According to research conducted by Agent Advice earlier this year, the real estate landscape in the United States has undergone significant changes over the past two years. While some things remain consistent, there are states that continue to hold the title as the most expensive places to own a home. Here are the top five states in 2023, based on their median sale prices:
1. Colorado: With a median sale price of $540,838, Colorado ranks as the most expensive state to own a home. Home costs in Colorado are 59% higher than the national average, representing an 18% increase since 2021. While the state is known for its beautiful mountain ranges and skiing villages, the cost of living continues to rise.
2. Massachusetts: With a median sale price of $590,457, Massachusetts is another expensive state to live in. Known for its coastal towns and New England charm, the state’s housing market has seen significant growth in recent years.
3. Washington: Washington state, with a median sale price of $578,460, has become an attractive destination due to its booming tech industry and scenic landscapes. The presence of major tech companies like Microsoft in cities like Seattle has led to increased job opportunities but has also driven up the cost of living.
4. California: The picturesque cities of San Francisco and Los Angeles make California an appealing location for potential homeowners. With a median sale price of $741,789, the state’s diverse climate and widespread appeal contribute to the high cost of living.
5. Hawaii: Known for its breathtaking beaches and tropical climate, Hawaii has always been a dream destination for many Americans. However, with a median sale price of $836,677, owning a home in Hawaii comes at a steep price. Prices have increased by approximately 18% over the past two years.
These five states continue to be the most expensive places to own a home in 2023. While they offer unique landscapes, cultural attractions, and economic opportunities, the high cost of living can be a barrier for many individuals and families.
Sources:
– Agent Advice research
– Zillow data
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