U.S. Housing Prices: Which States Are Booming or Cooling?
Housing Market Snapshot: Price Changes by State
Key Takeaways
- The five states with the fastest-growing prices were all in the Northeast, apart from Wyoming.
- Mississippi was the only state to see a drop in home prices from 2023 to 2024.
- In nearly all states, the housing market has risen faster than real GDP growth (2.5%) and inflation (2.9%).
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.
| Rank | State | House Price Change, Q4 2023-Q4 2024 |
|---|---|---|
| 1 | Connecticut | 8.3% |
| 2 | New Jersey | 8.3% |
| 3 | Wyoming | 8.3% |
| 4 | Vermont | 8.1% |
| 5 | Rhode Island | 7.6% |
| 6 | Illinois | 7.5% |
| 7 | New Hampshire | 7.3% |
| 8 | New York | 7.1% |
| 9 | Maine | 6.9% |
| 10 | Wisconsin | 6.9% |
| 11 | Montana | 6.8% |
| 12 | Nebraska | 6.7% |
| 13 | Ohio | 6.7% |
| 14 | Kentucky | 6.7% |
| 15 | Nevada | 6.7% |
| 16 | Idaho | 6.5% |
| 17 | Pennsylvania | 6.3% |
| 18 | Maryland | 6.1% |
| 19 | Indiana | 6.0% |
| 20 | Massachusetts | 5.8% |
| 21 | Kansas | 5.7% |
| 22 | Virginia | 5.7% |
| 23 | New Mexico | 5.4% |
| 24 | Iowa | 5.3% |
| 25 | South Carolina | 5.3% |
| 26 | West Virginia | 5.1% |
| 27 | Alaska | 5.0% |
| 28 | Delaware | 4.8% |
| 29 | Minnesota | 4.8% |
| 30 | Alabama | 4.8% |
| 31 | Georgia | 4.8% |
| 32 | North Carolina | 4.8% |
| 33 | Tennessee | 4.8% |
| 34 | Utah | 4.7% |
| 35 | Missouri | 4.7% |
| 36 | Michigan | 4.6% |
| 37 | Hawaii | 4.0% |
| 38 | District of Columbia | 3.8% |
| 39 | Washington | 3.5% |
| 40 | Oklahoma | 3.4% |
| 41 | Arkansas | 3.4% |
| 42 | North Dakota | 3.1% |
| 43 | Oregon | 3.0% |
| 44 | South Dakota | 2.9% |
| 45 | Texas | 2.3% |
| 46 | California | 2.2% |
| 47 | Florida | 2.2% |
| 48 | Colorado | 1.9% |
| 49 | Arizona | 1.2% |
| 50 | Louisiana | 0.5% |
| 51 | Mississippi | -0.2% |
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%).
Looking to keep your business resilient as the market shifts? Get real-time spending insights and make smarter financial decisions with Terzo AI.
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