Median Home Price by State 2022

Table of Content

• Typical home price in Arkansas: $177,710 (41% of typical U.S. price)
• Distribution of home purchase prices in the United States in 2021
• Typical home price in Rhode Island: $443,482 (103% of typical U.S. price)
• Figure 2: Home Prices in San Francisco Continued to Ascend in Early 2021, Though Less Rapidly Than in Other Markets
• Typical home price in the United States: $354,649
• Typical home price in Hawaii: $1,038,544 (242% of typical U.S. price)

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The higher the index is, the more options there are for obtaining mortgage finance. As the housing market heated up, mortgage loans became more available, and then in 2006, the index surpassed 850. The mortgage credit availability index fell as a result of the fall in the real estate market since it became nearly hard to get mortgage financing.

Typical home price in Arkansas: $177,710 (41% of typical U.S. price)

Since the beginning of the epidemic, market confidence has reached its lowest point in the second quarter of 2022. In addition, as a result of the impact of growing inflation on the cost of living, they found an increase in housing payment difficulties, particularly among renters. The 10- and 20-city composite indexes also showed signs of deceleration — up by 14.9% and 16.1% year over year, respectively — compared with 17.4% and 18.7% growth in June.

51% are concerned about making housing payments, up 4 percentage points from last quarter. According to the Mortgage Bankers Association, mortgage purchase applications decreased by 16 percent compared to the same week last year. She has a background in academic research and is the author of London Writing of the 1930s. She writes about interior design, property, and gardening .On H&G, she specializes in writing about property – buying, selling, renting, mortgages – sustainability and eco issues. Buyers who have this flexibility may just be able to beat the surging home prices by relocating to cheaper areas.

Distribution of home purchase prices in the United States in 2021

After whipsawing in tremendous fashion in early 2020, the housing market more than regained its early-year momentum to finish at new highs for home sales in the fall. For the year, we expect 2020 home sales to register slightly higher (0.9%) than the 2019 total thanks to the strong, if delayed, buying season. Additionally, as make-up buying from the disruption of spring 2020 fades, home purchases will be propelled by underlying demand in 2021. This demand will come from a healthy share of Millennial and Gen-Z first-time buyers as well as trade-up buyers from the Millennial and older generations.

That data doesn't give us a full picture of home prices around the United States. There's no state-level data available for it, and it's only sales prices, so it's not the only way to capture home values. That's why we're also including Zillow's information on home prices.

Typical home price in Rhode Island: $443,482 (103% of typical U.S. price)

However, hot economies eventually cool and with that, hot housing markets move more toward balance. Housing market forecasts are essentially informed guesses based on existing patterns. While the real estate pace of last year appears to be reverting to seasonality as we approach 2022, demand is not waning.

As buyers and sellers are stepping away from the market, home prices are likely to remain stable. As a result of rising mortgage rates, the value of homes in around two-thirds of the nation's main housing markets declined throughout this past summer. While the average Canadian home price is down 10% year-over-year, the performance of housing markets across the country has been mixed. Some areas continued to see declines in home prices and sales, while others experienced increases on a monthly basis.

Typical home price in Illinois: $269,575 (63% of typical U.S. price)

At 1,746 square feet, the average home in the state costs less than $100 a square foot, meaning those with the budget can afford more house for their dollar than they can in most states. However, Oklahoma has high levels of poverty and low levels of quality of life satisfaction. Looking at Ontario, the average Ontario home price fell to $835,090 in October 2022, a small drop of 0.1% month-over-month that continues Ontario’s decline in home prices. This means that Ontario home prices have dropped on a monthly basis for seven months in a row, with prices now significantly below what they were last year. Over this past year, factors that have spooked Canadian home buyers have been rapidly rising Canadian mortgage rates, brought about by Bank of Canada rate hikes. The effect of this can be seen in prime rates, which have soared from 2.45% at the start of 2022 to 5.95% as of November 2022.

Housing prices are unlikely to fall drastically, but they are expected to rise very slowly as compared to last year's pace. A typical home in Arkansas costs $169,867 and measures 1,792 square feet. Homeownership in the state is slightly higher than the national average, with 66.5% of residents owning their homes. Colorado's homes are among the nation's largest, with the average home measuring 2,126 square feet.

In Maryland, the average mortgage payment is just barely able to meet the 28% rule. That’s despite housing prices just below the national median and median income 40% above the national median. While Alabama has a low median income (19% below the national median), its typical house prices are even lower. But as with so much data during the pandemic, past relationships are no guarantee of future dynamics, and the risks are two-sided. As input prices resettle to more normal levels and as the pandemic demand dynamics fade, we expect any pressure from housing inflation to eventually dissipate.

However, the costs of homeownership in the United States can be startling. According to Federal Reserve Economic Data, the median price of houses sold in 2022 is $428,700. The Zillow Home Value Index, which measures only the middle price tiers of homes, sets the cost of a typical home in the United States at $344,141.

More than a decade of chronic underbuilding, coupled with millions of millennials entering the homebuying stage of life, has resulted in a major mismatch in housing supply and demand in the United States. According to the latest report published by Fortune, in October Moody's Analytics once again lowered its national home price outlook. If a recession does manifest, that housing market prediction shifts down to a 20% peak-to-trough decline. Through spring 2023, he expects mortgage rates to hover around 6.5%. Critically, despite the fact that shortage of supply has been one of the primary drivers of home price growth, rising interest rates are deterring both potential sellers and new construction. As a result, there is no hope for an improvement in the housing supply and a sustainable housing market that would result from an increase in inventory.

Idaho has one of the highest homeownership rates in the country, with 70.4% of its residents owning their homes. The median home in Hawaii is smaller than the national average while costing a great deal more. The median home in Hawaii is 1,300 square feet, approximately 70% of the national median of 1,800 square feet. The median price for a typical home in Hawaii is $848,926, more than twice the national average. Hawaii also has one of the country's lowest homeownership rates, with 59% of its residents owning their homes.