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.

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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.

Alabama

February 2020 home value: $148,908
February 2022 home value: $193,601
2-Year change (#): $44,693
2-Year change (%): 30.01%

The rapidly rising prices that defined the 2021 housing market were evident in Alabama, where home values rose by more than $10,000 between February and September, then again between September and January. That’s serious movement for a state with a sub-$200,000 typical home value.

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Alaska

February 2020 home value: $310,745
February 2022 home value: $328,365
2-Year change (#): $17,620
2-Year change (%): 5.67%

Home values changed less in Alaska than any other state in America over the last two years in terms of both percentages and dollar amounts. All other states experienced double-digit percent increases and no other state’s dollar-figure increase fell below $20,000.

Arizona

February 2020 home value: $276,257
February 2022 home value: $423,280
2-Year change (#): $147,023
2-Year change (%): 53.22%

It’s been a great couple of years for sellers in Arizona, which experienced the country’s No. 2 highest percent increase in home values not just in 2021, but over the entire two-year period as a whole.

Arkansas

February 2020 home value: $133,058
February 2022 home value: $169,508
2-Year change (#): $36,450
2-Year change (%): 27.39%

Despite a grueling percent increase, only two other states — Mississippi and West Virginia — started and finished the two-year period with lower home values than Arkansas.

California

February 2020 home value: $573,392
February 2022 home value: $775,266
2-Year change (#): $201,874
2-Year change (%): 35.21%

Although home values rose by more than one-third in just two years, California’s 35.21% spike was not one of the highest percent increases in the country. But the state’s nearly $202,000 jump in dollar value was second-highest behind only Hawaii. None of the other 48 states broke the $200,000 mark.

Colorado

February 2020 home value: $420,564
February 2022 home value: $571,729
2-Year change (#): $151,165
2-Year change (%): 35.94%

One of only seven 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 the pandemic.

Connecticut

February 2020 home value: $275,702
February 2022 home value: $360,948
2-Year change (#): $85,246
2-Year change (%): 30.92%

Appreciation has been relatively mild in Connecticut, particularly as of late. In the six months between September 2021 and this February, home values rose by just 3.93%, one of the lowest rates in the country.

Delaware

February 2020 home value: $259,885
February 2022 home value: $333,809
2-Year change (#): $73,924
2-Year change (%): 28.44%

Just as it was in Connecticut, Delaware experienced only mild price increases during the pandemic, especially as the months wore on. In the month between this January and February, prices rose by just 0.76% — the lowest in the entire country.

Florida

February 2020 home value: $262,487
February 2022 home value: $373,735
2-Year change (#): $111,248
2-Year change (%): 42.38%

The Florida market was scorching last year, even by the standards of 2021. Prices rose by 29.69% between February 2021 and February 2022 — only Arizona and Utah went up by more, but only barely. Things are still hot in the Sunshine State, with prices rising by 11.59% in the six months between September 2021 and February, the highest of any state in the nation.

Georgia

February 2020 home value: $211,126
February 2022 home value: $296,056
2-Year change (#): $84,930
2-Year change (%): 40.23%

Just above Florida geographically and alphabetically is Georgia, which followed the same pattern as its neighbor to the south. In 2021, prices rose by more than 27%, one of the highest rates in the country. In the six months between September 2021 and February, the increase was 11.19%, higher than all but Florida and Tennessee.

Hawaii

February 2020 home value: $740,047
February 2022 home value: $972,147
2-Year change (#): $232,100
2-Year change (%): 31.36%

In terms of dollar figures, Hawaii spent the last two years in a class by itself. The state tallied the steepest increases in the country across every category and every time period throughout the entirety of the pandemic.

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Idaho

February 2020 home value: $297,815
February 2022 home value: $468,555
2-Year change (#): $170,740
2-Year change (%): 57.33%

Although no state can compete with the dollar amounts of Hawaii’s wild price increases, the housing market in Idaho endured the highest two-year percentage increase out of every state in America.

Illinois

February 2020 home value: $207,890
February 2022 home value: $255,179
2-Year change (#): $47,289
2-Year change (%): 22.75%

There are a handful of states where the housing market is cooling faster than it is in Illinois, but not many. Between January and February of this year, it was one of just six states where prices rose by less than 1%.

