What Is the Current State of the Housing Market in Your State?

If you’re thinking of buying, selling or investing in real estate, forget what you’ve read about the “housing market.” The housing market is actually 50 different housing markets, and if you’re considering making a move, the first step is to understand the situation on the ground where you live — and how that situation evolved over the last two extraordinary years.

Using data from Zillow, GOBankingRates outlined the housing market situation in every state from the beginning of the pandemic to the present. For each state, you’ll see the typical single-family residence home value in terms of both dollar value and percent change, but the study also examined how each state’s housing market changed over one-month, six-month and one-year periods. Any noteworthy revelations from those segments are discussed for each state, as well. 

Keep reading to learn how the pandemic steered home values in your state.

• October 2020 home value: $160,644
• October 2022 home value: $214,110
• 2-Year change (#): $53,466
• 2-Year change (%): 33.28%

The rapidly rising prices that defined the 2022 housing market were evident in Alabama, wherehome values rose by more than $9,000 between April and September, then again betweenSeptember and October.

• February 2020 home value: $307,566
• February 2022 home value: $351,345
• 2-Year change (#): $43,779
• 2-Year change (%): 14.23%

Home values changed less in Alaska than any other state in America over the last two years interms of percentages.

• February 2020 home value: $300,366
• February 2022 home value: $437,565
• 2-Year change (#): $137,199
• 2-Year change (%): 45.68%

It’s been a great couple of years for sellers in Arizona, which experienced a nearly 50% percentincrease in home values over the two-year period.

• February 2020 home value: $141,465
• February 2022 home value: $187,512
• 2-Year change (#): $46,047
• 2-Year change (%): 32.55%

Arkansas home values increased by 15.05% from Oct. 2020 to Oct. 2021, and a more impressive32.55% in the two year span from 2020 to 2022.

• February 2020 home value: $601,078
• February 2022 home value: $782,440
• 2-Year change (#): $181,362
• 2-Year change (%): 30.17%

Although home values rose by more than one-third in just two years, California’s 30.17% spikewas not one of the highest percent increases in the country. But the state’s nearly $180,000+jump in dollar value was second-highest behind only Hawaii. None of the other 48 states brokethe $200,000 mark.

• February 2020 home value: $436,255
• February 2022 home value: $590,347
• 2-Year change (#): $154,092
• 2-Year change (%): 35.32%

One of only eight states to experience a dollar change in home values greater than $150,000,Colorado has outpaced most states in terms of housing inflation throughout most of thepandemic.

• February 2020 home value: $292,071
• February 2022 home value: $383,163
• 2-Year change (#): $91,092
• 2-Year change (%): 31.19%

Appreciation has been relatively mild in Connecticut, particularly as of late. In the six monthsbetween April 2022 and October 2022, home values rose by just 5.08%. But over two yearsappreciation surpassed 30%.

• February 2020 home value: $277,377
• February 2022 home value: $361,145
• 2-Year change (#): $83,768
• 2-Year change (%): 30.20%

Just as it was in Connecticut, Delaware experienced only mild price increases during thepandemic, especially as the months wore on. In the six months between April, 2022 and October2022, prices rose by just 4.28%.

• February 2020 home value: $274,990
• February 2022 home value: $425,541
• 2-Year change (#): $150,551
• 2-Year change (%): 54.75%

The Florida market was scorching in 2021. Things are still hot in the Sunshine State, with pricesrising by nearly 55% between October 2022 and October 2022, the highest percentage changeover two years in the country.

• February 2020 home value: $222,395
• February 2022 home value: $325,977
• 2-Year change (#): $103,582
• 2-Year change (%): 46.58%

Just above Florida geographically and alphabetically is Georgia, which it’s not too far behind inappreciation value. In 2022, prices rose by nearly 47%, one of the higher rates in the country. Inthe six months between April 2022 and October 2022, the increase was only by 5.63%.

• February 2020 home value: $754,859
• February 2022 home value: $1,046,647
• 2-Year change (#): $291,788
• 2-Year change (%): 38.65%

In terms of dollar figures, Hawaii spent the last two years in a class by itself. The state tallied thesteepest increases in the country across every category and every time period throughout theentirety of the pandemic. However, at the percentage level, it falls in with a number of states.

• February 2020 home value: $326,244
• February 2022 home value: $468,568
• 2-Year change (#): $142,324
• 2-Year change (%): 43.63%

Although no state can compete with the dollar amounts of Hawaii’s wild price increases, thehousing market in Idaho is a strong contender in terms of percentage increase over two years.

