April 2026 Housing Market Report: Where Home Prices Fell, Where Sellers Cut, and Who Could Afford to Buy
In April 2026 the typical U.S. home was worth $368,647, up 0.6% in a year. Values fell in 12 states, Arizona had the most price cuts, and the median household could afford the typical home in 2 states. Zillow Research data, all 50 states.
The national picture for April 2026
The typical U.S. home rose 0.6% over the year to $368,647 in April, according to the Zillow Home Value Index, and is up 27.7% over five years. A 20%-down mortgage on that home cost $1,832 a month in principal and interest and took about $97,372 of household income. Typical rent was $1,922, up 1.9% in a year. 22.1% of listings cut their price during the month, homes went pending in 60 days, and 1.22M homes were for sale, up 4.5% from a year earlier.
Underneath that average, the 50 states moved in different directions. Values were falling in 12 states and rising in 38; 31 states were at an all-time high while Arizona sat 8.8% below its July 2022 peak of $462,506. This report reads the state-level Zillow files for April 2026 as published, with no modeling and no forecasts.
Where home prices were falling: 12 states
The steepest year-over-year declines were in Florida (-3.7%), Colorado (-2.4%), Texas (-2.0%), Nevada (-2.0%), and Arizona (-1.6%). Florida's typical home stood at $376,907, 6.8% below its May 2024 peak of $404,529. At the other end, North Dakota (+5.5%), Wisconsin (+5.4%), and New York (+5.0%) posted the fastest gains.
By region, the West carried the highest median state value at $478K and the South the lowest at $272K. The West was down 0.6% on the median state, with values falling in 7 of its 13 states, the Northeast was up 2.4% on the median state, with values falling in 0 of its 11 states, the Midwest was up 3.7% on the median state, with values falling in 0 of its 12 states, and the South was up 0.7% on the median state, with values falling in 5 of its 14 states.
| State | Typical home | 1 yr | 5 yr | vs. peak |
|---|---|---|---|---|
| Florida | $376,907 | -3.7% | +30.9% | -6.8% |
| Colorado | $535,755 | -2.4% | +14.9% | -6.6% |
| Texas | $302,217 | -2.0% | +19.7% | -5.2% |
| Nevada | $446,449 | -2.0% | +27.4% | -3.3% |
| Arizona | $421,833 | -1.6% | +22.5% | -8.8% |
| Georgia | $332,009 | -1.2% | +31.4% | -2.4% |
| California | $764,909 | -1.1% | +21.3% | -2.2% |
| Hawaii | $831,273 | -0.8% | +22.5% | -2.6% |
| Oregon | $497,726 | -0.7% | +14.5% | -3.3% |
| Washington | $597,598 | -0.6% | +19.8% | -1.8% |
Where sellers were cutting prices: Arizona led at 30.9%
Price cuts are the earliest sign that a market is turning. Arizona (30.9%), Tennessee (26.8%), Utah (26.1%), Florida (25.2%), and South Carolina (25.2%) had the largest share of listings with a reduced price, all above the national 22.1%. The fewest cuts were in New York (12.1%), Wisconsin (12.5%), and Connecticut (13.0%).
Combining price cuts with days to pending and the change in homes for sale, 8 states were cold, buyer's markets (Nevada, Arizona, North Carolina, Tennessee, Georgia, South Carolina, Texas, and Oklahoma) and 2 were hot, seller's markets (Rhode Island and Alaska). Florida had the slowest sales at 92 days to pending; Connecticut the fastest at 29.
| State | Price cuts | vs. year ago | Days to pending | Homes for sale | Market |
|---|---|---|---|---|---|
| Arizona | 30.9% | -2.3 pts | 63 | +4.7% | Cold |
| Tennessee | 26.8% | -0.7 pts | 70 | +14.1% | Cold |
| Utah | 26.1% | -0.7 pts | 57 | +7.3% | Cool |
| Florida | 25.2% | -3.8 pts | 92 | -8.4% | Cool |
| South Carolina | 25.2% | -0.9 pts | 73 | +12.4% | Cold |
| Nevada | 24.8% | -0.6 pts | 66 | +4.3% | Cold |
| Colorado | 24.7% | -0.7 pts | 60 | +6.6% | Cool |
| Georgia | 24.5% | -0.5 pts | 76 | +8.7% | Cold |
| Indiana | 24.0% | +0.4 pts | 50 | +12.3% | Cool |
| Texas | 23.7% | -1.3 pts | 83 | +5.7% | Cold |
Who could still afford to buy: the median household cleared the bar in 2 states
Zillow's income-needed figure assumes 20% down at that month's rates and a payment of no more than 30% of income. Set against each state's median household income from the Census Bureau, the typical household could afford the typical home in 2 of 50 states: West Virginia and Iowa. The widest gaps were in California (needed $192K, median earns $92K), Hawaii (needed $196K, median earns $95K), and Massachusetts (needed $172K, median earns $101K).
