Investing / Real Estate
10 min Read
Written by Gabrielle Olya
Edited by Katie Wudel
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If you’re thinking of buying, selling or investing in real estate, forget what you’ve read about the “housing market.” The housing market is actually 50 different housing markets, and if you’re considering making a move, the first step is to understand the situation on the ground where you live — and how that situation evolved over the last two extraordinary years.
Using data from Zillow, GOBankingRates outlined the housing market situation in every state from 2022 to the present. For each state, you’ll see the changes in the typical single-family residence home value in terms of dollar value over the past six months, one year and two years.
Keep reading to learn how the last two years steered home values in your state.
Key Findings
- In the past six months, home values have increased by over $14,000 in three states — New Jersey, Massachusetts and California. New Jersey has seen the largest increase, with home values increasing by $14,876 from September 2023 to February 2024.
- Home values have risen by over $40,000 over the past year in four states — Massachusetts, New Jersey, California and Connecticut. Home values increased the most in Massachusetts from February 2023 to February 2024 — $49,382.
- Over the past two years, home values have increased the most in Massachusetts. The average home value has increased by $78,145 from February 2022 to February 2024.
- Home values have decreased in the past six months in several states: Hawaii, North Dakota, Louisiana, Mississippi, Texas, Alaska, Alabama, Minnesota and Oregon.
- Idaho has experienced the biggest drop in home values over the past two years, with a decline of $16,195 from February 2022 to February 2024.
Alabama
- February 2024 home value: $217,961
- 6-month change in home value (dollar amount): -$587
- 1-year change in home value (dollar amount): $4,122
- 2-year change in home value (dollar amount): $13,996
Alaska
- February 2024 home value: $362,644
- 6-month change in home value (dollar amount): -$691
- 1-year change in home value (dollar amount): $4,532
- 2-year change in home value (dollar amount): $13,672
Arizona
- February 2024 home value: $436,307
- 6-month change in home value (dollar amount): $4,842
- 1-year change in home value (dollar amount): $10,408
- 2-year change in home value (dollar amount): $10,673
Arkansas
- February 2024 home value: $198,530
- 6-month change in home value (dollar amount): $718
- 1-year change in home value (dollar amount): $5,859
- 2-year change in home value (dollar amount): $12,177
California
- February 2024 home value: $785,294
- 6-month change in home value (dollar amount): $14,537
- 1-year change in home value (dollar amount): $41,459
- 2-year change in home value (dollar amount): $44,146
Colorado
- February 2024 home value: $550,989
- 6-month change in home value (dollar amount): $1,200
- 1-year change in home value (dollar amount): $4,961
- 2-year change in home value (dollar amount): $15,716
Connecticut
- February 2024 home value: $409,905
- 6-month change in home value (dollar amount): $12,639
- 1-year change in home value (dollar amount): $40,604
- 2-year change in home value (dollar amount): $68,371
Delaware
- February 2024 home value: $371,763
- 6-month change in home value (dollar amount): $4,692
- 1-year change in home value (dollar amount): $16,289
- 2-year change in home value (dollar amount): $37,281
Florida
- February 2024 home value: $409,638
- 6-month change in home value (dollar amount): $5,138
- 1-year change in home value (dollar amount): $12,825
- 2-year change in home value (dollar amount): $54,069
Georgia
- February 2024 home value: $323,386
- 6-month change in home value (dollar amount): $3,847
- 1-year change in home value (dollar amount): $12,945
- 2-year change in home value (dollar amount): $34,593
Hawaii
- February 2024 home value: $967,296
- 6-month change in home value (dollar amount): -$4,746
- 1-year change in home value (dollar amount): $6,315
- 2-year change in home value (dollar amount): $52,802
Idaho
- February 2024 home value: $443,630
- 6-month change in home value (dollar amount): $1,912
- 1-year change in home value (dollar amount): $1,495
- 2-year change in home value (dollar amount): -$16,195
Illinois
- February 2024 home value: $255,278
- 6-month change in home value (dollar amount): $4,298