• February 2020 home value: $215,021
• February 2022 home value: $245,405
• 2-Year change (#): $55,868
• 2-Year change (%): 25.98%

Illinois’ housing market was pretty cool in the 2020 to 2021 year-over-year, but it has begun torebound in 2022. Its 1-month percentage increase, from September to October of 2022, wassmall, 0.28%, but its 6-month percentage increase went up to 3.82% and it’ one year changewas 10.38%. By the two year mark it’s edging up on 30%.

• February 2020 home value: $171,509
• February 2022 home value: $228,155
• 2-Year change (#): $56,646
• 2-Year change (%): 33.03%

Indiana was a middling state throughout the pandemic. Since housing prices were comparativelylow to start, dollar-amount increases were relatively mild. In 2022, it has begun to come backfrom 0.52% in its one month percentage change to over 30% two years later.

• February 2020 home value: $165,499
• February 2022 home value: $202,669
• 2-Year change (#): $37,170
• 2-Year change (%): 22.46%

The housing market was relatively cool in Iowa between 2020 and 2021. And while the housingmarket is still coming back up slowly, it is making strides. Though it has only seen an 0.53%increase between September and October, it has increased more than 22% over two years.

• February 2020 home value: $170,770
• February 2022 home value: $216,854
• 2-Year change (#): $46,084
• 2-Year change (%): 26.99%

Much like Iowa, prices in Kansas started relatively low– although in the case of Kansas, valuesjumped by nearly 27%.

• February 2020 home value: $160,409
• February 2022 home value: $207,068
• 2-Year change (#): $46,659
• 2-Year change (%): 29.09%

Kentucky experienced price and percentage changes that were very similar to those that Kansasresidents saw in their own state at every stage of the pandemic. In 2022, however, was a little bithigher in both dollar amounts and percent changes the entire time.

• February 2020 home value: $179,377
• February 2022 home value: $218,683
• 2-Year change (#): $39,306
• 2-Year change (%): 21.91%

In Louisiana, home prices increased by just 10.57% between October 2021 and October 2022,making it one of the states where the housing market appears to be picking up more slowly.

• February 2020 home value: $265,435
• February 2022 home value: $368,386
• 2-Year change (#): $102,951
• 2-Year change (%): 38.79%

Maine falls into the middle in terms of home value increases. At nearly 40% it’s higher thanmany, but not nearly the highest. The state added over $102,000 to the value of its average homein the two years since October 2020.

• February 2020 home value: $338,847
• February 2022 home value: $416,893
• 2-Year change (#): $78,046
• 2-Year change (%): 23.03%

Between September and October home values rose by just 0.24% in Maryland, making it one ofthe coolest markets in the country. However, over the past two years it has increased by over23%.

• February 2020 home value: $464,598
• February 2022 home value: $600,805
• 2-Year change (#): $136,207
• 2-Year change (%): 29.32%

With pandemic prices soaring there by almost one-third, housing inflation was especially intensein Massachusetts for nearly all of the last two years. Today, however, things are cooling off —prices actually fell -0.10% between September and October.

• February 2020 home value: $181,970
• February 2022 home value: $234,822
• 2-Year change (#): $52,852
• 2-Year change (%): 29.04%

Prices ticked up throughout the pandemic in Michigan, but not nearly as much as in many otherstates. Between September and October of 2022, prices rose by just 0.26% which means themarket is much cooler there now than it is in most of the country.

• February 2020 home value: $276,216
• February 2022 home value: $338,866
• 2-Year change (#): $62,650
• 2-Year change (%): 22.68%

Housing inflation was never particularly severe in Minnesota, though it has gained almost 23%value in the past two years. Between September and October of 2022, home values rose byjust 0.21%.

• February 2020 home value: $134,820
• February 2022 home value: $171,183
• 2-Year change (#): $36,363
• 2-Year change (%): 26.97%

During the early days of the pandemic, only Mississippi had the second-lowest home values.Today, however, though it isn’t rebounding quickly, with a percentage of growth only 0.31%between September and October, over the past two years it has grown by almost 27%.

• February 2020 home value: $181,469
• February 2022 home value: $237,572
• 2-Year change (#): $56,103
• 2-Year change (%): 30.92%

In Missouri, the state spent almost the entire two years right in the middle, where it remainstoday.