Indiana

February 2020 home value: $161,212
February 2022 home value: $210,442
2-Year change (#): $49,230
2-Year change (%): 30.54%

Indiana was a middling state throughout the pandemic. Since housing prices were comparatively low to start, dollar-amount increases were relatively mild. Percent increases, on the other hand, were on the higher side of center throughout.

Iowa

February 2020 home value: $156,252
February 2022 home value: $184,676
2-Year change (#): $28,424
2-Year change (%): 18.19%

The housing market was relatively cool in Iowa for the last two years — by the standards of the pandemic, at least. Anything south of 20% and under $30,000 is enviable — and Iowa had both.

Kansas

February 2020 home value: $158,696
February 2022 home value: $198,134
2-Year change (#): $39,438
2-Year change (%): 24.85%

Much like Iowa, prices in Kansas started relatively low and ended under $200,000 — although in the case of Kansas, values jumped by nearly 25%.

Kentucky

February 2020 home value: $150,343
February 2022 home value: $188,752
2-Year change (#): $38,409
2-Year change (%): 25.55%

Kentucky experienced price and percentage changes that were nearly identical to those that Kansas residents saw in their own state at every stage of the pandemic. Kentucky, however, was a little bit higher in both dollar amounts and percent changes the entire time.

Louisiana

February 2020 home value: $175,716
February 2022 home value: $207,009
2-Year change (#): $31,293
2-Year change (%): 17.81%

In Louisiana, home prices increased by just 1.22% between January and February, making it one of the states where the housing market appears to be cooling off more quickly.

Maine

February 2020 home value: $245,238
February 2022 home value: $339,212
2-Year change (#): $93,974
2-Year change (%): 38.32%

A handful of states saw prices rise more than dramatically than Maine, but not many. The state added nearly $100,000 to the value of its average home despite starting the pandemic with a value of less than $250,000.

Maryland

February 2020 home value: $324,707
February 2022 home value: $399,585
2-Year change (#): $74,878
2-Year change (%): 23.06%

Between January and February, home values rose by just 0.81% in Maryland, making it one of the coolest markets in the country. In fact, only Delaware’s 0.76% is lower.

Massachusetts

February 2020 home value: $439,648
February 2022 home value: $573,729
2-Year change (#): $134,081
2-Year change (%): 30.50%

With pandemic prices soaring there by almost one-third, housing inflation was especially intense in Massachusetts for nearly all of the last two years. Today, however, things are cooling off — prices rose by only 1.16% between January and February.

Michigan

February 2020 home value: $173,116
February 2022 home value: $223,744
2-Year change (#): $50,628
2-Year change (%): 29.25%

Prices ticked up throughout the pandemic in Michigan, but not nearly as much as in many other states. Between January and February, prices rose by just 1.26%, which means the market is much cooler there now than it is in most of the country.

Minnesota

February 2020 home value: $264,887
February 2022 home value: $326,253
2-Year change (#): $61,366
2-Year change (%): 23.17%

Housing inflation was never particularly severe in Minnesota, and it’s been cooling quickly recently. In the six months ending in February, prices there rose by just 4.15%, one of the lowest rates in the country. Between January and February of this year, home values rose by just 0.94%, also one of the lowest in America.

Mississippi

February 2020 home value: $129,256
February 2022 home value: $157,559
2-Year change (#): $28,303
2-Year change (%): 21.90%

Behind only West Virginia, Mississippi had the second-lowest home values both at the start of the pandemic and today.

Missouri

February 2020 home value: $169,855
February 2022 home value: $218,486
2-Year change (#): $48,631
2-Year change (%): 28.63%

Since the typical home value there is relatively low, the dollar increases make it appear that housing inflation was low in Missouri throughout the pandemic. But the percentages show that the state spent almost the entire two years right in the middle, where it remains today.

Montana

February 2020 home value: $294,902
February 2022 home value: $426,273
2-Year change (#): $131,371
2-Year change (%): 44.55%

Over the entire two-year period, only three states saw housing prices rise faster than they did in Montana. Values there rose by nearly 29% between February 2021 and February 2022 alone. Between January and February of this year, only Tennessee saw faster home appreciation.

