Home Values Declining in Alaska Amid Coronavirus Crisis
See how the housing market is doing in the Last Frontier during COVID-19.
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Current home values in Alaska
Home values have been declining throughout Alaska and are down -8.0% from a year ago.
Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $334,419, Realtor says.
Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.
Here's how that works in Alaska: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.
A 30-year mortgage for a $334,419 home at 3.33% would give a typical Alaska homebuyer a monthly payment of $1,176, assuming a 20% down payment.
How the Alaska housing market stacks up
Families in Alaska can enjoy a smaller city life or venture out into the wilderness
The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.
While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in Alaska, they're predicted to rise 2.4%.
Homes right now are going on the market in Alaska at a median price of $170 per square foot, versus $134 per square foot nationwide.
Are you looking to buy? Take a look at today's best mortgage rates where you live.
Alaska home prices over the last 10 years
| Year | Avg. Price |
|---|---|
| 2020* | $303,062 |
| 2019 | $329,238 |
| 2018 | $327,958 |
| 2017 | $323,867 |
| 2016 | $322,692 |
| 2015 | $320,725 |
| 2014 | $310,425 |
| 2013 | $306,250 |
| 2012 | $297,975 |
| 2011 | $297,717 |
| 2010 | $296,000 |
| 2009 | $292,492 |
*2020 price average through March 31, 2020.
How much for an average-sized home?
Here's what a 2,500-square-foot home in Alaska is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.
| Year | Avg. Price |
|---|---|
| 2020* | $425,904 |
| 2019 | $467,500 |
| 2018 | $465,000 |
| 2017 | $460,000 |
| 2016 | $462,500 |
| 2015 | $455,000 |
| 2014 | $440,000 |
| 2013 | $435,000 |
| 2012 | $425,000 |
| 2011 | $425,000 |
| 2010 | $427,500 |
| 2009 | $422,500 |
*2020 price average through March 31, 2020.
