Median Home Values by State

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Quick Answer

Median home values have climbed by 65% in some states over the past five years, while average mortgage balances have increased as much as 39%.

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As we reach the middle of the decade, home prices continue to increase—as do their attendant mortgages. In many cases, however, home prices have been increasing by larger amounts than mortgage balances, meaning that home equity has been growing for many mortgage payers. Improving FICO credit scores over that time may also mean more homeowners may be able to take advantage of that equity.

In this report, we compare the current median home prices as measured by online real estate marketplace Zillow to average mortgage balances as recorded by Experian as of the end of the first quarter (Q1) of 2025.

Median Home Value in the United States

According to data from Zillow, the median home price in the U.S. was $349,225 in early 2025. That's about $100,000 higher than the $250,005 recorded in the beginning of 2020.

U.S. Home Values in 2025

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

StateMedian Home ValueAverage Outstanding Mortgage BalanceAverage FICO® Score
Alabama$228,669$182,264690
Alaska$371,807$266,070722
Arizona$429,140$274,792711
Arkansas$210,633$168,761693
California$788,920$449,576722
Colorado$551,854$346,785730
Connecticut$414,183$260,096726
Delaware$389,974$223,224712
District of Columbia$606,163$510,749714
Florida$387,464$257,457706
Georgia$329,110$231,225694
Hawaii$841,274$413,755731
Idaho$462,014$257,644730
Illinois$273,186$200,474721
Indiana$244,855$156,496711
Iowa$219,987$160,384729
Kansas$230,884$173,204721
Kentucky$217,447$159,129704
Louisiana$201,100$180,754688
Maine$400,642$177,763731
Maryland$425,692$288,500714
Massachusetts$635,252$322,045731
Michigan$248,560$162,525718
Minnesota$337,891$214,324742
Mississippi$181,232$153,515678
Missouri$251,663$173,623712
Montana$459,370$247,187732
Nebraska$264,859$178,646730
Nevada$448,322$300,511700
New Hampshire$487,482$227,672736
New Jersey$548,338$289,863723
New Mexico$308,031$197,950702
New York$485,932$295,426720
North Carolina$331,761$217,352708
North Dakota$269,509$199,973732
Ohio$234,906$152,655714
Oklahoma$208,281$170,580694
Oregon$500,850$289,318731
Pennsylvania$272,299$178,705721
Rhode Island$475,865$233,445720
South Carolina$298,029$211,894701
South Dakota$308,842$195,947733
Tennessee$319,167$224,239704
Texas$303,321$245,710693
Utah$530,787$312,174730
Vermont$388,919$178,561738
Virginia$400,201$288,102722
Washington$603,837$357,849735
West Virginia$167,589$135,930700
Wisconsin$312,361$171,362738
Wyoming$357,698$239,965724
U.S.$349,225$256,803714

Source: Experian, Zillow; Q1 2025

Average mortgage balances remain comfortably below the median home prices nationwide in 2025, according to data from Experian and Zillow. Although average mortgage balances range from $136,000 (in West Virginia) to $450,000 (in California), both states' mortgage balances are well below their respective home values. (Unsurprisingly, completely urban Washington, D.C., sports an even higher mortgage average than California.) Among the states, the difference between a state's average mortgage and home values can be as high as $300,000, as is the case in California and Hawaii.

While far from a precise tool—home values are ultimately assessed on a case-by-case basis—the gap between home values and mortgage balances suggests how much home equity may be available. Home equity may be more limited in some states while it is more abundant in others. Recent home equity financing activity suggests that some homeowners are taking advantage.

Most Expensive Home Values by State

California and Hawaii lead the nation in median home prices, which is little surprise to anyone who owns a home in one of these states. In Q1 2025, the median home price in the Golden State was $788,920, while in the retirement haven of Hawaii the median residence is valued at $841,274.

At the $600,000 tier, the median residence in Massachusetts costs $635,252, and in Washington State $603,837. While not a state, Washington D.C., is among the leaders in median home values, with a residence value of $606,163 in the beginning of 2025.

Most Expensive Median Home Values by State
StateMedian Home ValueMedian Home Price vs. National
Hawaii$841,274+141%
California$788,920+126%
Massachusetts$635,252+82%
District of Columbia$606,163+74%
Washington$603,837+73%

Source: Zillow, Q1 2025

Home values in any of these places will cost close to, if not more than, twice the value of homes nationwide, where median prices were about $350,000 in 2025. Also of note: In each of these states, average FICO® Scores are either at or well above the national average of 714.

