May 17, 2017 (STLRealEstate.News) Though we’re not going to review every single average home cost in all 50 states here, we are going to look at the variation over the most populous states with smaller state comparisons. There is a lot of variation and many unexpected surprises in the ever-tumultuous U.S. housing market. Due in large part to the subprime mortgage crisis that lasted from 2007 to 2010, the U.S. housing market has undergone unprecedented change over the last 10-years. When the housing market bubble burst, the national median home sale price dipped by more than 31%, from $219,000 in 2006 to $150,500 in 2011. Even though there have been considerable improvements since the housing catastrophe, housing prices across the U.S. remain slightly lower than they were a decade ago.
It’s worth noting that every state’s housing market is unique. Differences in demand, the age, as well as the condition of the available homes, and the quality of schools and other social attractions nearby have variable effects on the final home asking price. To come to the median home price conclusions, 24/7 Wall St. reviewed 2016 median sales prices to identify the cost of a come in every state. According to the data provided by ATTOM Data Solutions, Hawaii came out on stop, with the media sale price of $485,000. And the state with the cheapest home values? West Virginia came in with a media home sale price of $122,550.
Clearly, the recovery from the subprime mortgage crisis has not happened evenly throughout the country. While homes in states like West Virginia are far below their averages before the recession, homes in Hawaii are far above. What explains this variation? In most places, it can all be explained by trendy demand.
Other states in the cheap median bracket include Ohio, Oklahoma, and Michigan with a $134,000 asking price. Higher median prices fall in New Jersey, Alaska, Utah, and Colorado with a $300,000 median price.