Renting was cheaper than a mortgage payment in 36 of the 50 largest metros, one per state. The widest gap in favor of renting was Los Angeles (California) at $1,824 a month; buying won most clearly in Charleston (West Virginia), where the payment was $457 below rent. Both comparisons leave out property tax, insurance and maintenance.
| State | Typical home | Payment | Income needed | Median income | Gap |
|---|---|---|---|---|---|
| West Virginia | $177,757 | $883 | $45,393 | $54,515 | -17% |
| Iowa | $238,502 | $1,185 | $68,460 | $72,429 | -6% |
| Kentucky | $233,364 | $1,159 | $61,585 | $60,407 | +2% |
| Mississippi | $198,129 | $984 | $54,301 | $52,985 | +3% |
| Kansas | $248,065 | $1,233 | $72,263 | $69,747 | +4% |
| California | $764,909 | $3,800 | $192,029 | $91,905 | +109% |
| Hawaii | $831,273 | $4,130 | $196,032 | $94,814 | +107% |
| Massachusetts | $659,672 | $3,278 | $171,944 | $101,370 | +70% |
| Washington | $597,598 | $2,969 | $152,749 | $90,325 | +69% |
| New Jersey | $574,362 | $2,854 | $161,906 | $97,126 | +67% |
How to read this report
Every housing figure is Zillow Research's published number for April 2026: the Zillow Home Value Index (typical value of homes in the middle third of a market, not a median sale price), the Zillow Observed Rent Index for each state's largest metro, Zillow's mortgage payment and income-needed series, and its inventory, price-cut and days-to-pending metrics. Sale and list prices are the latest available at the time, which can lag a month. Median household income is from the Census Bureau's American Community Survey and does not change month to month. The current 50-state table, map and a page for every state are on the housing hub.
April 2026 Housing Market FAQ
What is the median home price in the United States?
$365,416 was the U.S. median sale price and $401,633 the median list price in the latest Zillow Research release. The typical U.S. home value, the Zillow Home Value Index this page ranks states by, is $368,647, up 0.6% over the past year and up 27.7% over five years. A 20%-down mortgage on the typical home runs $1,832 a month in principal and interest, which takes about $97,372 of household income.
What is the cheapest state to buy a house?
West Virginia is the cheapest state to buy a house, with a typical home value of $177,757 in the latest Zillow Research release, followed by Mississippi ($198,129), Louisiana ($217,022), Oklahoma ($222,346), and Arkansas ($226,371). A 20%-down mortgage on the typical West Virginia home is $883 a month, and buying it takes about $45,393 of income against a median household income of $54,515.
Which state has the most expensive homes?
Hawaii has the most expensive typical home at $831,273, then California ($764,909), Massachusetts ($659,672), Washington ($597,598), and New Jersey ($574,362). Buying the typical Hawaii home takes about $196,032 of household income; the state's median household earns $94,814.
Which states are most affordable relative to income?
West Virginia is the most affordable state relative to what households actually earn: buying the typical home takes $45,393 of income and the median household earns $54,515. The next most affordable are Iowa, Kentucky, Mississippi, and Kansas. The least affordable is California, where the income needed ($192,029) is 108.9% above the median household income.
How much income do you need to buy a house in each state?
It ranges from $45,393 in West Virginia to $196,032 in Hawaii, using Zillow's assumptions of 20% down at current mortgage rates and a payment of no more than 30% of income. Nationally the figure is $97,372. The median household earns enough to clear that bar in 2 states and falls short in 48. The full figure for every state is in the table above.
What is the average mortgage payment by state?
The monthly principal-and-interest payment on the typical home with 20% down ranges from $883 in West Virginia to $4,130 in Hawaii; the national figure is $1,832. The cheapest payments are in West Virginia ($883), Mississippi ($984), Louisiana ($1,078), and Oklahoma ($1,105). These exclude property tax, insurance and HOA dues, which vary widely by state.
Figures are Zillow Research's published state and metro data for April 2026, shown as released with attribution; median household income is from the Census Bureau's American Community Survey. All monthly reports →