median list price is based on demand and listing agent.
Find out what homes will be worth in your state by the end of 2023.
