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California, Colorado and Hawaii most expensive states to buy a home, midwest still low
The cheapest housing market was found in the Midwest. In Illinois, the cheapest state, the monthly median sale price for a house last year was $133,750.
April 28, 2023 8:38am
Updated: April 28, 2023 8:38am
A new study analyzing Zillow ranked the least and most expensive housing markets for aspiring homebuyers in the United States.
The study, conducted by Studio City Realtors, found that the most expensive state to buy a house is Hawaii, where the average median sale price of a home was $805,775 last year. Following behind Hawaii were California and Colorado, with a monthly median sale price of $537,000 and $537,125, respectively.
Within the different areas of each of these states, however, housing costs dramatically differed. In California, for example, the median monthly sale price of a house in Red Bluff was $320,000, while it was $1,370,000 in San Jose.
Meanwhile, the cheapest housing market was found in the Midwest. In Illinois, the cheapest state, the monthly median sale price for a house last year was $133,750. The median sales price in the cheapest city in the state was $90,000 in Galesburg, while its most expensive price was seen in Chicago at $282,750.
The nation’s second and third cheapest states went to Ohio and Oklahoma, where the monthly median sale price was $155,000 and $175,063, respectively. Other states that had a median sale price under $200,000 included Michigan, Missouri, Indiana, Arkansas, West Virginia, and New York.
Overall, housing prices across the United States have seen a “significant increase,” according to Studio City realtor Tony Mariotti. Housing prices increased in February after having been declining for months due to low demand and low inventory. Experts are warning that housing affordability will continue to be a problem for homebuyers in the upcoming months.
“In many areas of the country, that dynamic — low inventory and a modest rise in demand — led to an uptick in home prices. All in, 39 of the 50 largest U.S. markets saw prices increase in February — in sharp contrast to just three months earlier when 48 of those 50 were experiencing price declines,” Black Knight Vice President of Enterprise Research Andy Walden said in a statement.
