A new study has revealed the states where house prices rose the least, and the most, over the past five years.
The research by Boulder Home Source analyzed data from Zillow for the past five years, across all fifty states to determine which state had seen the smallest rise in house prices.
The data revealed that the state with the smallest increase in house prices is North Dakota. There has been just a 22.7% increase in house prices in the past five years in North Dakota. The average house price in the state is currently $238,509.
Louisiana has seen the second lowest increase in house prices out of all fifty states. The average house price in Louisiana is now $186,795 after increasing 23.6% in the past five years.
The state with the third lowest increase in house prices is Alaska. The average house price in Alaska is $336,015 after increasing 26.7% since 2018.
In Maryland, there has been a 33.9% rise in house prices over the last five years, making the state have the fourth smallest increase in house prices. House prices in Maryland currently average at $382,154.
Mississippi has the fifth lowest increase in house prices, rising 36.7% to an average of $163,052 in the past five years.
Illinois and New York rank sixth and seventh respectively. Illinois house prices have risen 37.3% in the past five years, the sixth lowest increase of any state. In New York, there has been a 39.3% rise in house prices over the past five years, with New York house prices currently sitting at an average of $629,516.
Connecticut follows closely behind New York, as the state with the eighth smallest increase in house prices. The average house price in Connecticut is $350,651 as of 2023 after rising 39.4% in the past five years.
West Virginia has had the ninth lowest increase in house prices, rising 40.0% in the past five years to an average of $144,330. Massachusetts ranks as the state with the tenth smallest increase in house prices in the past five years, rising by 40.9%.
At the other end of the spectrum, Idaho saw the steepest hike in housing prices at 90.9% with average home prices sitting at $426,606, followed by Montana at 79.4% with average home prices at $430,528. Georgia’s home prices have escalated by 76.5% with average prices at $301,978, New Mexico home prices rose by 76.2% with homes averaging at $272,195. And average home prices in Tennessee rose 75.8% to $291,334; In Arizona, house prices average $409,196 after rising 74.6% tin five years. Florida saw hikes in average home prices of 73.5% to $377,816.
The states with the highest average home prices in the nation are Hawaii at $826,348, New York at $629,516, Washington at $553,846, Massachusetts at $545,865 and Colorado at $529,219.