- 1-year change in home value (dollar amount): $15,095
- 2-year change in home value (dollar amount): $24,400
Indiana
- February 2024 home value: $231,797
- 6-month change in home value (dollar amount): $2,088
- 1-year change in home value (dollar amount): $11,139
- 2-year change in home value (dollar amount): $24,465
Iowa
- February 2024 home value: $212,618
- 6-month change in home value (dollar amount): $1,315
- 1-year change in home value (dollar amount): $8,143
- 2-year change in home value (dollar amount): $20,283
Kansas
- February 2024 home value: $218,078
- 6-month change in home value (dollar amount): $923
- 1-year change in home value (dollar amount): $9,216
- 2-year change in home value (dollar amount): $23,995
Kentucky
- February 2024 home value: $196,576
- 6-month change in home value (dollar amount): $2,438
- 1-year change in home value (dollar amount): $8,416
- 2-year change in home value (dollar amount): $20,390
Louisiana
- February 2024 home value: $195,141
- 6-month change in home value (dollar amount): -$3,337
- 1-year change in home value (dollar amount): -$5,401
- 2-year change in home value (dollar amount): -$5,663
Maine
- February 2024 home value: $379,011
- 6-month change in home value (dollar amount): $5,540
- 1-year change in home value (dollar amount): $28,713
- 2-year change in home value (dollar amount): $53,951
Maryland
- February 2024 home value: $418,225
- 6-month change in home value (dollar amount): $1,645
- 1-year change in home value (dollar amount): $14,036
- 2-year change in home value (dollar amount): $25,431
Massachusetts
- February 2024 home value: $616,983
- 6-month change in home value (dollar amount): $14,664
- 1-year change in home value (dollar amount): $49,382
- 2-year change in home value (dollar amount): $78,145
Michigan
- February 2024 home value: $230,579
- 6-month change in home value (dollar amount): $2,498
- 1-year change in home value (dollar amount): $11,045
- 2-year change in home value (dollar amount): $19,854
Minnesota
- February 2024 home value: $328,696
- 6-month change in home value (dollar amount): -$349
- 1-year change in home value (dollar amount): $7,142
- 2-year change in home value (dollar amount): $14,873
Mississippi
- February 2024 home value: $170,810
- 6-month change in home value (dollar amount): -$1,278
- 1-year change in home value (dollar amount): $1,244
- 2-year change in home value (dollar amount): $1,723
Missouri
- February 2024 home value: $239,144
- 6-month change in home value (dollar amount): $1,662
- 1-year change in home value (dollar amount): $11,070
- 2-year change in home value (dollar amount): $24,416
Montana
- February 2024 home value: $450,517
- 6-month change in home value (dollar amount): $3,628
- 1-year change in home value (dollar amount): $19,956
- 2-year change in home value (dollar amount): $35,766
Nebraska
- February 2024 home value: $251,976
- 6-month change in home value (dollar amount): $1,726
- 1-year change in home value (dollar amount): $11,936
- 2-year change in home value (dollar amount): $28,801
Nevada
- February 2024 home value: $441,950
- 6-month change in home value (dollar amount): $9,488
- 1-year change in home value (dollar amount): $9,850
- 2-year change in home value (dollar amount): $13,946
New Hampshire
- February 2024 home value: $475,398
- 6-month change in home value (dollar amount): $9,333
- 1-year change in home value (dollar amount): $36,566
- 2-year change in home value (dollar amount): $75,993
New Jersey
- February 2024 home value: $519,941
- 6-month change in home value (dollar amount): $14,876
- 1-year change in home value (dollar amount): $42,694
- 2-year change in home value (dollar amount): $69,496
New Mexico
- February 2024 home value: $293,801
- 6-month change in home value (dollar amount): $3,698
- 1-year change in home value (dollar amount): $14,452
- 2-year change in home value (dollar amount): $33,449
New York
- February 2024 home value: $428,712
- 6-month change in home value (dollar amount): $10,876
- 1-year change in home value (dollar amount): $30,204
- 2-year change in home value (dollar amount): $53,353
North Carolina
- February 2024 home value: $324,113
- 6-month change in home value (dollar amount): $3,331
- 1-year change in home value (dollar amount): $12,940
- 2-year change in home value (dollar amount): $38,531
North Dakota
- February 2024 home value: $252,455
- 6-month change in home value (dollar amount): -$3,910
