A new study by Santa Monica realtors released Jan. 19, revealed the states where house prices rose the most over the past year. It should come as no surprise to anyone in Vermont that they have risen at a rapid pace since the beginning of the pandemic. A new study based on 2022 home values shows that Vermont had the third highest increase in the nation.
The research by Santa Monica realtors analyzed data from Zillow for the past year, across all 50 states to determine which state had seen the biggest rise in housing prices.
The data revealed that Florida had the biggest increase in house prices over the past year, rising 19.9%. The average house price for a home in Florida currently stands at $404,939.
South Carolina has seen the second biggest increase in house prices during 2022. The average house price in the state has risen by 19.2%, just slightly less than Florida’s increase. A property in South Carolina currently has an average cost of $300,667.
The state with the third highest increase in property prices is Vermont. The average house price in Vermont is now $386,285 after increasing 16.9% over the past 12 months.
Of the five fastest growing states, Vermont had the second highest home value, just behind Florida.
Tennessee and North Carolina rank fourth and fifth respectively. House prices in Tennessee have skyrocketed 16.3% over the past year, resulting in house prices currently sitting at an average of $311,333. North Carolina, which places fifth in the state rankings, have had house prices increase 15.7% during 2022 which means the average house price in North Carolina is $329,634.
At the other end of the scale, the state that has seen the smallest increase in house prices is Idaho. There has been just a 1.3% increase in house prices in 2022 in Idaho. The average house price in the state is currently $459,947.
California has seen the second lowest increase in house prices out of all 50 states. The average house price in California is now $760,644 after increasing 4.4% in the past 12 months.
The state with the third lowest increase in house prices is Oregon. The average house price in Oregon is $510,401 after increasing 5.5% in 2022.
In Minnesota, there has been a 5.6% rise in house prices over the last year, just slightly more than Oregon, making the state have the fourth smallest increase in house prices. House prices in Minnesota currently average at $333,294.
Three states have had the fifth lowest increase in house prices, all with a 5.8% increase in house prices over the past year – New York, Nevada and Arizona. The average house price in New York is $782,365 whilst in Arizona the average house price is $419,675 and Nevada’s average house price is $433,100.
Commenting on the findings, a spokesperson from Santa Monica realtors said: “The housing market has indeed been turbulent over the past few years, with house prices being affected by inflation, the pandemic and many more factors. This study provides a fascinating insight into which parts of America have seen the highest increases as well as the lowest. It will be interesting to see if this ranking remains similar throughout this year or if they fluctuate.”
State Rank Increase
Florida 1 19.90%
South Carolina 2 19.20%
Vermont 3 16.90%
Tennessee 4 16.30%
North Carolina 5 15.70%
Georgia 6 14.70%
South Dakota 7 13.80%
Montana 8 13.60%
Alabama 9 13.00%
New Mexico 9 13.00%
Arkansas 10 12.90%
Oklahoma 10 12.90%
New Hampshire 11 12.80%
Texas 12 12.60%
Missouri 13 12.00%
Maine 14 11.70%
Mississippi 15 11.50%
Kentucky 16 11.20%
Hawaii 17 11.10%
Indiana 18 10.80%
New Jersey 19 10.40%
Alaska 19 10.40%
Ohio 20 10.20%
Wisconsin 21 10.10%
Connecticut 22 9.70%
Delaware 22 9.70%
Rhode Island 23 9.20%
Pennsylvania 24 9.00%
Iowa 25 8.70%
Virginia 25 8.70%
Nebraska 26 8.60%
Louisiana 27 8.50%
Kansas 28 8.40%
Wyoming 29 8.20%
Illinois 30 8.10%
Michigan 30 8.10%
West Virginia 30 8.10%
North Dakota 31 7.80%
Colorado 32 7.20%
Massachusetts 33 7.10%
Maryland 34 6.70%
Washington 35 6.60%
Utah 36 5.90%
Arizona 37 5.80%
Nevada 37 5.80%
New York 37 5.80%
Minnesota 38 5.60%
Oregon 39 5.50%
California 40 4.40%
Idaho 41 1.30%
