Four of the nine PIA Western Alliance states are among the most expensive states in which to own a home. California is second, Washington is third, Oregon is seventh and the PIA Western Alliance state of Idaho is ninth.
Hawaii is the most expensive state in the nation in which to own a home.
The information shared in this story comes from the real estate firm, Agent Advice. The company took a look at the average price of homes around the country from March of 2021 to March of 2023.
Chris Heller is the co-founder of Agent Advice. He says overall the housing market in the U.S. is worth about $43.4 trillion. The average price for a home in the country is $338,649. That’s up 25% from March of 2021. However, since March of 2022, prices have fallen a bit in some areas.
“Overall, there has been an increase in cost in the last three years throughout the nation,” he said. “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.”
Buying a home in Hawaii will cost an average of $834,583. That’s a staggering 146% higher than the national average.
California isn’t far behind at $728,134. That’s 115% above the national average. The Golden State’s increase is the fourth highest in the country since March of 2021 and $95,228 more than it was back in 2021.
However, between 2022 and 2023, prices fell by $18,573, a 2.5% drop.
The PIA Western Alliance state of Washington is third at 66% above the national average. The Evergreen State’s average home cost is $562,936. It’s up $72,533 from March of 2021 and is the ninth highest rise in home costs in the U.S.
Home prices, like in California and other states, fell significantly between 2022 and 2023. They dropped $17,938, or 3.09%.
The PIA Western Alliance state of Oregon ranks seventh on the survey.
The cost of purchasing a home in Oregon averages $485,475. That’s 43% above the national average. Home values rose $56,730 between March of 2021 and March of 2023, however, since March of 2022, those values have fallen by $11,998 — or 2%.
Idaho is ninth with an average price of $435,374. That’s up $52,167 from 2021 but since 2022, the prices have fallen an average of $26,275, or a 6% drop.
Here are the details on the top 10 highest priced states for homeownership:
1. Hawaii
Average price of home in 2023: $834,583
Dollar increase from 2021 to 2023: $166,777
Percentage of increase from 2021 to 2023: 25%
Dollar increase from 2022 to 2024: $24,150
Percentage of increase from 2022 to 2023: 3%
2. California
Average price of home in 2023: $728,134
Dollar increase from 2021 to 2023: $95,228
Percentage of increase from 2021 to 2023: 15%
Dollar increase from 2022 to 2023: -$18,873
Percentage of increase from 2022 to 2023: -2%
3. Washington
Average price of home in 2023: $562,936
Dollar increase from 2021 to 2023: $72,533
Percentage of increase from 2021 to 2023: 15%
Dollar increase from 2022 to 2023: -$17,938
Percentage of increase from 2022 to 2023: -3%
4. Massachusetts
Average price of home in 2023: $558,313
Dollar increase from 2021 to 2023: $54,476
Percentage of increase from 2021 to 2023: 11%
Dollar increase from 2022 to 2023: -$1,050
Percentage of increase from 2022 to 2023: -0.19%
5. Colorado
Average price of home in 2023: $539,640
Dollar increase from 2021 to 2023: $82,504
Percentage of increase from 2021 to 2023: 18%
Dollar increase from 2022 to 2023: -$1,527
Percentage of increase from 2022 to 2023: -0.28%
6. Utah
Average price of home in 2023: $506,072
Dollar increase from 2021 to 2023: $86.071
Percentage of increase from 2021 to 2023: 20%
Dollar increase from 2022 to 2023: -$10,849
Percentage of increase from 2022 to 2023: -2%
7. Oregon
Average price of home in 2023: $485,475
Dollar increase from 2021 to 2023: $56,730
Percentage of increase from 2021 to 2023: 13%
Dollar increase from 2022 to 2023: -$11,988
Percentage of increase from 2022 to 2023: -2%
8. New Jersey
Average price of home in 2023: $451,559
Dollar increase from 2021 to 2023: $52,167
Percentage of increase from 2021 to 2023: 13%
Dollar increase from 2022 to 2023: $3,987
Percentage of increase from 2022 to 2023: 0.89%
9. Idaho
Average price of home in 2023: $435,374
Dollar increase from 2021 to 2023: $52,167
Percentage of increase from 2021 to 2023: 15%
Dollar increase from 2022 to 2023: -$26,275
Percentage of increase from 2022 to 2023: -6%
10 New Hampshire
Average price of home in 2023: $429,421
Dollar increase from 2021 to 2023: $76,773
Percentage of increase from 2021 to 2023: 22%
Dollar increase from 2022 to 2023: $21,034
Percentage of increase from 2022 to 2023: 5%
Source — Journorsearch.org
