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Alaska housing market

The Alaska housing market isn’t that competitive. The median home sales price in August 2024 has increased in the past 3 months to $398,900. That’s up 6.7% and $25,200 higher than August 2023 of last year. That is higher than the national median home sales price of $432,657. Homes typically sell after 19 days on market, which is faster than the national average and higher than 13 days in August 2023 a year prior.

Housing market overview for

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Trended Median Home Values

How much do homes in Alaska cost?

The median home price in Alaska was $398,900 in August 2024, up 6.7% from last year.

August's median sale price
$399K
Caret UpUp $25K and 6.7% since Aug 2023
Trended Homes Inventory

How many homes are available in Alaska?

The real estate market in Alaska had 1,762 homes for sale in August and is up from 1690 homes for sale the month prior and up from 1,462 homes in August 2023.

Homes for sale in August
1,762
Caret UpUp 300 and 20.5% since Aug 2023
Trended Homes Sold

How many homes are sold in Alaska?

There were 748 homes sold in August 2024, trending up from 736 homes sold a year ago.

Homes sold in August
748
Caret UpUp 12 and 1.6% since Aug 2023
Trended Median Days on Market

How long does it take to sell a home in Alaska?

Homes in Alaska are staying on the market for 19 days. That’s 6 days slower than the median in August 2023, which means that the market is less competitive today.

Median days on market in August
19
Caret UpUp 6 and 46.2% since Aug 2023

Is it a buyer’s or seller’s market in Alaska?

It is considered a seller’s market right now. Housing inventory is up since last year, which means supply is less constrained. Mortgage rates are 6.3%, making the average house payment $2,692, which is $16 lower than a year before.

Total months of housing supply available for sale is 2.4 months, up 20% from 2 month(s) in August 2023.

Months of Supply

The Months of Supply housing metric is an estimate of how long it would take to sell all the homes for sale relative to the number of homes sold each month. Historically, 5 to 6 months is the average. You may also hear this metric referred to as the "absorption rate."

Lower months of housing supply typically signal a seller’s market whereas when months of supply is greater than 6 months typically signal a buyer’s market.

Sales to Listing Ratio

Sales to Listing Ratios are an indicator of supply and demand. It is all the completed sales in the past month divided by the total number of active listings.

In a balanced real estate market, the total number of home sales to active listings ratio is between 0.12 and 0.2 while markets with a ratio higher than 0.2 favors seller’s, as homes are selling fast and there is limited inventory, while markets below 0.12 favor home buyers because there is a larger supply of homes to purchase.

Selling a house in Alaska

Home values have increased by 7.2% since last year, and the number of days it takes to sell a home has increased from 14 days in August 2023 to 19 days in August 2024.

The best time to sell your home in Alaska is in May, when homes sell fastest and for the most money.

Sellers typically pay the commission of both the listing and buyer’s agents, which typically total 5-6% of the home sale price. That’s $23,934 paid in commission to the real estate agents. You’d also need to factor in closing costs, plus other fees and your mortgage payoff amount, to calculate the net proceeds from your home sale.

Buying a house in Alaska

Homes in Alaska have a median price of $398,900, which means you’ll need $39,890 for a 10% down payment. Housing costs have increased 7.2% in the past year. When you’re several months out and have your down payment saved, make sure to get pre-approved for a mortgage and find a real estate agent.

Home values are only one part of the home affordability equation. When buying a house in Alaska, don’t forget to also account for closing costs, which are typically 3-4% of the home cost. In addition to a down payment of $39,890 you should have $15,956 as well as budget for cash reserves, moving expenses and ongoing homeownership costs for home maintenance and repairs or HOA fees.

Alaska home values are 21% cheaper than Idaho and 8.5% cheaper than the national median home value.

How does the Alaska real estate market compare to other markets?

The Alaska real estate market has a median sale price of $398,900, which is 8.5% lower than the national median sale price of $432,657. Compare other markets or nearby cities, as they can vary significantly.

Alaska
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Idaho
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National
Median home saleMedian home saleMedian home sale
$398,900$482,600$432,657
Days on marketDays on marketDays on market
194137
Monthly house payment
Monthly house payment
Monthly house payment
$2,692$3,045$2,409
Cost to buy a house
Cost to buy a house
Cost to buy a house
$55,846$67,564$60,572
Cost to sell a house
Cost to sell a house
Cost to sell a house
$27,923$33,782$30,286

Take the next step in Alaska: Find an agent

Navigating the Alaska housing market can be tricky, but you don’t have to go it alone. When you're ready to learn more, reach out to a local Alaska real estate agent to get the process started. We recommend interviewing multiple candidates and coming prepared with a list of all your questions.

Alaska housing market FAQs

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