Nebraska

February 2020 home value: $185,020
February 2022 home value: $231,115
2-Year change (#): $46,095
2-Year change (%): 24.91%

In terms of percent change, Nebraska spent almost the entire pandemic near the middle of the pack, where it remains today with a 1.43% increase between January and February.

Nevada

February 2020 home value: $317,040
February 2022 home value: $450,382
2-Year change (#): $133,342
2-Year change (%): 42.06%

2021 was especially brutal for buyers in Nevada. Between February of that year and February of the next, prices rose by more than 29%. Just three states had it worse.

New Hampshire

February 2020 home value: $310,338
February 2022 home value: $428,187
2-Year change (#): $117,849
2-Year change (%): 37.97%

With prices already well above $300,000 to start the pandemic, New Hampshire became one of the rare states that saw a six-figure increase in home prices over the last two years.

New Jersey

February 2020 home value: $349,266
February 2022 home value: $452,242
2-Year change (#): $102,976
2-Year change (%): 29.48%

New Jersey, too, was a state that saw six-figure increases, but things have cooled as of late. Between January and February, prices rose by only 0.91%, one of the lowest rates in America.

New Mexico

February 2020 home value: $208,530
February 2022 home value: $278,513
2-Year change (#): $69,983
2-Year change (%): 33.56%

Prices soared by more than one-third in New Mexico during the pandemic, and they’re still rising fast today. Between January and February, home values increased by a relatively high 1.6%.

New York

February 2020 home value: $279,743
February 2022 home value: $352,611
2-Year change (#): $72,868
2-Year change (%): 26.05%

Inflation was high, but never crazy high during the two years of the pandemic in the Empire State. Lately, however, a chill has overtaken the market. Home prices rose by just 1.05% between January and February, which is one of the country’s lowest rates.

North Carolina

February 2020 home value: $213,326
February 2022 home value: $297,030
2-Year change (#): $83,704
2-Year change (%): 39.24%

With home values rising by 2.13% between January and February alone, things are as bad in North Carolina as they’ve ever been during the pandemic. Prices rose by more than 26% between February 2021 and February 2022 and by more than 10% in the six months ending in February of this year.

North Dakota

February 2020 home value: $240,778
February 2022 home value: $271,804
2-Year change (#): $31,026
2-Year change (%): 12.89%

Housing prices rose at a slower pace in North Dakota than in any other state in America except for Alaska. That trend held true throughout every stage of the pandemic.

Ohio

February 2020 home value: $155,865
February 2022 home value: $201,285
2-Year change (#): $45,420
2-Year change (%): 29.14%

With home appreciation of 1.32% between January and February — which is relatively low — the housing market is cooling off in Ohio. Through most of the pandemic, Ohio was somewhere in the middle of the pack.

Oklahoma

February 2020 home value: $135,492
February 2022 home value: $171,299
2-Year change (#): $35,807
2-Year change (%): 26.43%

In terms of its pace compared to that of the rest of the country, prices rose fastest in Oklahoma during the six months that ended in February. During that period, home values increased by a high 7.68%.

Oregon

February 2020 home value: $381,155
February 2022 home value: $507,388
2-Year change (#): $126,233
2-Year change (%): 33.12%

In terms of dollar amounts, just 10 states saw their home values rise higher than what residents experienced in Oregon, which is a member of the six-figure club.

Pennsylvania

February 2020 home value: $201,407
February 2022 home value: $255,547
2-Year change (#): $54,140
2-Year change (%): 26.88%

The market has been cooling faster in Pennsylvania than it has in most of the country since September 2021. Between January and February of this year, prices rose by just 1.11%, one of the country’s lowest rates.

Rhode Island

February 2020 home value: $310,816
February 2022 home value: $418,342
2-Year change (#): $107,526
2-Year change (%): 34.59%

Rhode Island tallied six-figure price increases that represented growth of more than one-third, but things started cooling in the second half of last year. Between January and February 2022, prices rose there by a low 1.17%.

South Carolina

February 2020 home value: $201,032
February 2022 home value: $271,002
2-Year change (#): $69,970
2-Year change (%): 34.81%

Unlike Rhode Island, where values rose early before tapering off, prices jumped to their highest points only recently in South Carolina. In the six months between September 2021 and February 2022, only three states saw their home values rise at a faster rate than South Carolina’s 10.17%.

