U.S. Housing Prices: Which States Are Booming or Cooling?

 Housing Market Snapshot: Price Changes by State

U.S. housing prices rose 4.5% from the fourth quarter of 2023 to the fourth quarter of 2024. But which states were booming, and which ones were cooling?

This Markets in a Minute graphic, in partnership with Terzo, highlights how housing prices have shifted in each state over the last year.

State-by State Housing Market Data

The Federal Housing Finance Agency measures average price changes in repeat sales or refinancings on the same properties. It’s a broad measure of the shifts in single-family house prices.

The highest housing market growth was primarily in Northeastern states like Connecticut, New Jersey, and Vermont. These states have inventory far below pre-pandemic levels, and higher incomes that are better able to support higher home costs.

Outside the Northeast, Wyoming is the only state to make the top five fastest-growing housing markets. The state faces low housing supply driven by a growing population and a low supply of affordable housing. Areas around Yellowstone National Park are particularly desirable with some properties seeing multi-million dollar price tags.

At the other end of the scale, the only housing market to see a drop in home prices was Mississippi. The population was flat from 2023 to 2024, and the state has seen an increase in housing inventory.

A Resilient Market

Despite elevated interest rates driving up mortgage costs, the housing market has been resilient. Most states saw home prices rise faster than real GDP growth (2.5%) and inflation (2.9%).

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