House prices are rising nationwide, but some states have seen particularly significant increases.
According to Zillow’s Home Price Index, the typical home price in the United States is currently $ 344,141, which includes only the mid-price range of homes. This figure shows an increase of over 20% over the past year.
But over a longer period, house prices have skyrocketed. Zillow’s data include typical values for homes in the 35th to 65th percentiles.
Here are the states that have seen the most dramatic increases in home prices over the last two decades.
Although not technically a state, Washington DC is at the top of the list of places where home prices rose the most between 2002 and 2020. Zillow data shows.
Meanwhile, DC home prices have risen by just over 167%, and since 2012 prices have risen by about 54%.
Looking closely at the numbers, according to Zillow, the typical value for homes in the 35th to 65th percentile range in Washington DC was valued at $ 650,167 in April 2020, up from $ 243,410 in the same period in 2002. ..
Due to high demand for homes and relatively low inventories, districts have seen home prices skyrocket as potential buyers flock to buy homes.
“I find this idea of real estate and housing really appealing to people, whether it’s economic uncertainty or living uncertainty,” said Lisa Startivant, a housing market analyst. Talk to the service Bright MLS. In DC Told the Washington Post..
The island nation was second in rising home prices across the state between 2002 and 2020.
Zillow’s Home Price Index shows that home prices have risen almost 161% since 2002 and nearly 39% since 2012.
Recently, March prices for a popular destination on Oahu have hit record highs. This is a problem caused by supply and demand by the Honolulu Real Estate Agents Commission.
“Everyone wants a time when the market will normalize,” said Chad Takesue, President and CEO. Said to Hawaii News Now.. “We continue to expect to continue to look at competitive markets until inventory levels reach the point where they are met.”
According to Zillow data, Idaho was the only state in which prices soared more than 100% in 2020 compared to both 2012 and 2002 figures.
Between 2002 and 2020, home prices in Gem surged 125% and have surged 104% since 2012.
Robert Spendlove, Senior Economist at ZionsBank, Told Boise’s press, KTV B7Idaho’s housing market has been a country leader for several years, but prices may be approaching peaks.
“Prices have risen significantly compared to the rest of the country, but Idaho is still affordable, so prices will continue to rise and strong demand will continue, but not much acceleration. . ” Spendrab said.
Zillow’s data corroborate that analysis, with prices rising, but April 2020 home prices at $ 304,468, well below key home prices found in other major states. ..
In Washington, home prices surged 120% between 2002 and 2020, jumping from about $ 196,000 to nearly $ 432,000, according to Zillow data.
Earlier this year Report from King 5A local Washington news station has shown that typical home prices in 16 cities in the Seattle metropolitan area are worth more than $ 1 million.
“Not all buyers have enough homes, and every home has 20 to 30 buyers,” Seattle Real Estate Associates realtor Zack McDonald told KING5.
“I think the other thing that’s happening lately is that interest rates are rising a bit more, so there’s a risk of running away and it’s starting to sneak up,” he added.
Oregon concludes the top five most expensive home prices in the U.S. state
Portland, Oregon is ranked as one of the most popular housing markets in the country. According to the Washington Post..
House prices are rising, but still lower than those found in many other states where prices are rising the most, according to Zillow data.
As of April 2020, Oregon’s home prices were around $ 383,482, more than 117% higher than in 2002, when home prices were $ 176,325.
It’s not particularly surprising that the Golden State creates a list, As a city-by-city analysis of median home listing prices It was led by California cities such as San Jose, Los Angeles, San Francisco and San Diego.
Home prices in the state weren’t as high as in some other states, but California’s home prices of $ 575,250 in April 2020 were the third largest in the country after Hawaii and DC.
But still, between 2002 and 2020, California home prices rose 116%.