How Texas compares to the average US home price
A recent study showed that the average house price was on the decline, which listed the median home sales price as of the second quarter of 2023 as $416,100—a more than $33,000 decrease from the previous year. But how does Texas compare?
AUSTIN (KXAN) — A recent study showed the average home price in the U.S. was on the decline, but how does Texas compare?
The Motley Fool study listed the median home sales price as of the second quarter of 2023 as $416,100—a more than $33,000 decrease from the previous year.
Here’s a deeper dive into what average house prices are in Texas like across the country.
In Texas, the typical home price was listed at $305,497, which was 87% of the typical U.S. price, according to the Motley Fool study.
“The typical home value in Texas is 13% below the national typical home price. With a median income that is 96% of the national median, the income to home value in Texas is just above average,” the study said.
Data also showed the median household income as a percentage of home value was at 22%.
Other key findings from the study:
- The median home sales price in the U.S. is $416,100 as of the second quarter of 2023, which is down 3% from the first quarter of 2023 when the median home sales price was $429,000.
- Hawaii was the most expensive state to buy a house, with a median home value of $966,572, according to the Zillow Home Value Index.
- West Virginia was the least expensive state to buy a house, with a median home value of $155,687, according to the Zillow Home Value Index.