South Dakota

February 2020 home value: $218,194
February 2022 home value: $279,031
2-Year change (#): $60,837
2-Year change (%): 27.88%

The housing market is not cooling off nearly as quickly in South Dakota as it is in many other states. With growth of 2.06% between January and February 2022 alone, only a few other states are currently in hotter markets.

Tennessee

February 2020 home value: $197,612
February 2022 home value: $276,250
2-Year change (#): $78,638
2-Year change (%): 39.79%

Only Florida had a hotter real estate market than Tennessee in the six months ending in February 2022. Between January and February 2022, no state in America saw its home values rise at a faster pace than Tennessee’s 2.51%.

Texas

February 2020 home value: $216,888
February 2022 home value: $290,527
2-Year change (#): $73,639
2-Year change (%): 33.95%

Housing inflation in Texas has been on the high side of the country’s average throughout the pandemic. With growth of 1.92% between January and February of this year, it’s still one of the country’s hottest markets.

Utah

February 2020 home value: $370,758
February 2022 home value: $555,014
2-Year change (#): $184,256
2-Year change (%): 49.70%

Only California and Hawaii can hold a candle to the $184,256 price increase that the typical home in Utah experienced during the two years of the pandemic. Those same two states were also the only ones with higher percent increases — Utah’s home values jumped by a whopping 49.7%.

Vermont

February 2020 home value: $265,054
February 2022 home value: $342,217
2-Year change (#): $77,163
2-Year change (%): 29.11%

Compared to the other 49 states, Vermont spent most of the pandemic near the center of the pack — generally trending slightly higher than average — for much of the last two years.

Virginia

February 2020 home value: $292,431
February 2022 home value: $362,633
2-Year change (#): $70,202
2-Year change (%): 24.01%

Unlike Vermont, which experienced slightly higher than average inflation for most of the pandemic, prices tended to rise slightly less than average in Virginia. Between January and February 2022, prices climbed by only 1.2%, which is quite low compared to the country as a whole.

Washington

February 2020 home value: $427,678
February 2022 home value: $605,854
2-Year change (#): $178,176
2-Year change (%): 41.66%

Only California, Utah and Hawaii saw steeper price increases than Washington, whose priced-out buyers watched home values climb by a brutal $178,176 — 41.66% — in just two years.

West Virginia

February 2020 home value: $108,214
February 2022 home value: $129,518
2-Year change (#): $21,304
2-Year change (%): 19.69%

West Virginia boasted the least expensive home values in America both before the pandemic started and two years later. For context, No. 2 Mississippi started the pandemic at $129,256. West Virginia ended it at $129,518 — after a 19.69% increase drove the typical price up from $108,214 two years earlier.

Wisconsin

February 2020 home value: 19.69%
February 2022 home value: $252,959
2-Year change (#): $52,601
2-Year change (%): 26.25%

Housing inflation was relatively benign throughout the pandemic for Wisconsin. Most recently, prices rose by just 1.21% between January and February 2022.

Wyoming

February 2020 home value: $257,999
February 2022 home value: $309,063
2-Year change (#): $51,064
2-Year change (%): 19.79%

Overall, Wyoming had one of the sub-20% price increases that proved to be so rare among all 50 states, but lately, the market has been heating up. Between January and February 2022, prices rose by 1.97%, one of the highest rates in America.

More From GOBankingRates

Methodology: For this piece, GOBankingRates used Zillow’s February 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) February 2020 SFR home value; (2) February 2021 SFR home value; (3) September 2021 SFR home value; (4) January 2022 SFR home value; and (5) February 2022 SFR home value. With these figures collected GOBankingRates next found the following for each state: (6) two year (Feb. 2020 to Feb. 2022) change in SFR home value; (7) one year (Feb. 2021 to Feb. 2022) change in SFR home value; (8) six month (Sep. 2021 to Feb. 2022) change in SFR home value; and (9) one month (Jan. 2022 to Feb. 2022) change in SFR home value. All data was collected and is up to date as of March 14, 2022.