What Homes Will Be Worth in Your State by the End of 2021
With so much uncertainty surrounding the housing market, many Americans may be afraid that buying or selling a house is too risky of a move to make. A recession isn't great news for buyers, especially with the average family unable to afford a home in many parts of the country as it is. Prospective homebuyers are also concerned about their ability to make mortgage payments. But with all of these economic anxieties, how will you know when it's a good time to make a move? If you're debating on whether to buy or sell a home, the best financial choice will depend on the home value forecast in your state.
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According to the latest home value forecast data from Zillow, the median home value in the U.S. is $262,604; but Zillow is predicting an increase of nearly 8% within the next year.
To figure out the value of homes in 2021 across the country, GOBankingRates analyzed median home values from October 2020 using Zillow's forecast tool to predict the increase or decrease in home values by state. The study ranked each state according to its median home value, beginning with the lowest.
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It is important to note that GOBankingRates used the median home value instead of the median home price by state, because value accounts for more factors, such as comparable home sales and inspections. Median home value is an estimate of what the property is actually worth, while the median list price is based on demand and listing agent.
Find out what homes will be worth in your state by the end of 2021.
Last updated: July 16, 2021
50. West Virginia
Median home value in 2020: $109,182
Projected one-year growth rate: 6.7%
Forecasted median home value in 2021: $116,497
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49. Mississippi
Median home value in 2020: $135,563
Projected one-year growth rate: 7.0%
Forecasted median home value in 2021: $145,052
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48. Oklahoma
Median home value in 2020: $140,270
Projected one-year growth rate: 7.6%
Forecasted median home value in 2021: $150,931
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47. Arkansas
Median home value in 2020: $141,806
Projected one-year growth rate: 7.2%
Forecasted median home value in 2021: $152,016
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46. Kentucky
Median home value in 2020: $155,599
Projected one-year growth rate: 7.6%
Forecasted median home value in 2021: $167,425
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45. Iowa
Median home value in 2020: $158,002
Projected one-year growth rate: 6.7%
Forecasted median home value in 2021: $168,588
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44. Alabama
Median home value in 2020: $156,544
Projected one-year growth rate: 8.1%
Forecasted median home value in 2021: $169,224
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43. Ohio
Median home value in 2020: $162,933
Projected one-year growth rate: 8.0%
Forecasted median home value in 2021: $175,968
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42. Kansas
Median home value in 2020: $167,248
Projected one-year growth rate: 7.5%
Forecasted median home value in 2021: $179,792
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41. Indiana
Median home value in 2020: $167,897
Projected one-year growth rate: 7.7%
Forecasted median home value in 2021: $180,825
Read: These Are the 50 Best Cities for Gen Z To Live Well on a Budget
40. Missouri
Median home value in 2020: $173,541
Projected one-year growth rate: 7.9%
Forecasted median home value in 2021: $187,251
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39. Louisiana
Median home value in 2020: $177,990
Projected one-year growth rate: 7.2%
Forecasted median home value in 2021: $190,805
See: 50 Neighborhoods Where Home Prices Are Going Through the Roof
38. Michigan
Median home value in 2020: $186,144
Projected one-year growth rate: 8.2%
Forecasted median home value in 2021: $201,408
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37. Nebraska
Median home value in 2020: $189,034
Projected one-year growth rate: 7.4%
Forecasted median home value in 2021: $203,023
See: States Where It’s Easiest To Go From Middle Class to Upper Class
36. Tennessee
Median home value in 2020: $200,762
Projected one-year growth rate: 7.9%
Forecasted median home value in 2021: $216,622
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35. Wisconsin
Median home value in 2020: $202,197
Projected one-year growth rate: 8.0%
Forecasted median home value in 2021: $218,373
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34. South Carolina
Median home value in 2020: $204,820
Projected one-year growth rate: 7.6%
Forecasted median home value in 2021: $220,386
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33. Pennsylvania
Median home value in 2020: $211,224
Projected one-year growth rate: 7.9%
Forecasted median home value in 2021: $227,911
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32. Georgia
Median home value in 2020: $216,314
Projected one-year growth rate: 7.6%
Forecasted median home value in 2021: $232,754
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31. Illinois
Median home value in 2020: $217,672
Projected one-year growth rate: 7.5%
Forecasted median home value in 2021: $233,997
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30. North Carolina
Median home value in 2020: $219,690
Projected one-year growth rate: 7.8%
Forecasted median home value in 2021: $236,826
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29. New Mexico
Median home value in 2020: $219,406
Projected one-year growth rate: 8.0%
Forecasted median home value in 2021: $236,958
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28. South Dakota
Median home value in 2020: $221,300
Projected one-year growth rate: 7.1%
Forecasted median home value in 2021: $237,012
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27. Texas
Median home value in 2020: $224,065
Projected one-year growth rate: 7.4%
Forecasted median home value in 2021: $240,646
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26. North Dakota
Median home value in 2020: $237,673