- 1-year change in home value (dollar amount): -$1,669
- 2-year change in home value (dollar amount): $6,060
Ohio
- February 2024 home value: $218,937
- 6-month change in home value (dollar amount): $3,059
- 1-year change in home value (dollar amount): $13,355
- 2-year change in home value (dollar amount): $25,633
Oklahoma
- February 2024 home value: $200,364
- 6-month change in home value (dollar amount): $2,457
- 1-year change in home value (dollar amount): $7,247
- 2-year change in home value (dollar amount): $20,805
Oregon
- February 2024 home value: $494,780
- 6-month change in home value (dollar amount): -$214
- 1-year change in home value (dollar amount): $7,492
- 2-year change in home value (dollar amount): $8,892
Pennsylvania
- February 2024 home value: $256,822
- 6-month change in home value (dollar amount): $3,086
- 1-year change in home value (dollar amount): $11,890
- 2-year change in home value (dollar amount): $24,616
Rhode Island
- February 2024 home value: $448,778
- 6-month change in home value (dollar amount): $9,123
- 1-year change in home value (dollar amount): $33,830
- 2-year change in home value (dollar amount): $60,504
South Carolina
- February 2024 home value: $289,251
- 6-month change in home value (dollar amount): $3,047
- 1-year change in home value (dollar amount): $10,155
- 2-year change in home value (dollar amount): $33,237
South Dakota
- February 2024 home value: $293,085
- 6-month change in home value (dollar amount): $366
- 1-year change in home value (dollar amount): $4,870
- 2-year change in home value (dollar amount): $24,088
Tennessee
- February 2024 home value: $310,207
- 6-month change in home value (dollar amount): $2,845
- 1-year change in home value (dollar amount): $13,384
- 2-year change in home value (dollar amount): $31,522
Texas
- February 2024 home value: $299,474
- 6-month change in home value (dollar amount): -$1,222
- 1-year change in home value (dollar amount): -$210
- 2-year change in home value (dollar amount): $18,339
Utah
- February 2024 home value: $519,469
- 6-month change in home value (dollar amount): $2,866
- 1-year change in home value (dollar amount): $5,216
- 2-year change in home value (dollar amount): $7,881
Vermont
- February 2024 home value: $375,943
- 6-month change in home value (dollar amount): $118
- 1-year change in home value (dollar amount): $17,343
- 2-year change in home value (dollar amount): $40,917
Virginia
- February 2024 home value: $383,327
- 6-month change in home value (dollar amount): $5,105
- 1-year change in home value (dollar amount): $20,144
- 2-year change in home value (dollar amount): $38,479
Washington
- February 2024 home value: $589,807
- 6-month change in home value (dollar amount): $4,801
- 1-year change in home value (dollar amount): $15,822
- 2-year change in home value (dollar amount): $19,197
West Virginia
- February 2024 home value: $155,333
- 6-month change in home value (dollar amount): $1,007
- 1-year change in home value (dollar amount): $5,715
- 2-year change in home value (dollar amount): $12,149
Wisconsin
- February 2024 home value: $289,236
- 6-month change in home value (dollar amount): $1,563
- 1-year change in home value (dollar amount): $15,562
- 2-year change in home value (dollar amount): $33,281
Wyoming
- February 2024 home value: $333,745
- 6-month change in home value (dollar amount): $1,089
- 1-year change in home value (dollar amount): $10,453
- 2-year change in home value (dollar amount): $28,318
Andrew Lisa contributed to the reporting for this article.
Methodology: For this piece, GOBankingRates used Zillow’s February 2024 Single-Family Residence (SFR) home value data to discover the current state of the housing market in every state. First, for each state GOBankingRates found the following: (1) February 2022 SFR home value; (2) February 2023 SFR home value; (3) September 2023 SFR home value; (4) January 2024 SFR home value; and (5) February 2024 SFR home value. With these figures collected, GOBankingRates next found the following for each state: (6) two-year (February 2022 to February 2024) change in SFR home value; (7) one-year (February 2023 to February 2024) change in SFR home value; (8) six-month (September 2023 to February 2024) change in SFR home value; and (9) one-month (January 2024 to February 2024) change in SFR home value. All data was collected and is up-to-date as of April 10, 2024.
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