If you’re California dreaming and looking for a home or to relocate to the Golden State you should be aware it has been named the second most expensive state to own a home in America

However, there is new data that has revealed the most expensive states to own a home in America. The research, conducted by real estate experts Agent Advice, analyzed the typical price of homes throughout the country from March 2021-March 2023. The data also considered price and percentage increases to supply a comprehensive account of real estate in America, according to a news release.

Top Prizes

Hawaii takes the crown as the most expensive state to own a home. It’s no secret that ‘Aloha State’ is a hotspot for residents looking to buy their property, with typical house prices reported to be $834,583 as of March 2023. This is 146% above the national average – $338,649 – and a 25% increase from March 2021, setting house hunters back by an extra $166,777 and standing for the highest monetary increase in the United States.

California receives a silver medal as the second most expensive state to own a home. With its blissful weather, beautiful coastal resorts, and breathtaking mountain ranges, the typical house price of a home was $728,134 in March 2023, 115% above the national average. This Western state also has the fourth-highest monetary increase in house prices, with a $95,228 rise between March 2021-March 2023. However, typical house prices also decreased by $18,573 and 2.5% between March 2022-March 2023.

Washington, a state filled with mountain ranges and breathtaking landscapes, comes in third place. The research has revealed that a typical home price was $562,936 as of March 2023, 66% more than the national average. This is $72,533 more than the typical price in March 2021, making it the ninth-highest rise in price throughout America. That being said, typical house prices also fell by $17,938 and 3.09% between March 2022-March 2023.

Others

Massachusetts ranks in fourth place. In the Northeastern state, typical house prices were $558,313 as of March 2023, 65% more than the national average. The research revealed a $54,476 rise in typical home value between March 2021-March 2023. However, this only represents an 11% increase during that time, suggesting house prices were already high before 2021. Typical house prices depreciated by $1,050 and 0.19% between March 2022-March 2023, showing a slight decrease in the last year.

Colorado ranks fifth. In Colorado, typical house prices were $539,640 as of March 2023, 59% more than the national average, representing a $82,504 increase in property value between March 2021-2023. Colorado has the ninth-highest monetary surge in property value during this time throughout America. Similar to Massachusetts, Colorado’s typical home values fell by $1,527 and 0.28% between March 2022-March 2023.

Utah is the sixth most expensive state to own a home in America. The typical cost of a home comes in at $506,072 as of March 2023, 49% above the national average. The research shows this rising by 20% and $86,071 between March 2021-2023, the eighth-highest monetary increase. However, Utah’s typical home cost fell by $10,849 and 2% between March 2022-March 2023, depicting a higher depreciation than Massachusetts and Colorado.

Oregon, nestled in the Pacific Northwest, ranks in seventh place. The data has benchmarked typical house prices at $485,475 as of March 2023, 43% above the national average, with property values increasing by $56,730 and 13% between March 2021-2023. Although, the typical home value has decreased by $11,998 and 2% from March 2022-March 2023.

New Jersey, with a typical home value of $451,559 as of March 2021, is the eighth most expensive state to own a home. Idaho follows in ninth place with a typical price of $435,374, while New Hampshire rounds out the top ten most expensive states to own a home at $429,421.

Increased Values

“The U.S. housing market is estimated to be worth $43.4 trillion in 2023. To take advantage of this, both consumers and agents alike must understand the ever-changing nature of the real estate market,” Chris Heller, Co-founder of Agent Advice said.

“Overall, there has been an increase in cost in the last three years throughout the nation. However, this research shows that there has also been a depreciation in multiple states over the last two years, showing a rise in more affordable housing.

“In Hawaii, for example, the typical cost of housing increased by 25% in the last three years; this decreased to 2.98% in the last two years. So, it will be interesting to see if the cost of housing will eventually decrease.”

The top 10 most expensive states to own a home in America

Rank

The most expensive states to own a home

The typical price of a home Mar 2023($)

The typical price of a home from 21-23 ($ increase)

The typical price of a home from 21-23 (% increase)

The typical price of a home from 22-23 ($ increase)

The typical price of a home from 22-23 (% increase)

1.

Hawaii

834,583

166,777

25

24,150

3

2.

California

728,134

95,228

15

-18,573

-2

3.

Washington

562,936

72,533

15

-17,938

-3

4.

Massachusetts

558,313

54,476

11

-1,050

-0.19

5.

Colorado

539,640

82,504

18

-1,527

-0.28

6.

Utah

506,072

86,071

20

-10,849

-2

7.

Oregon

485,475

56,730

13

-11,998

-2

8.

New Jersey

451,559

52,167

13

3,987

0.89

9.

Idaho

435,374

56,321

15

-26,275

-6

10.

New Hampshire

429,421

76,773

22

21,034

5

 

Agent Advice is a team of real estate experts providing hand-selected recommendations to help real estate businesses grow.

Source: Zillow