Median Home Values by State in 2026

Median Home Values by State

According to data from Zillow, the median home price in the U.S. was $370,503 in March 2026. That's a staggering $120,498 increase from the $250,005 median recorded in March 2020.

Median home value is the midpoint of home values in an area, where half of homes are worth more and half are worth less. It's important to note, though, that values swing widely from state to state, shaped by local demand, income levels, land availability and construction costs.

U.S. Home Values in 2026

Median Home Value, Average Mortgage Balance and Average FICO^® Score by State

Source: Experian data from March 2026

Nationwide, the average mortgage balance of $264,162 sits well below the $370,503 median home value, and the same pattern holds in every state. Balances range from about $143,000 in Washington state to $458,000 in California, and both figures fall well under what a typical home is worth there. Washington, D.C., carries the largest average balance of all at $509,996.

That gap between a home's value and its mortgage balance is called home equity, and it runs especially wide in high-value states. The difference between median value and average balance tops $400,000 in Hawaii and clears $300,000 in California, Massachusetts and Utah.

The gap offers only a rough sense of available equity, though—the true figure depends on individual properties. According to ICE Mortgage Technology, homeowners withdrew $205 billion in home equity in 2025, the highest annual total since 2022. Still, they hold an estimated $11 trillion in tappable equity.

Credit strength also varies across the map. Minnesota posts the highest average FICO^® Score at 741, while Mississippi sits lowest at 677. Scores tend to run higher across the Upper Midwest and New England and lower in parts of the South. A stronger FICO^® Score generally means better mortgage terms when the time comes to borrow, which matters for anyone hoping to tap equity down the road.

Most Expensive Home Values by State

California and Hawaii lead the country in median home values, which comes as little surprise to anyone shopping in either state. Hawaii tops the list at $834,025, more than double the national median, and California follows at $778,217. Massachusetts, Washington state and Washington, D.C., round out the top five, each above $580,000.

Source: Zillow data from March 2026

A home in any of these places tends to cost close to twice the national median or more. That said, average FICO^® Scores in most of these states meet or exceed the national mark of 713, making it easier for homeowners to qualify for favorable terms.

Lowest Home Values by State

The most affordable markets cluster in the South and the middle of the country. West Virginia has the lowest median value at $177,887, about 48% of the national figure, followed by Mississippi at $196,428. Louisiana, Oklahoma and Arkansas fill out the five cheapest states to buy a home.

One important caveat is that not all homes have a mortgage attached, and homeowners in these states are more likely to be mortgage-free compared to others. For example, a whopping 53.9% of West Virginia homes don't have a mortgage, according to data from the U.S. Census Bureau.

But for those who do have mortgage loans, balances in these states also run closer to home values, which can leave less built-up equity for owners who carry a loan.

Source: Zillow data from March 2026

How Home Values Compare With Mortgage Balances

Both home values and mortgage balances have climbed since 2020, but they haven't moved at the same pace. Average mortgage balances rose about 20% nationwide over that span, from $207,491 to $248,390.

Average Mortgage Balance by State, 2020-2026

Source: Experian data from March of each year

Many states land near the national average, but a handful stand out. For example, Arizona, Florida, Idaho, North Carolina, Tennessee and Texas all saw balances grow at a much faster clip, with each up more than 35%. At the other end, Maryland and Illinois posted the smallest gains at roughly 15%.

Migration patterns can explain much of that spread. According to the National Association of Realtors, all six states with the highest balance increases were in the top 15 states for fastest population growth in 2025, with a few seeing upwards of 1% growth. Meanwhile, Maryland and Illinois were on the lower end, with Illinois seeing just 0.1% population growth.

As for home values, which are detailed in the table below, prices rose 40% nationwide since 2020, and several states saw far larger jumps. New Hampshire led the country with a 76% increase, trailed closely by Maine, Montana, Connecticut and Rhode Island, each up roughly 67% or more.

These are less booming job markets than sought-after destinations. In fact, some states, including Maine, Montana and Rhode Island, saw negative job growth between June 2025 and June 2026, according to the Bureau of Labor Statistics.

Only one market moved the other way. In Washington, D.C., the median value slipped about 1% over the five years, and Louisiana posted the smallest state gain at roughly 16%.

Median Home Value by State, 2020-2026

Source: Zillow data from March 2026

What Rising Home Values Mean for Homeowners

Rising home values translate directly into home equity, which is the share of your home that you actually own. Equity grows as your home gains value and as you pay down your mortgage, and it can become one of your most valuable financial assets.

Example: Say you bought a home for $300,000 and now owe $215,000 on the mortgage. If the home is worth $400,000 today, your equity is $185,000, the difference between the current value and the balance you still owe.

Once you've built equity, higher home values open up several opportunities, including the following:

• Borrow against it: A home equity loan gives you a lump sum at a fixed rate, while a HELOC works like a revolving credit line you draw from as needed. Lenders typically let you borrow up to 80% to 85% of your home's value minus what you owe, using your home as collateral.
• Sell for more: When you sell a home for more than you owe, the money left after paying off your mortgage and closing costs is yours to keep. For owners who bought years ago, that cushion can be sizable in a market where prices have climbed this fast.
• Drop mortgage insurance sooner: As rising values push your equity past 20%, you may be able to cancel private mortgage insurance on a conventional loan and trim your monthly payment.

What Rising Home Values Mean for Buyers

For buyers, higher values raise the bar for affordability. A pricier home usually means a larger down payment, a bigger loan and a higher monthly payment, and current mortgage rates add to the math.

The average rate on a 30-year fixed mortgage for a borrower with a good credit score of 700 was 6.91% in July 2026, according to Curinos data. Here are a few factors that shape what you'll actually pay:

• Your credit score: Lenders reserve their lowest rates for the strongest scores, so a higher score can meaningfully lower your rate. You can compare typical mortgage rates by FICO^® Score to see where your score lands.
• Your down payment: A larger down payment shrinks the amount you borrow and lowers your monthly payment. It can also help you skip private mortgage insurance, which conventional loans generally require when you put down less than 20%.
• The full monthly cost: Property taxes, homeowners insurance and any HOA dues add to your principal and interest, so map out the total before you shop. Experian's mortgage affordability calculator can estimate a comfortable price range based on your income, debts and down payment.

Tip: Check your credit report and FICO^® Score several months before you apply for a mortgage. That lead time gives you room to correct errors and pay down balances, both of which can help you qualify for a better rate.

Frequently Asked Questions

The Bottom Line

Home values have climbed in nearly every state since 2020, and for many owners that growth has quietly built equity along the way. Buyers face a tougher affordability picture, though knowing where prices stand and how your credit shapes your rate puts you on stronger footing. Before you buy or borrow, it helps to know exactly where your credit stands. You can check your Experian credit report and FICO^® Score for free to see where you are and what to work on.