What this measures: The Zillow Home Value Index (ZHVI) tracks the typical home value across all home types in each state, seasonally adjusted. Hawaii ($830K), California ($776K), and Massachusetts ($662K) are the most expensive states. West Virginia ($175K), Mississippi ($194K), and Louisiana ($215K) are the most affordable. The post-2020 housing surge pushed values up dramatically in Sun Belt and Mountain West states — Montana, Idaho, and Arizona all more than doubled from their 2019 levels. As of April 2026, no state has seen meaningful price declines.