Bad news for potential homebuyers in the US: The average price for single-family homes has increased by 12.4% in the last year. Between record-low interest rates and pandemic-related shifts, the US faces a housing crisis that can be summed up by increased demand and low inventory. Move.org dug into the data to find how much housing prices have increased in each state this year by using the Zillow Home Value Index.
According to data, the average price of a single-family home increased by 12.4%, and the average one-bedroom home’s price increased by 10.9%.
- A total of 38 states faced single-family home price percentage increases in the double digits, and 3 states faced an over 20% increase: Idaho, Arizona, and Utah.
- Some western states and states on the East Coast saw some of the highest increases, but Idaho’s single-family home prices increased the most by 27.8% year over year.
- Only 13 states managed to keep housing price increases under 10% year to year; only 3 states saw less than 5% increases: Alaska, North Dakota, and Wyoming.
- Single-family homes in Massachusetts, New Jersey, and California increased by nearly 15%, while one-bedroom homes increased by 10% or less—meaning that these states had more families moving in with fewer homes to supply the demand.
Check out the state-by-state analysis here: https://www.move.org/home-prices-increase/