Visualized: Where Are Home Prices Rising the Fastest

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Visualized: Where Are Home Prices Rising the Fastest?

July 19, 2024

Home prices have been steadily climbing in nearly every corner of the U.S. this year. Already constrained inventory has been further diminished by high mortgage rates, which have made homeowners locked into low rates reluctant to put their homes on the market.

On a national average, home prices have climbed 6.6% annually as of the first quarter of the year, the highest increase since 2022.

Looking at just the national average can be misleading, however, as there is a wide variance in price growth depending on geographic region.

Vermont has seen the most price growth, jumping 12.8%. This was due almost entirely to constrained supply, with inventory falling to the lowest level in more than a decade. The entire Northeastern corridor has seen higher-than-average growth as an influx of buyers are looking for more affordable areas outside of the major cities.

On the flipside, Washington, D.C. was the only territory that has seen negative price growth over the past year. Prices fell 1.5% annually. D.C. is one of the most expensive housing markets in the nation, with more than 20% of homes being valued above $1.5 million, so buyers may be waiting for mortgage rates to come down before buying.

For a full breakdown of how home prices have increased stat by state, our friends at Visual Capitalist have compiled the following infographic:

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