Projected one-year growth rate: 6.2%
Forecasted median home value in 2021: $252,409
Read: How Much It Cost To Retire in the Year You Were Born
25. Wyoming
Median home value in 2020: $257,261
Projected one-year growth rate: 6.7%
Forecasted median home value in 2021: $274,497
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24. Maine
Median home value in 2020: $259,992
Projected one-year growth rate: 8.5%
Forecasted median home value in 2021: $282,091
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23. Florida
Median home value in 2020: $262,291
Projected one-year growth rate: 7.8%
Forecasted median home value in 2021: $282,750
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22. Vermont
Median home value in 2020: $268,730
Projected one-year growth rate: 6.4%
Forecasted median home value in 2021: $285,929
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21. Minnesota
Median home value in 2020: $274,571
Projected one-year growth rate: 7.6%
Forecasted median home value in 2021: $295,438
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20. Delaware
Median home value in 2020: $274,067
Projected one-year growth rate: 7.8%
Forecasted median home value in 2021: $295,444
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19. Connecticut
Median home value in 2020: $276,319
Projected one-year growth rate: 8.4%
Forecasted median home value in 2021: $299,530
Read: 30 Hot Real Estate Markets Where Homes Are Going Fast
18. Alaska
Median home value in 2020: $287,613
Projected one-year growth rate: 5.2%
Forecasted median home value in 2021: $302,569
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17. Virginia
Median home value in 2020: $299,164
Projected one-year growth rate: 7.4%
Forecasted median home value in 2021: $321,302
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16. Arizona
Median home value in 2020: $296,783
Projected one-year growth rate: 9.2%
Forecasted median home value in 2021: $324,087
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15. New Hampshire
Median home value in 2020: $315,635
Projected one-year growth rate: 8.5%
Forecasted median home value in 2021: $342,464
See: 50 Cities Where It’s Cheaper To Buy a Home Than Rent
14. Montana
Median home value in 2020: $317,725
Projected one-year growth rate: 7.8%
Forecasted median home value in 2021: $342,508
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13. Nevada
Median home value in 2020: $320,203
Projected one-year growth rate: 8.5%
Forecasted median home value in 2021: $347,420
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12. Idaho
Median home value in 2020: $323,274
Projected one-year growth rate: 9.0%
Forecasted median home value in 2021: $352,369
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11. Rhode Island
Median home value in 2020: $325,805
Projected one-year growth rate: 8.5%
Forecasted median home value in 2021: $353,498
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10. Maryland
Median home value in 2020: $330,332
Projected one-year growth rate: 7.8%
Forecasted median home value in 2021: $356,098
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9. New York
Median home value in 2020: $349,939
Projected one-year growth rate: 7.6%
Forecasted median home value in 2021: $376,534
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8. New Jersey
Median home value in 2020: $364,230
Projected one-year growth rate: 8.3%
Forecasted median home value in 2021: $394,461
Read: 40 Things Every 40+ Should Know About Buying a Home
7. Utah
Median home value in 2020: $383,216
Projected one-year growth rate: 8.5%
Forecasted median home value in 2021: $415,789
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6. Oregon
Median home value in 2020: $385,520
Projected one-year growth rate: 8.3%
Forecasted median home value in 2021: $417,518
Read: 35 Useless Expenses You Need To Slash From Your Budget Now
5. Colorado
Median home value in 2020: $427,659
Projected one-year growth rate: 7.6%
Forecasted median home value in 2021: $460,161
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4. Washington
Median home value in 2020: $451,082
Projected one-year growth rate: 8.9%
Forecasted median home value in 2021: $491,228
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3. Massachusetts
Median home value in 2020: $462,110
Projected one-year growth rate: 8.3%
Forecasted median home value in 2021: $500,465
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2. California
Median home value in 2020: $599,159
Projected one-year growth rate: 8.4%
Forecasted median home value in 2021: $649,488
See: 35 Surprising Cities With Low Costs of Living
1. Hawaii
Median home value in 2020: $655,433
Projected one-year growth rate: 6.8%
Forecasted median home value in 2021: $700,002
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Methodology: GOBankingRates used (1) Zillow's year-over-year home value forecast to adjust the (2) typical home value in each state in October 2020 according to Zillow's Home Value Index in order to calculate (3) the projected home value in every state at the end of October 2021. Then, GOBankingRates found the (4) projected change in home value by subtracting the 2020 October typical home value from the 2021 projected home value. All data was collected on and up to date as of Dec. 9, 2020.
*Home valuation is Zillow’s estimated market value, computed using a proprietary formula. It is not an appraisal. It is a starting point in determining a home’s value. The Zestimate is calculated from public and user-submitted data, taking into account special features, location and market conditions. To find home values, proprietary automated valuation models apply advanced algorithms to analyze the data to identify relationships within a specific geographic area, between this home-related data and actual sales prices. Home characteristics, such as square footage, location or the number of bathrooms, are given different weights according to their influence on home sale prices in each specific geography over a specific period of time, resulting in a set of valuation rules, or models, that are applied to generate each home’s value.
This article originally appeared on GOBankingRates.com: What Homes Will Be Worth in Your State by the End of 2021