Lowest Home Values by State

Lower home values tend to be in the center of the continental U.S. In addition, average mortgage balances are much closer to median home prices in these states. For example, mortgage balances in Louisiana are just a shade below median home prices there. This suggests less home equity may be available to some of these homeowners.

A couple caveats: Not all homes are currently being financed by a mortgage. Furthermore, in these states, more homes are less likely to be financed by a mortgage than in other parts of the U.S. So while some homeowners with mortgages in these low-cost states are carrying high mortgage balances (as a percentage of home value), many others are unencumbered with a mortgage.

Least Expensive Median Home Values by State
StateMedian Home ValueMedian Home Price vs National
West Virginia$167,589-52%
Mississippi$181,232-48%
Louisiana$201,100-42%
Oklahoma$208,281-40%
Arkansas$210,633-40%

Source: Zillow, Q1 2025

Average Mortgage Balance, Median Value up in Every State Since 2020

In general, while average mortgage balances in states have climbed by 24% since 2020, median home prices have grown even faster. Some states saw median home value increases that were nearly triple that over five years.

Looking at mortgage balances first, the average mortgage balance has increased 24% nationwide since 2020, from $207,491 to $256,803 in 2025. Most states in the U.S. saw increases close to the national average.

Average Mortgage Balance by State, 2020-2025

State20202025Change
Alabama$144,946$182,264+26%
Alaska$225,852$266,070+18%
Arizona$208,949$274,792+32%
Arkansas$133,510$168,761+26%
California$371,974$449,576+21%
Colorado$269,579$346,785+29%
Connecticut$226,955$260,096+15%
Delaware$189,678$223,224+18%
District of Columbia$428,080$510,749+19%
Florida$193,725$257,457+33%
Georgia$179,722$231,225+29%
Hawaii$354,203$413,755+17%
Idaho$179,943$257,644+43%
Illinois$177,794$200,474+13%
Indiana$123,842$156,496+26%
Iowa$134,134$160,384+20%
Kansas$141,713$173,204+22%
Kentucky$128,478$159,129+24%
Louisiana$155,735$180,754+16%
Maine$141,359$177,763+26%
Maryland$255,796$288,500+13%
Massachusetts$259,041$322,045+24%
Michigan$135,610$162,525+20%
Minnesota$178,918$214,324+20%
Mississippi$124,547$153,515+23%
Missouri$142,631$173,623+22%
Montana$187,566$247,187+32%
Nebraska$143,691$178,646+24%
Nevada$234,085$300,511+28%
New Hampshire$184,210$227,672+24%
New Jersey$243,523$289,863+19%
New Mexico$163,715$197,950+21%
New York$243,408$295,426+21%
North Carolina$164,741$217,352+32%
North Dakota$166,356$199,973+20%
Ohio$125,623$152,655+22%
Oklahoma$139,681$170,580+22%
Oregon$232,669$289,318+24%
Pennsylvania$148,141$178,705+21%
Rhode Island$189,976$233,445+23%
South Carolina$164,090$211,894+29%
South Dakota$155,813$195,947+26%
Tennessee$162,963$224,239+38%
Texas$183,761$245,710+34%
Utah$224,960$312,174+39%
Vermont$151,096$178,561+18%
Virginia$246,018$288,102+17%
Washington$273,654$357,849+31%
West Virginia$113,656$135,930+20%
Wisconsin$141,722$171,362+21%
Wyoming$191,478$239,965+25%
U.S. Average$207,491$256,803+24%

Source: Experian data from Q1 of each year

But there are some outliers. Among the lower mortgage balance growth states are Connecticut, Illinois and Maryland. Each has seen balances grow the least since 2020 less than 15% (or less than a 3% annually over five years).

And the states where mortgage balances are climbing the most? If you've been following migration trends over the past few years, the names won't be surprising. Among the states where average mortgage balances grew by 30% or more are Arizona, Florida, Idaho, Montana, North Carolina, Tennessee, Texas and Washington.

