Real estate enthusiasts have eagerly awaited the latest data on America's most expensive states to own a home, and the results are in.
Agent Advice, a renowned real estate research firm, conducted an extensive study from March 2021 to March 2023 to analyze typical home prices and percentage increases across the country.
Surpassing all others, Hawaii reigns as the costliest state to own a home, boasting a typical house price of $834,583 in March 2023. Following closely are California, Washington, Massachusetts, and Colorado, rounding out the top five.
Hawaii's allure as a dream destination comes at a premium, with its typical house prices soaring to $834,583 in March 2023. This astronomical figure represents a staggering 146% increase above the national average of $338,649. Notably, house prices experienced a 25% surge since March 2021, amounting to an additional $166,777 - the highest monetary increase recorded in the United States.
With its picturesque landscapes and idyllic weather, California secures the second position on the list. A typical house in the Golden State cost $728,134 in March 2023, which is 115% higher than the national average. Though prices saw a notable rise of $95,228 between March 2021 and March 2023, they experienced a 2.5% decline ($18,573) from March 2022 to March 2023.
Known for its majestic mountain ranges and breathtaking landscapes, Washington ranks third on the list. A typical home in this scenic state came with a price tag of $562,936 in March 2023, representing a 66% increase above the national average. While prices surged by $72,533 between March 2021 and March 2023, they also experienced a 3.09% decrease ($17,938) from March 2022 to March 2023.
In the northeastern state of Massachusetts, a typical house cost $558,313 in March 2023, exceeding the national average by 65%. Although typical home values witnessed a $54,476 rise between March 2021 and March 2023, this increase equated to just 11% during that period, suggesting already high prices before 2021. Interestingly, Massachusetts saw a slight decrease in typical house prices by $1,050 and 0.19% between March 2022 and March 2023.
In the picturesque state of Colorado, the typical house price reached $539,640 in March 2023, marking a 59% increase above the national average. During the same period, property value experienced a significant surge of $82,504. Similar to Massachusetts, Colorado also faced a decline in typical home values by $1,527 and 0.28% between March 2022 and March 2023.
Hawaii's top position signifies its allure and premium status in the real estate market, while other states like California, Washington, Massachusetts, and Colorado follow closely behind. While some states experienced substantial price increases during the two-year study period, others saw slight depreciation, making the housing landscape dynamic and ever-changing. Prospective homebuyers and real estate professionals alike can use this data to better understand the trends and complexities of America's diverse real estate market.