A surge in demand for homes in the United States, in addition to limited housing inventory, has created a seller’s market unlike anything seen in recent memory. Homes are now selling faster than ever before — and also for more money than ever before.
As of August 2021, a typical single-family home in the United States costs $303,288. Of course, home values are not uniform across the country, and in some states, the typical home costs far more than the national average — while in others, homes cost far less.
According to estimates from Zillow, a Seattle-based real estate data company, the value of a typical single-family home in Maryland is $373,264, higher than the national average.
Across Maryland, the value of a single-family home increased by 14.7% over the one-year period from August 2020 to August 2021, compared to the national one-year home value appreciation of 17.7%.
Housing prices are determined by supply and demand forces as well as what local residents are willing to pay — and that is influenced largely by what they can afford. As a result, areas with higher than average home values often also have higher-income residents. Maryland is no exception. The typical household in the state earns $86,738 annually, $21,000 more than the national median household income of $65,712.
This is How Much Home You Can Buy For 200K in Every State
Rank State Value of a typical single-family home 1-yr. increase in home value Median household income 1 Hawaii $764,146 14.5% $83,102 2 California $708,936 21.9% $80,440 3 Massachusetts $533,440 18.5% $85,843 4 Washington $542,012 22.8% $78,687 5 Colorado $509,800 20.3% $77,127 6 Oregon $468,953 20.7% $67,058 7 Utah $493,221 28.5% $75,780 8 New Jersey $421,124 18.9% $85,751 9 New York $363,990 14.2% $72,108 10 Idaho $427,410 36.0% $60,999 11 Maryland $373,264 14.7% $86,738 12 Rhode Island $387,693 21.5% $71,169 13 Nevada $389,397 23.8% $63,276 14 New Hampshire $381,978 21.8% $77,933 15 Montana $374,980 22.7% $57,153 16 Arizona $376,369 30.7% $62,055 17 Virginia $335,198 12.7% $76,456 18 Alaska $304,908 4.1% $75,463 19 Connecticut $326,124 20.7% $78,833 20 Delaware $317,985 16.5% $70,176 21 Minnesota $307,644 13.4% $74,593 22 Vermont $308,300 12.9% $63,001 23 Maine $318,628 22.7% $58,924 24 Florida $313,217 20.1% $59,227 25 Wyoming $279,449 6.4% $65,003 26 North Dakota $252,788 6.4% $64,577 27 New Mexico $253,790 17.8% $51,945 28 North Carolina $260,597 19.0% $57,341 29 South Dakota $249,314 11.9% $59,533 30 Texas $257,628 18.1% $64,034 31 Georgia $256,962 18.6% $61,980 32 Illinois $239,408 13.3% $69,187 33 Pennsylvania $240,658 16.2% $63,463 34 Wisconsin $236,551 14.6% $64,168 35 Tennessee $241,626 17.4% $56,071 36 South Carolina $236,344 15.7% $56,227 37 Nebraska $210,585 12.5% $63,229 38 Michigan $214,231 17.4% $59,584 39 Missouri $198,838 14.8% $57,409 40 Louisiana $193,114 8.7% $51,073 41 Indiana $191,054 14.8% $57,603 42 Ohio $186,211 15.3% $58,642 43 Kansas $180,914 12.5% $62,087 44 Kentucky $172,433 11.6% $52,295 45 Iowa $168,545 7.7% $61,691 46 Alabama $175,586 13.7% $51,734 47 Arkansas $153,263 12.2% $48,952 48 Oklahoma $155,012 11.9% $54,449 49 Mississippi $144,074 9.8% $45,792 50 West Virginia $118,581 8.2% $48,850
This article was originally published on TheCenterSquare.com.