States With the Highest and Lowest Home Price Inflation in the Last 20 Years

As real estate is considered an investment, you want to be able to track when and where the money you’ve dropped in the housing market has been affected. Year over year is one thing, but if you are looking to invest in a single-family home for the long run, knowing how housing costs, mortgage rates and general increases in home prices have been affected over the last 20 years is a crucial piece to the long-term investment puzzle. 

GOBankingRates conducted a study that evaluated the average home price growth both in valuation and inflation. Home prices rose significantly over the last few decades and these price increases often do not factor in median household income or other cost of living aspects. Here are a few broader key takeaways from home price increases in the United States to compare to each state’s breakdown later: 

• National average home value as of April 2004: $164,665
• National average home value as of April 2024: $359,320
• 20-year change for average house price: $194,655
• 20-year inflation percentage increase: 118%

Quick Take: 10 States With the Highest Home Price Inflation 

1. Idaho
2. Hawaii
3. Utah
4. Montana
5. Washington
6. Oregon
7. Tennessee
8. Arizona
9. South Dakota
10. Florida

Quick Take: 10 States With the Lowest Home Price Inflation

1. Illinois
2. Louisiana
3. Connecticut
4. Michigan
5. Minnesota
6. Mississippi 
7. Dakota
8. Ohio
9. Maryland
10. West Virginia

Home Price Inflation for Each State Ranked Highest to Lowest

Keep in mind that the statistics found in this GOBankingRates study just account for average home values and prices will vary depending on several factors such as whether you live in a metro area or a more rural suburb. Below is an outline, ranked from highest to lowest, of how each state’s average home price inflation has increased over the last 20 years. 

• Average home value (2004): $140,849
• Average home value (2024): $456,935
• 20-year price inflation change: 224%

• Average home value (2004): $346,667
• Average home value (2024): $996,982
• 20-year price inflation change: 188%

• Average home value (2004): $185,361
• Average home value (2024): $532,610
• 20-year price inflation change: 187%

• Average home value (2004): $163,250
• Average home value (2024): $465,826
• 20-year price inflation change: 185%

• Average home value (2004): $225,289
• Average home value (2024): $611,215
• 20-year price inflation change: 171%

• Average home value (2004): $189,322
• Average home value (2024): $508,948
• 20-year price inflation change: 169%

• Average home value (2004): $124,645
• Average home value (2024): $320,570
• 20-year price inflation change: 157%

• Average home value (2004): $175,262
• Average home value (2024): $443,585
• 20-year price inflation change: 153%

• Average home value (2004): $121,671
• Average home value (2024): $303,510
• 20-year price inflation change: 149%

• Average home value (2004): $126,729
• Average home value (2024): $308,385
• 20-year price inflation change: 143%

• Average home value (2004): $234,079
• Average home value (2024): $565,996
• 20-year price inflation change: 142%

• Average home value (2004): $164,016
• Average home value (2024): $395,830
• 20-year price inflation change: 141%

• Average home value (2004): $169,262
• Average home value (2024): $395,038
• 20-year price inflation change: 133%

• Average home value (2004): $146,618
• Average home value (2024): $334,220
• 20-year price inflation change: 128%

• Average home value (2004): $355,570
• Average home value (2024): $805,913
• 20-year price inflation change: 127%

• Average home value (2004): $132,402
• Average home value (2024): $297,472
• 20-year price inflation change: 125%

• Average home value (2004): $108,657
• Average home value (2024): $242,614
• 20-year price inflation change: 123%

• Average home value (2004): $154,042
• Average home value (2024): $343,331
• 20-year price inflation change: 123%

• Average home value (2004): $199,812
• Average home value (2024): $443,365
• 20-year price inflation change: 122%

• Average home value (2004): $152,760
• Average home value (2024): $333,001
• 20-year price inflation change: 118%

• Average home value (2004): $105,871
• Average home value (2024): $227,532
• 20-year price inflation change: 115%

• Average home value (2004): $122,253
• Average home value (2024): $261,349
• 20-year price inflation change: 114%

• Average home value (2004): $97,665
• Average home value (2024): $207,715
• 20-year price inflation change: 113%

• Average home value (2004): $186,758
• Average home value (2024): $395,912
• 20-year price inflation change: 112%

• Average home value (2004): $144,232
• Average home value (2024): $304,067
• 20-year price inflation change: 111%

• Average home value (2004): $235,791
• Average home value (2024): $496,131
• 20-year price inflation change: 110%

• Average home value (2004): $100,713
• Average home value (2024): $207,527
• 20-year price inflation change: 106%

• Average home value (2004): $131,713
• Average home value (2024): $267,925
• 20-year price inflation change: 103%

• Average home value (2004): $109,897
• Average home value (2024): $222,018
• 20-year price inflation change: 102%

• Average home value (2004): $113,164
• Average home value (2024): $225,448
• 20-year price inflation change: 99%

• Average home value (2004): $103,622
• Average home value (2024): $205,879
• 20-year price inflation change: 99%

• Average home value (2004): $126,764
• Average home value (2024): $249,223
• 20-year price inflation change: 97%

• Average home value (2004): $155,982
• Average home value (2024): $306,460
• 20-year price inflation change: 96%

• Average home value (2004): $191,421
• Average home value (2024): $370,636
• 20-year price inflation change: 94%

• Average home value (2004): $234,384
• Average home value (2024): $453,529
• 20-year price inflation change: 93%

• Average home value (2004): $247,392
• Average home value (2024): $468,795
• 20-year price inflation change: 89%

• Average home value (2004): $205,009
• Average home value (2024): $387,386
• 20-year price inflation change: 89%

• Average home value (2004): $343,260
• Average home value (2024): $645,245
• 20-year price inflation change: 88%

• Average home value (2004): $287,759
• Average home value (2024): $539,808
• 20-year price inflation change: 88%

• Average home value (2004): $88,572 
• Average home value (2024): $163,143
• 20-year price inflation change: 84%

• Average home value (2004): $233,972
• Average home value (2024): $430,752
• 20-year price inflation change: 84%

• Average home value (2004): $126,014
• Average home value (2024): $229,381
• 20-year price inflation change: 82%

• Average home value (2004): $145,847
• Average home value (2024): $262,095
• 20-year price inflation change: 80%

• Average home value (2004): $100,021
• Average home value (2024): $178,983
• 20-year price inflation change: 79%

• Average home value (2004): $194,332
• Average home value (2024): $340,600
• 20-year price inflation change: 75%

• Average home value (2004): $142,874
• Average home value (2024): $243,678
• 20-year price inflation change: 71%

• Average home value (2004): $262,437
• Average home value (2024): $426,051
• 20-year price inflation change: 62%

• Average home value (2004): $126,387
• Average home value (2024): $203,195
• 20-year price inflation change: 61%

• Average home value (2004): $175,036
• Average home value (2024): $268,364
• 20-year price inflation change: 53%

Gabrielle Olya contributed to the reporting for this article.

Methodology: For this study, GOBankingRates analyzed each state to find the change in average home value over the last 20 years. First, GOBankingRates found the average current home value for single-family homes in April 2024 as sourced from the Zillow Home Value Index. Using the historical average home values, the dollar change and percentage change in home values can be calculated. The national average home values for the same timeframe were also sourced from Zillow Home Value Index and were used to calculate the difference from the change in national average home values. The states were sorted by the most over to most under the difference from the change in the national home values. All data was collected on and is up to date as of May 15th, 2024.