Home Values Report: April 2022
April 19, 2022U.S. home values have increased drastically in the past year, and while homeowners rejoice, many young adults saving for their first "starter home" have lost significant purchasing power. The national increase was a staggering 20.60% over the past 12 months. The greatest annual increases were in Florida and Nevada (both increased by over 30%), while only North Dakota and Alaska saw increases under 10% over the past year. The states with the highest average home prices are Hawaii ($863,632) and California ($774,899); both of these states saw annual increases in excess of 22%. The states with the lowest average home prices are Mississippi ($159,955) and West Virginia ($130,625); these states saw annual increases of 15% and 13.2% respectively. The complete data set is shown in the table below.
Data source: https://www.zillow.com/home-values/
| State | Average home price | 1-year increase |
|---|---|---|
| Florida | $367,175 | 31.20% |
| Nevada | $445,515 | 31.10% |
| Utah | $555,263 | 29.80% |
| Arizona | $413,494 | 28.80% |
| Montana | $436,252 | 28.60% |
| Georgia | $300,885 | 27.30% |
| North Carolina | $302,153 | 26.60% |
| Tennessee | $282,592 | 26.30% |
| South Carolina | $274,401 | 24.90% |
| Idaho | $470,489 | 24.50% |
| Washington | $606,643 | 24.40% |
| Texas | $295,319 | 24.10% |
| Colorado | $569,952 | 23.90% |
| Hawaii | $863,632 | 22.20% |
| California | $774,899 | 22.00% |
| New Hampshire | $418,382 | 21.70% |
| Maine | $348,997 | 21.00% |
| Oregon | $509,539 | 19.70% |
| Vermont | $341,415 | 19.10% |
| New Mexico | $281,938 | 19.10% |
| Rhode Island | $416,945 | 18.40% |
| Alabama | $197,667 | 18.40% |
| Arkansas | $172,306 | 18.00% |
| Indiana | $212,953 | 17.70% |
| Oklahoma | $173,410 | 17.20% |
| Delaware | $340,910 | 17.10% |
| South Dakota | $282,226 | 16.60% |
| Missouri | $221,446 | 16.40% |
| Michigan | $228,120 | 16.00% |
| New Jersey | $446,566 | 15.80% |
| Massachusetts | $566,287 | 15.70% |
| Ohio | $202,341 | 15.50% |
| Connecticut | $348,047 | 15.40% |
| Kentucky | $190,575 | 15.20% |
| Mississippi | $159,955 | 15.00% |
| Pennsylvania | $257,272 | 14.50% |
| Wyoming | $312,604 | 14.40% |
| Illinois | $256,010 | 14.20% |
| Wisconsin | $254,680 | 14.00% |
| New York | $387,069 | 13.90% |
| Nebraska | $233,006 | 13.90% |
| Virginia | $362,171 | 13.40% |
| Kansas | $199,893 | 13.40% |
| West Virginia | $130,625 | 13.20% |
| Minnesota | $326,359 | 12.60% |
| Louisiana | $208,049 | 12.50% |
| Iowa | $184,972 | 12.00% |
| Maryland | $394,125 | 11.90% |
| North Dakota | $268,918 | 9.40% |
| Alaska | $315,353 | 5.10% |
| TOTAL (All of U.S.) | $337,560 | 20.60% |
By Kevin Ashley
Kevin is a Web Developer and Marketing Expert for iHOUSEweb. He has a degree in Mathematics from the University of California, Santa Cruz, and he specializes in front end web development, web advertising, and web analytics. Kevin works closely with real estate agents all over the US, and he helps to communicate their needs to the team of Software Engineers at iHOUSEweb.