• February 2020 home value: $309,222
• February 2022 home value: $465,328
• 2-Year change (#): $156,106
• 2-Year change (%): 50.48%

Montana’s growth was high during the early days of the pandemic and it remains on a decentupward trajectory, with a two-year change of more than 50%. 

• February 2020 home value: $198,563
• February 2022 home value: $250,424
• 2-Year change (#): $51,861
• 2-Year change (%): 26.12%

In terms of percent change, Nebraska spent almost the entire pandemic near the middle of thepack. Today, it has experienced a 0.68% increase between September and October.

• February 2020 home value: $329,440
• February 2022 home value: $462,422
• 2-Year change (#): $132,982
• 2-Year change (%): 40.37%

2021 was especially brutal for buyers in Nevada. But things have leveled off in 2022. In fact,home values have dropped by -1.57%.

• February 2020 home value: $327,766
• February 2022 home value: $457,688
• 2-Year change (#): $129,922
• 2-Year change (%): 39.64%

While New Hampshire was one of the rare states that saw a six-figure increase in home prices inthe early years of the pandemic, that has slowed some between 2020 and 2022, to about$130,000.

• February 2020 home value: $368,867
• February 2022 home value: $484,982
• 2-Year change (#): $116,115
• 2-Year change (%): 31.48%

New Jersey’s hot housing market in the pandemic has cooled by 2022. Between September andOctober, prices rose by only 0.19%, one of the lowest rates in America.

• February 2020 home value: $221,814
• February 2022 home value: $302,159
• 2-Year change (#): $80,345
• 2-Year change (%): 36.22%

Prices soared by more than one-third in New Mexico during the pandemic, and they’re stillrising, but not quite as fast today. Between September and October, home values increased by amoderate 0.47%.

• February 2020 home value: $294,495
• February 2022 home value: $380,572
• 2-Year change (#): $86,077
• 2-Year change (%): 29.23%

Home values have continued to rise in New York, by a respectable, but not dramatic, nearly30%. However, between September and October, it showed only a 0.31% increase.

• February 2020 home value: $225,623
• February 2022 home value: $331,320
• 2-Year change (#): $105,697
• 2-Year change (%): 46.85%

Depending on whether you’re buying or selling, the housing market has been either terrible orgreat-which is to say, home values have risen by almost 50% in the past two years. Prices roseby more than 19.61% between October 2021 and October 2022 and by more than 6.31% in thesix months ending in October of 2022.

• February 2020 home value: $247,308
• February 2022 home value: $291,464
• 2-Year change (#): $44,156
• 2-Year change (%): 17.85%

North Dakota has had relatively slow growth in the past two years. Pricing are rising, but not atthe rate of some other states, staying below 20%.

• February 2020 home value: $168,186
• February 2022 home value: $219,125
• 2-Year change (#): $50,939
• 2-Year change (%): 30.29%

With home appreciation of 0.40% between September and October — which is moderate– thehousing market is holding steady in Ohio, neither exploding nor cooling.

• February 2020 home value: $247,308
• February 2022 home value: $291,464
• 2-Year change (#): $44,156
• 2-Year change (%): 17.85%

Oklahoma has kept a moderate growth rate over the past two years. It has only grown 17.85% intwo years, 15.17% between 2021 and 2022, and 5.60% in the prior six months ending inOctober, 2022.

• February 2020 home value: $398,729
• February 2022 home value: $519,777
• 2-Year change (#): $121,048
• 2-Year change (%): 30.36%

Oregon is a state that hasn’t really seen a cooling housing market in the past two years. Homevalues saw gains of more than $121,000. However, that may be changing; in the month betweenSeptember and October, it saw a home value loss of -0.17%.

• February 2020 home value: $216,001
• February 2022 home value: $271,778
• 2-Year change (#): $55,777
• 2-Year change (%): 25.82%

Pennsylvania may be a buyer’s delight soon. Home values haven’t dropped dramatically, butcompared to some other states, a nearly 26% increase isn’t going to push home prices up toohigh.

• February 2020 home value: $330,767
• February 2022 home value: $446,183
• 2-Year change (#): $115,416
• 2-Year change (%): 34.89%

Rhode Island’s housing market continues to be strong, with home values increasing nearly 35%,good news for sellers and owners who plan to stick around, but maybe not so great for buyers.It’s growth from September to October of 2022 has been 0.32%, suggesting this valueincrease may be here to stay.

