What do you think the most expensive state to live in is?
The housing market has undergone significant swings since the pandemic began in 2020. Even though there was a temporary pause in early 2020, the market rebounded hotter than ever in 2021. As we rolled into 2022, the housing rush simmered down a bit, but not too much.
The median home price as of January 2022 was $350,300, compared to $356,700 in August 2021, says the National Association of Realtors. And now, according to Zillow, the average price of a home is $331,533, with a predicted median of $390,546 by the end of the year.
To figure out the value of homes across the country for this year, specialists analyzed average home values from February of last year using Zillow’s forecast tool to predict the decrease or increase in home values by state to assess where they will stand as of February 2023.
They ranked each state according to its median home value, beginning with the lowest.
It’s important to note that researchers used the median home value instead of the median home price by state because value accounts for more factors, like comparable home sales and inspections.
Median home value estimates what the property is worth, while the median list price is based on demand and listing agent. So we’ve decided to take an in-depth look at what they came up with. Here are some of the most expensive states to buy a home in 2023!