Home Values Report: April 2023
April 17, 2023U.S. home values have decreased by 1% over the past 12 months. During this 12 month period (April 2022 - March 2023), the national average of home values reached an all-time high in August of 2022, and then declined slowly for several months before making a slight recovery in March 2023.
The greatest annual increases in average home values by state were in West Virginia and Alaska, which increased by 12.21% and 9.52% respectively. However, West Virginia remains the state with the lowest average home value in the nation ($146,578).
The greatest average home values in the country are Hawaii and California ($834,583 and $728,134 respectively). Both of these states saw substantial decreases in average home values over the past 12 months. California's decreasing home values may have some relation to CA's shrinking population, or may simply be a correction for the huge spike in home values over the last few years.
The states that saw the largest decrease in Average Home Values during the last 12 months were Louisiana and North Dakota, which decreased by 12.06% and 9.91% respectively.
Data source: https://www.zillow.com/home-values/
| State | Average home price | 1-year increase |
|---|---|---|
| West Virginia | $146,578 | 12.21% |
| Alaska | $345,363 | 9.52% |
| Oklahoma | $188,453 | 8.67% |
| Iowa | $200,038 | 8.15% |
| New York | $411,304 | 6.26% |
| Kansas | $210,742 | 5.43% |
| Delaware | $358,686 | 5.21% |
| Indiana | $222,592 | 4.53% |
| Florida | $383,063 | 4.33% |
| Nebraska | $243,012 | 4.29% |
| Alabama | $206,044 | 4.24% |
| Wyoming | $325,091 | 3.99% |
| Arkansas | $178,744 | 3.74% |
| Wisconsin | $262,652 | 3.13% |
| Connecticut | $358,906 | 3.12% |
| Tennessee | $291,354 | 3.10% |
| Missouri | $227,347 | 2.66% |
| New Hampshire | $429,421 | 2.64% |
| North Carolina | $309,861 | 2.55% |
| Georgia | $306,278 | 1.79% |
| Ohio | $205,800 | 1.71% |
| Mississippi | $162,292 | 1.46% |
| New Jersey | $451,559 | 1.12% |
| South Dakota | $284,308 | 0.74% |
| Maine | $351,375 | 0.68% |
| South Carolina | $273,977 | -0.15% |
| Kentucky | $190,037 | -0.28% |
| Texas | $294,336 | -0.33% |
| Virginia | $360,873 | -0.36% |
| Rhode Island | $413,948 | -0.72% |
| New Mexico | $279,763 | -0.77% |
| Arizona | $409,038 | -1.08% |
| Massachusetts | $558,313 | -1.41% |
| Maryland | $387,872 | -1.59% |
| Montana | $427,886 | -1.92% |
| Vermont | $332,149 | -2.71% |
| Hawaii | $834,583 | -3.36% |
| Minnesota | $315,122 | -3.44% |
| Michigan | $218,684 | -4.14% |
| Oregon | $485,475 | -4.72% |
| Pennsylvania | $243,859 | -5.21% |
| Colorado | $539,640 | -5.32% |
| California | $728,134 | -6.03% |
| Washington | $562,936 | -7.20% |
| Idaho | $435,374 | -7.46% |
| Nevada | $412,244 | -7.47% |
| Illinois | $236,049 | -7.80% |
| Utah | $506,072 | -8.86% |
| North Dakota | $242,261 | -9.91% |
| Louisiana | $182,959 | -12.06% |
| TOTAL (All of U.S.) | $334,269 | -1.00% |
By Kevin Ashley
Kevin is a Web Developer and Marketing Expert for iHOUSEweb. He has a degree in Mathematics from the University of California, Santa Cruz, and he specializes in front end web development, web advertising, and web analytics. Kevin works closely with real estate agents all over the US, and he helps to communicate their needs to the team of Software Engineers at iHOUSEweb.