List of US States by Home Price Growth Rate 2024

List of US States by Home Price Growth Rate 2024

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The U.S. housing market is experiencing significant growth in 2024, with home prices soaring in nearly every state. As of the first quarter of 2024, home prices rose sharply by 6.6% year-over-year, the largest increase since 2022. This significant increase is driven by a number of factors, including a severe shortage of homes for sale and a general reluctance among homeowners to sell their properties, all of which is happening against a backdrop of persistently high interest rates.

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Home price growth by state in 2024

National home price increases between the first quarter of 2023 and the first quarter of 2024 were seen in all 50 states. The five states with the highest annual growth rates were Vermont at 12.8%, followed by New Jersey at 11.6%, New York at 10.9%, Delaware at 10.7%, and Wisconsin at 9.9%. Here is the full list:

rank

state

1 year

Quarter

5 years

Since the first quarter of 1991

1

Vermont (VT)

12.80%

3.33%

73.31%

314.91%

2

New Jersey (NJ)

11.58%

2.20%

66.50%

293.50%

3

New York

10.87%

2.08%

59.24%

286.76%

4

Delaware (DE)

10.73%

3.19%

65.61%

229.47%

5

Wisconsin (WI)

9.94%

2.46%

62.84%

327.81%

6

Kansas (KS)

9.91%

2.57%

58.27%

289.37%

7

Connecticut (CT)

9.64%

0.77%

62.87%

179.88%

8

Illinois (IL)

9.38%

2.05%

47.96%

196.09%

9

New Hampshire (NH)

9.37%

1.81%

74.75%

342.54%

10

Maine (ME)

9.12%

3.56%

81.58%

364.18%

11

Massachusetts (MA)

8.85%

1.53%

55.36%

348.31%

12

South Carolina (SC)

8.47%

1.59%

73.78%

327.30%

Thirteen

Rhode Island (RI)

8.47%

0.86%

69.27%

296.14%

14

Nevada (NV)

8.08%

2.47%

53.67%

310.51%

15

Indiana (IN)

8.04%

1.31%

62.20%

245.89%

16

Ohio (OH)

8.03%

1.00%

60.99%

225.27%

17

Pennsylvania (PA)

7.92%

1.84%

52.88%

247.38%

18

Michigan (MI)

7.79%

0.42%

56.88%

258.17%

19

Hawaii (HI)

7.77%

6.00%

55.14%

297.42%

20

Missouri (MO)

7.60%

1.51%

60.22%

281.46%

twenty one

Georgia (GA)

7.27%

1.21%

71.81%

313.84%

twenty two

Nebraska (NE)

7.14%

2.90%

56.38%

315.45%

twenty three

New Mexico (NM)

7.04%

3.25%

61.16%

295.49%

twenty four

Maryland (MD)

6.95%

1.30%

44.63%

255.61%

twenty five

California (CA)

6.28%

0.78%

50.04%

321.04%

Twenty-six

Florida (FL)

6.13%

0.54%

80.65%

459.42%

Twenty-seven

Oklahoma (OK)

6.00%

1.72%

53.71%

272.57%

Twenty-eight

Tennessee (TN)

5.95%

1.18%

75.14%

366.70%

Twenty-nine

Utah (UT)

5.79%

1.28%

68.66%

606.37%

thirty

North Carolina (NC)

5.79%

0.71%

74.78%

324.41%

31

Virginia (VA)

5.73%

0.32%

54.52%

296.29%

Thirty-two

Kentucky (KY)

5.60%

0.95%

56.13%

274.10%

33

Iowa (IA)

5.44%

1.18%

44.13%

255.06%

Thirty-four

Montana (MT)

5.15%

1.22%

78.51%

601.57%

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Arkansas (AR)

5.15%

0.85%

57.94%

249.88%

Thirty-six

Washington (WA)

5.12%

0.99%

57.27%

476.14%

thirty-seven

Arizona (AZ)

4.94%

-1.08%

74.63%

461.42%

thirty eight

Minnesota (MN)

4.79%

1.44%

41.94%

312.38%

thirty-nine

Alaska (AK)

4.66%

0.74%

39.22%

260.58%

40

Idaho (ID)

4.60%

2.73%

82.03%

529.53%

41

South Dakota (SD)

4.27%

0.91%

59.18%

380.42%

Forty-two

Wyoming (WY)

4.07%

1.93%

51.81%

417.47%

43

Oregon (OR)

3.96%

1.62%

47.73%

528.46%

Forty-four

West Virginia (WV)

3.64%

-5.73%

37.80%

200.46%

forty five

Colorado (CO)

3.61%

-0.04%

50.55%

587.41%

Chapter 46

Texas (TX)

3.34%

0.95%

54.02%

345.19%

forty seven

North Dakota (ND)

3.30%

-0.26%

30.48%

313.07%

Forty eight

Alabama (AL)

3.15%

0.08%

57.97%

251.40%

49

Mississippi (MS)

2.73%

-4.19%

46.00%

203.24%

50

Louisiana (LA)

2.23%

-0.56%

28.34%

257.38%

51

District of Columbia (DC)

-1.53%

0.84%

18.89%

511.21%

Washington, D.C. was the lone exception, with home prices declining slightly. As of the first quarter of 2024, home prices in the region were down 1.5% year over year. This decline may be attributed to the region’s reputation as one of the most expensive housing markets in the country, causing some potential buyers to take a wait-and-see approach until interest rates become more favorable. Additionally, a significant portion of homes in the region (more than 20% as of January 2024) are listed for more than $1.5 million, which may have contributed to the slowdown.

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The data comes from the Federal Housing Finance Agency Home Price Index (FHFA HPI), a comprehensive database that allows for comprehensive analysis of home price indices dating back to the 1970s. The index covers all 50 states and more than 400 cities in the United States, and incorporates millions of home sales data, providing valuable insights into home price fluctuations at different levels, including countries, states, metropolitan areas, counties, zip codes, and census areas. FHFA uses a transparent methodology based on weighted repeat sales statistical techniques to examine home price transaction data.

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Source: https://dinhtienhoang.edu.vn
Category: Optical Illusion

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