Fastest-appreciating states for home values
Ranked by the 5-year change in the FHFA House Price Index. Higher means stronger price growth.
Home price appreciation is one of the most-watched and most-misread numbers in housing. Local newspapers tend to focus on year-over-year swings, which can be noisy. The five-year change tells a steadier story: it captures whether a state has built durable price growth across at least one full economic cycle. The Federal Housing Finance Agency builds the House Price Index from millions of repeat-sale and refinance appraisals, which is why it is the index lenders, regulators, and economists rely on. This ranking sorts states by the change in their HPI over the most recent five years on file. States at the top have grown the most in price; that is good for existing owners and harder for new buyers. Past growth is not a forecast. Read the methodology before drawing conclusions.
Top 20: 5-year HPI growth
Bars show percent change in the FHFA HPI over the most recent five years on file.
Top 50 sortable table
Click any column to sort. Click a state name for full housing data.
| # | |||||
|---|---|---|---|---|---|
| 1 | Maine | 60.5% | 4.0% | $215,438 | 75.9% |
| 2 | Vermont | 59.9% | 3.6% | $254,557 | 76.8% |
| 3 | South Carolina | 58.4% | 2.0% | $165,220 | 72.3% |
| 4 | New Jersey | 58.3% | 5.2% | $378,657 | 68.1% |
| 5 | New Hampshire | 57.2% | 3.6% | $287,100 | 73.3% |
| 6 | Connecticut | 56.1% | 3.7% | $335,222 | 68.4% |
| 7 | Rhode Island | 54.8% | 4.1% | $399,980 | 68.9% |
| 8 | North Carolina | 54.4% | 1.0% | $194,595 | 71.2% |
| 9 | Wisconsin | 52.4% | 5.7% | $202,124 | 75.5% |
| 10 | Tennessee | 51.9% | 0.5% | $182,359 | 73.5% |
| 11 | Montana | 51.7% | -1.8% | $229,793 | 72.6% |
| 12 | New York | 50.9% | 5.3% | $253,185 | 69.1% |
| 13 | Florida | 50.7% | -2.6% | $231,560 | 73.5% |
| 14 | Georgia | 49.8% | -0.1% | $165,626 | 69.7% |
| 15 | Ohio | 49.7% | 4.7% | $169,108 | 73.2% |
| 16 | Arkansas | 49.0% | 4.1% | $124,300 | 70.7% |
| 17 | Illinois | 48.5% | 6.1% | $139,829 | 75.4% |
| 18 | Delaware | 48.4% | 6.3% | $302,900 | 73.3% |
| 19 | Michigan | 47.8% | 5.5% | $168,482 | 79.5% |
| 20 | Indiana | 47.1% | 2.9% | $164,273 | 75.7% |
| 21 | Missouri | 47.0% | 4.3% | $151,083 | 73.4% |
| 22 | South Dakota | 46.3% | 2.8% | $152,567 | 71.9% |
| 23 | Arizona | 45.3% | 0.5% | $217,293 | 69.7% |
| 24 | Kansas | 45.0% | 4.2% | $124,449 | 73.5% |
| 25 | Kentucky | 44.6% | 2.4% | $139,648 | 73.1% |
| 26 | Alabama | 44.4% | 2.6% | $140,207 | 72.9% |
| 27 | Virginia | 44.3% | 3.2% | $261,678 | 70.3% |
| 28 | Pennsylvania | 43.8% | 4.0% | $187,894 | 73.9% |
| 29 | Wyoming | 43.0% | 2.3% | $291,909 | 73.7% |
| 30 | Oklahoma | 42.9% | 3.0% | $132,219 | 72.2% |
| 31 | Nebraska | 42.2% | 2.1% | $141,087 | 73.9% |
| 32 | New Mexico | 41.7% | 0.8% | $169,015 | 72.3% |
| 33 | Mississippi | 41.3% | 3.8% | $120,972 | 71.2% |
| 34 | Massachusetts | 41.3% | 2.1% | $543,707 | 66.7% |
| 35 | Utah | 41.3% | 0.8% | $337,238 | 76.4% |
| 36 | Nevada | 40.3% | 0.2% | $266,259 | 70.9% |
| 37 | Idaho | 39.6% | -1.0% | $273,573 | 74.6% |
| 38 | Iowa | 39.1% | 3.7% | $149,558 | 75.6% |
| 39 | Hawaii | 37.8% | -0.6% | $707,525 | 65.1% |
| 40 | West Virginia | 37.4% | -1.4% | $133,593 | 77.8% |
| 41 | Texas | 35.6% | -0.8% | $158,253 | 72.3% |
| 42 | North Dakota | 34.6% | 6.4% | $162,140 | 73.7% |
| 43 | Washington | 34.2% | 2.2% | $361,767 | 70.5% |
| 44 | Alaska | 33.8% | 3.0% | $252,357 | 64.5% |
| 45 | Maryland | 32.3% | 0.6% | $333,004 | 71.9% |
| 46 | Minnesota | 32.3% | 3.3% | $207,495 | 77.9% |
| 47 | California | 28.8% | -0.8% | $534,350 | 63.6% |
| 48 | Colorado | 28.7% | -1.5% | $359,531 | 72.0% |
| 49 | Oregon | 27.1% | 0.5% | $323,097 | 68.0% |
| 50 | Louisiana | 22.2% | 2.6% | $154,388 | 71.7% |
Methodology
- Source: FHFA House Price Index, all-transactions state series, quarterly.
- 5-year change is the percent change between the most recent quarter on file and the same quarter five years prior.
- The HPI is a repeat-sales index, which controls for changes in the mix of homes sold. It is not a measure of new construction prices alone.
- Strong appreciation reflects past growth and is not a forecast of future prices. Markets that have appreciated rapidly may be more sensitive to interest rate shocks.
- Local growth varies inside a state. See state pages for county-level home value data.