• February 2020 home value: $210,592
• February 2022 home value: $301,828
• 2-Year change (#): $91,236
• 2-Year change (%): 43.32%

South Carolina has also seen a robust growth in home values in the past two years, with an over43% increase. In the six months between April and October of 2022, that value rose 7.23%,as well.

• February 2020 home value: $230,669
• February 2022 home value: $307,859
• 2-Year change (#): $77,190
• 2-Year change (%): 33.46%

South Dakota has a hotter market than its sister state, North Dakota by almost double. With anover 33% increase in the past two years, the market seems to be remaining high here.

• February 2020 home value: $210,711
• February 2022 home value: $308,368
• 2-Year change (#): $97,657
• 2-Year change (%): 46.35%

Tennessee is among the top seven hottest markets in the country even today. In addition to itsnearly 47% increase in value over the past two years, between April and October, 2022, it saw anincrease of 6.51%.

• February 2020 home value: $226,720
• February 2022 home value: $317,342
• 2-Year change (#): $90,622
• 2-Year change (%): 39.97%

Texas’s housing market has also stayed at a bit more than moderate pace of value increase in thepast two years, with nearly 40% growth. However, its smaller growth in the month betweenSeptember and October of 0.16% might suggest slowing.

• February 2020 home value: $396,892
• February 2022 home value: $568,418
• 2-Year change (#): $171,526
• 2-Year change (%): 43.22%

Only California and Hawaii can hold a candle to the $171,526 price increase that the typicalhome in Utah experienced during the past two years. Only a handful of other states have higherpercent increases — Utah’s home values jumped by a whopping 43.22%.

• February 2020 home value: $276,362
• February 2022 home value: $380,074
• 2-Year change (#): $103,712
• 2-Year change (%): 37.53%

Vermont has seen a respectable growth rate over two years, neither at the top of the pack or atthe bottom. However, in the month between September and October of 2022, Vermont’sgrowth spiked to 1.05%, the highest growth rate in the U.S.

• February 2020 home value: $310,482
• February 2022 home value: $390,554
• 2-Year change (#): $80,072
• 2-Year change (%): 25.79%

Virginia’s home value increase has been moderate, lower than many other states in the past twoyears. While home values have increased by over $80,000 in the past two years, in the monthbetween September and October, 2022, values have only increased by 0.37%.

• February 2020 home value: $454,580
• February 2022 home value: $623,467
• 2-Year change (#): $168,887
• 2-Year change (%): 37.15%

While Washington boasted the least expensive home values in America both before thepandemic started, it has made up for time two years later. A more than 37% increase in homevalues over the past two years translates to nearly $170,000 change. That may be changing,however, as homes have lost value between September and October, 2022, down by -0.39%.

• February 2020 home value: $117,494
• February 2022 home value: $144,532
• 2-Year change (#): $27,038
• 2-Year change (%): 23.01%

West Virginia has kept up low to moderate home value increases over the past two years, to thetune of 23%, about a $27,000 increase. However, signs may be pointing to rising value, to thetune of 0.57%, in the top 20% of states with rising values, in the month between September andOctober of 2022.

• February 2020 home value: $214,196
• February 2022 home value: $273,153
• 2-Year change (#): $58,957
• 2-Year change (%): 27.52%

Housing inflation was moderate throughout the pandemic for Wisconsin, though 27% is nothingto sneeze at. Most recently, prices rose by 0.54% between September and October 2022.

• February 2020 home value: $274,831
• February 2022 home value: $341,135
• 2-Year change (#): $66,304
• 2-Year change (%): 24.13%

Wyoming hangs out with a number of states on the low end of home value increases, at not quite 25% over the past two years. It has seen an increase of 0.37% between September and October of 2022, however.

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_{Methodology: For this piece GOBankingRates used Zillow’s October 2022 Single-Family Residence (SFR) home value data in order to discover what is the current state of the housing market in your state. First, for each state GOBankingRates found the following: (1) October 2020 SFR home value; (2) October 2021 SFR home value; (3) April 2022 SFR home value; (4) September 2022 SFR home value; and (5) October 2022 SFR home value. With these figures collected GOBankingRates next found the following for each state: (6) two-year (Oct. 2020 to Oct. 2022) change in SFR home value; (7) one year (Oct. 2021 to Oct. 2022) change in SFR home value; (8) six month (Apr. 2022 to Oct. 2022) change in SFR home value; and (9) one month (Sep. 2022 to Oct. 2022) change in SFR home value. All data was collected and is up to date as of November 17, 2022.}