Top 5 States Where Home Prices Rose The Most In The US
|Top 5 States In America Where Home Prices Rose The Most. Photo KnowInsiders|
Thanks to the impact of the Covid-19 pandemic, American housing markets have had to deal with a truly unprecedented situation. Prices in the U.S. housing market have exploded in the past year.
According to the carefully followed S&P Case-Shiller home price index, home prices rose over 19% recently, and in some markets, they moved higher by almost 30% compared to 2021. Other research shows that in other markets, prices have jumped even more year over year.
The reasons are straightforward. Mortgage rates are near historic loans, allowing homebuyers to stretch their dollars. People have relocated from expensive coastal cities like New York and San Francisco to less expensive cities inland. Many of these places also are perceived to have a better quality of living. The ability to relocate has been helped by the fact that millions of Americans now work from home because of the COVID-19 pandemic.
Top 5 states in the United States with the sharpest home price increases
(according to CoreLogic Home Price Index)
1. Idaho - prices up 32.2 %
2. Arizona - up 29.5 %
3. Utah - up 26.2 %
4. Montana - up 24.4 %
5. Nevada - up 22.7 %
|Photo Sibbach Team|
> May 2020 to May 2021 home price chg: 30.3%
> Median home value in 2019: $255,200 — 20th highest
Spokane, Washington, and neighboring Coeur d’Alene, Idaho, share one of the hottest housing markets in the country. Home prices in the town of Ketchum in central Idaho are so high that local workers are struggling to find housing.
|Photo Sibbach Team|
> May 2020 to May 2021 home price chg: 23.4%
> Median home value in 2019: $255,900 — 19th highest
Arizona home prices are rising at the fastest pace since 2005 — so fast in fact that sales have reportedly started to slow recently in the Phoenix metro area because many buyers can’t afford to pay what’s being asked.
|Scottsdale, Arizona |
Homebuying activity has picked up the pace over the last year. From a sizeable 2,271 available homes for-sale in September 2019, Scottsdale’s inventory only dropped by 3.5% year-over-year, settling at 2,191 homes for-sale in September 2020. But from there, homes really flew off the shelves, with inventory plummeting by 46.6%, down to only 1,171 houses for-sale by September 2021. With supply declining, home prices responded in kind, rising by 22.1% from September 2019 ($477,000 median sale price) to September 2020 ($582,500). With new listings of homes for sale down 27.3% from last September, tight supply has continued, and Scottsdale’s median sale price reached an all-time high of $715,000 in August 2021.
> May 2020 to May 2021 home price chg: 20.4%
> Median home value in 2019: $330,300 — 11th highest
Utah keeps breaking its own home price records, with the price of single-family dwellings far above the statewide average in Salt Lake City and nearby Weber and Davis counties, with no end in sight to the price inflation.
|Photo Salt Lake Tribune|
|Salt Lake City, Utah |
Here again, we have a combination of steady population growth and limited supply within the local real estate market. And it’s boosting house values like never before.
The Salt Lake City metro area housing market has experienced significant home price gains during 2021. The median value rose by around 26% over the past year. Zillow offered a forecast of 15% growth over the next 12 months.
The median home price in Salt Lake City rose above $500,000 earlier this year, for the first time ever.
All three of the real estate markets above — and others like them — have several things in common. We’ve touched on most of these factors already.
> May 2020 to May 2021 home price chg: 19.5%
> Median home value in 2019: $253,600 — 21st highest
Montana’s hot real estate market is impacting home prices in even the smaller cities of a state whose population is barely a million. Communities like Bigfork, Whitefish, and Laurel, all with populations of less than 10,000, experienced an average home price rise well above the state’s average.
Home prices across Nevada continue to soar.
In Reno-Sparks, the median home price is up 16 percent and Las Vegas is up about 13.8 percent from a year ago.
In January, the median home price in Reno was nearly $450,000, and in Las Vegas, it was $350,000.
Real estate experts agree that the rise in prices is due largely to a supply and demand issue. Both areas of the state continue to grow but the supply of houses still lags, said Jonathan Gedde, CEO of SimpliFi Mortgage.
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