The housing market is getting more and more expensive, and now many people are priced out of the market. The prices have shot up in the past couple of years, and many say we’re in the middle of a housing bubble. The prices in some states have spiked higher than the prices in others.
In order to identify regions with the most significant increases in home prices, an analysis was conducted on the evolution of home prices at a state level over a five-year period (2017 to 2022).
From this analysis, a ranking of the 10 states experiencing the most pronounced changes was established. Additionally, consideration was given to population change within these states as a contributing factor to the escalation of housing costs.
According to StorageCafe, these are the states that have had the highest five-year increases in their home prices.
Idaho
At the head of the pack, Idaho has a five-year housing price increase of 53%. The state has experienced some of the biggest growth of any state in recent years. The average house costs $429K.
Utah
Utah is also growing, and it has a housing market that’s too small. This has caused home prices to skyrocket by 49% over the last five years. The average home costs $502K.
Arizona
Another fast-growing state, housing prices in Arizona are going up sharply as there are more and more people in need of housing. The prices have gone up by 45%. The average cost of a home is $399K.
Washington
Washington has a strong economy, and that’s led to a lot of people seeking homes to buy. The price of a home in Washington averages $564K, a five-year price change of 42%.
Georgia
The average home here is far more affordable than in many states at an average of $295K. That’s less than the nationwide average cost. The state has seen housing prices rise by 41%.
Nevada
Home prices in this beautiful state have increased by 40% in the past five years. At the same time, the state’s population went up by 7%. The average home costs about $432K.
Tennessee
Tennessee has a highly affordable housing market with the average home being priced at $283K. The state has seen its housing prices go up by 39%, largely because of an influx of residents.
North Carolina
Another place where you can find affordable homes, North Carolina has an average house price of $277K. The prices there have gone up by 37% because of its growing population.
Colorado
The strong economy of this state has seen prices rise quite a bit. They’re now 34% higher than they were five years ago. The average home costs $530K in this spectacular mountain state.
South Carolina
Like its northern neighbor, the population of this state is growing and bringing housing prices with it. The prices have grown by 33% in recent years to become an average of $249K.
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