In some of these states, Chambers of Commerce are more than happy to tell you about their economic growth, which in part attracts new residents with jobs that allow them to purchase a home in their new state—to grossly oversimplify. That's certainly the case in Texas, where average mortgage balances grew by 34%, despite having a less tight residential real estate market than most. But other mortgage growth can be attributed to new residents driving up demand for existing housing supply, as is certainly the case in Idaho and Tennessee.

Among housing values, median home values have climbed as much as 66% in New Hampshire, according to Zillow. Other rustic flag bearers, Maine and Montana, also saw home values grow nearly as much. With apologies to their state economies, none of these states are undergoing an economic renaissance—it's more likely that the demand for vacation homes is increasing in these areas.

Median home prices have climbed sharply nearly everywhere, up 40% over the past five years nationwide.

Median Home Value by State, 2020-2025

State Name20202025Change
Alabama$164,610$228,669+39%
Alaska$316,164$371,807+18%
Arizona$286,775$429,140+50%
Arkansas$150,891$210,633+40%
California$564,293$788,920+40%
Colorado$411,533$551,854+34%
Connecticut$261,861$414,183+58%
Delaware$274,566$389,974+42%
District of Columbia$596,210$606,163+2%
Florida$252,014$387,464+54%
Georgia$212,694$329,110+55%
Hawaii$620,623$841,274+36%
Idaho$299,136$462,014+54%
Illinois$197,986$273,186+38%
Indiana$162,595$244,855+51%
Iowa$160,397$219,987+37%
Kansas$156,351$230,884+48%
Kentucky$146,368$217,447+49%
Louisiana$186,764$201,100+8%
Maine$242,908$400,642+65%
Maryland$323,416$425,692+32%
Massachusetts$433,437$635,252+47%
Michigan$173,797$248,560+43%
Minnesota$259,799$337,891+30%
Mississippi$139,035$181,232+30%
Missouri$170,947$251,663+47%
Montana$278,380$459,370+65%
Nebraska$184,594$264,859+43%
Nevada$308,874$448,322+45%
New Hampshire$293,431$487,482+66%
New Jersey$358,778$548,338+53%
New Mexico$203,163$308,031+52%
New York$352,137$485,932+38%
North Carolina$213,777$331,761+55%
North Dakota$224,260$269,509+20%
Ohio$157,936$234,906+49%
Oklahoma$143,256$208,281+45%
Oregon$373,726$500,850+34%
Pennsylvania$194,461$272,299+40%
Rhode Island$303,891$475,865+57%
South Carolina$197,018$298,029+51%
South Dakota$213,057$308,842+45%
Tennessee$207,999$319,167+53%
Texas$220,536$303,321+38%
Utah$358,410$530,787+48%
Vermont$271,100$388,919+43%
Virginia$283,238$400,201+41%
Washington$421,388$603,837+43%
West Virginia$117,602$167,589+43%
Wisconsin$212,222$312,361+47%
Wyoming$257,418$357,698+39%
U.S. Average$250,005$349,225+40%

Source: Zillow, Q1 of each year

The Bottom Line

It's unlikely that U.S. home prices in the next five years will resemble the extraordinary price appreciation since 2020—or, at least, they won't increase for the same reasons. Much of the reason home prices are outpacing mortgage balances is that many mortgage borrowers have fixed-rate mortgages much lower than the nearly 7% mortgages available to borrowers today. These lower fixed-rate mortgages help homeowners accumulate home equity more quickly, as more of the monthly payment goes to principal instead of interest.

However, the affordability issue for many still looking to finance a home in 2025 and beyond will likely continue to persist, as higher incomes will be required to afford homes at higher mortgage interest rates. And if mortgage rates do fall, there's still the issue of housing under supply in many markets, which puts upward pressure on home sale prices.

Methodology: The analysis results provided are based on an Experian-created statistically relevant aggregate sampling of our consumer credit database that may include use of the FICO® Score 8 version. Different sampling parameters may generate different findings compared with other similar analysis. Analyzed credit data did not contain personal identification information. Metro areas group counties and cities into specific geographic areas for population censuses and compilations of related statistical data.

FICO® is a registered trademark of Fair Isaac Corporation in the U.S. and other countries.

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About the author

Chris Horymski leads Experian Consumer Service’s data research for Ask Experian, where he publishes insights and analysis on consumer debt and credit. Chris is a veteran data and personal finance journalist and previously wrote the Money Lab column for Consumer Reports and headed research at SmartMoney Magazine.

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