Home Values Are Exploding In These 10 States in 2025 — Is Yours One of Them?
Home values continue to rise across the country, but the areas where housing markets are heating up the most may surprise you.
Wyoming has seen the largest increase in home value this year, according to Cinch Home Services’ analysis of Zillow home price data. Homeowners in the Cowboy State enjoyed more than an $18,000 increase, with the average home price rising from $348,561 in August 2024 to $366,565 in August 2025.
That’s a healthy 5.17% uptick year-over-year, but according to the report, home values in Wyoming have increased a whopping 37.31% since 2020.
10 states with the largest increase in home value
| Rank | State | August 2024 value | August 2025 value | Dollar difference | 1-year percentage difference | 5-year percentage difference |
|---|---|---|---|---|---|---|
| 1 | Wyoming | $348,561 | $366,565 | $18,004 | 5.17% | 37.31% |
| 2 | Kentucky | $212,712 | $222,718 | $10,006 | 4.70% | 44.58% |
| 3 | New York | $484,285 | $504,464 | $20,179 | 4.17% | 38.74% |
| 4 | Connecticut | $413,612 | $429,761 | $16,148 | 3.90% | 58.55% |
| 5 | North Dakota | $270,552 | $280,968 | $10,416 | 3.85% | 19.98% |
| 6 | Wisconsin | $315,526 | $327,261 | $11,735 | 3.72% | 45.19% |
| 7 | New Jersey | $542,588 | $562,460 | $19,872 | 3.66% | 51.65% |
| 8 | Illinois | $272,781 | $282,573 | $9,792 | 3.59% | 38.85% |
| 9 | Rhode Island | $474,286 | $490,597 | $16,312 | 3.44% | 55.15% |
| 10 | Ohio | $231,918 | $239,868 | $7,951 | 3.43% | 46.23 |
Sale prices also rose across the Northeastern U.S., which accounted for four of the top ten spots. New York came in third, with an average increase of $20,179 since 2024, pushing Connecticut to fourth place, with a $16,148 bump.
Over the last five years, however, home values in Connecticut have exploded 58.55%, topped only by Montana, which experienced a 59.48% increase, and New Hampshire, which demonstrated the strongest long-term growth with a 62.19% increase since 2020.
Available inventory and the amount of housing still under construction play a huge role in where home prices are spiking nationwide.
“In places like the Northeast and Midwest, there are more stringent regulations on building and density,” said Kara Ng, senior economist at Zillow. “So, contractors can’t respond as quickly to demand and affordability suffers. Competition among buyers is still high and home values are rising fastest in those areas.”
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Other aspects of post-pandemic life, like return-to-office mandates, are also influencing regional markets.
“The return to job centers is a reversal of pandemic migration trends,” said Chen Zhao, head of economic research at Redfin. “That naturally leads to certain markets, like the Northeast, being a little bit hotter than other places.”
Significant property value gains in the Northeast contrast sharply with Florida, which came in last with an average $20,444 drop in home value—from $398,475 in 2024 to $378,031 in 2025.
In the past five years, Florida property values have shifted 46.76%—in the wrong direction.
10 states with the largest decrease in home value
| Rank | State | 2024 home value | 2025 home value | Dollar difference | 1-year percentage difference | 5-year percentage difference |
|---|---|---|---|---|---|---|
| 50 | Florida | $398,475 | $378,031 | -$20,444 | -5.13% | 46.76% |
| 49 | Arizona | $436,190 | $422,446 | -$13,745 | -3.15% | 41.80% |
| 48 | Hawaii | $847,293 | $824,130 | -$23,163 | -2.73% | 32.09% |
| 47 | Texas | $307,740 | $300,079 | -$7,661 | -2.49% | 33.08% |
| 46 | Georgia | $339,486 | $331,879 | -$7,607 | -2.24% | 49.43% |
| 45 | Vermont | $409,121 | $400,423 | -$8,698 | -2.13% | 40.26% |
| 44 | Colorado | $552,622 | $541,198 | -$11,424 | -2.07% | 29.36% |
| 43 | California | $774,951 | $761,839 | -$13,112 | -1.69% | 35.93% |
| 42 | Louisiana | $211,836 | $209,589 | -$2,247 | -1.06% | 5.25% |
| 41 | South Carolina | $302,984 | $300,463 | -$2,522 | -0.83% | 45.82% |
Many low-ranking states built a lot of housing quickly, which isn’t necessarily a good thing if you’re trying to offload your home.
“Affordability is returning fastest to places where builders have encountered fewer restrictions,” said Ng. “The Sun Belt and the South, home to some of the hottest pandemic-era markets, are now seeing prices fall the fastest.”
Extreme weather is also to blame for some of the declines, Zhao adds.
“You’re starting to see less demand in markets like Florida because of climate change, which manifests itself both as physical danger and as more expensive home insurance.”
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Meet our experts
We also interviewed Dr. Kara Ng, a senior economist on Zillow’s economic research team, where she analyzes housing data to identify emerging trends. She earned a Ph.D. in economics from the University of Washington, where she focused on quantitative methods for forecasting.
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