Home Values Are Warming Up in Alaska

Doug Whiteman
Home Values Are Warming Up in Alaska

Thanks to low mortgage rates, it's an excellent time to buy or sell a home across the U.S. But what about in Alaska?

Is the state's housing market too pricey for buyers? Not-so-great if you've got a home you want to sell? Or just right — for everybody?

Home values provide some answers. They indicate that the market in Alaska is heating up, according to Zillow, though you might find vast differences from one city or one corner of the state to the next.

Current home values in Alaska

Home values have been rising throughout Alaska and are up 2.78% from a year ago.

Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $318,000 , Zillow says.

Could you afford that? Let's say you want to buy that mid-priced home using a 30-year fixed-rate mortgage at this week's average interest rate, which is a low 3.69%, says mortgage company Freddie Mac.

With the 30-year mortgage rate at 3.69% and the median home value for Alaska at $318,000 , a representative monthly mortgage payment would be $1,461.90.

How the Alaska housing market stacks up

Christopher Boswell / Shutterstock
A panoramic view of tundra and mountainous landscape in the last frontier of Alaska

Property values in Alaska are high by historical standards and are higher than what the typical house is worth nationwide.

The median home value throughout the U.S. is $229,600, which is up 4.88% from a year ago.

Zillow predicts U.S. home values will rise 2.2% over the next year, while in Alaska, they're expected to rise 2.79%.

Homes are going on the market in Alaska at a median price of $187 per square foot, versus $155 per square foot nationwide.

Are you looking to buy? Take a look at today's best mortgage rates where you live.