Sunshine State Sees Most Gains In Home Values Over Past Year
Homes in Florida have gained the most value over the past year, according to a report from TNRealEstate.com.
While home values are up in every state, the Sunshine State saw the biggest increase at an average of 29.4%, from $265,763 in 2021 to an average of $348,176, according to TNRealEstate.com, which analyzed Zillow data to compare the average home value in every state.
Hawaii ranked number two, with values increasing an average of 27.3% from $667,270 in 2021 to $845,688 this year.
Coming in third place is Montana, where homes saw an average 26% increase in value from $357,627 last year to $456,648 this year.
“Those living in these states might consider selling after looking at these statistics or even getting their current home valued,” a TNRealEstate spokesperson said. “The data seems to show a larger amount of Southern states appearing on the list, which can indicate a demand for homes in these areas, and it will be interesting to see how many people decide to sell as a result of these increased values.”
According to TNRealEstate, the top 10 housing markets for home value gains are:
# | State | 2021 Average Home Value | 2022 Average Home Value | Average $ change | Average % increase |
1 | Florida | $265,763 | $348,176 | $82,413 | 29.41% |
2 | Hawaii | $667,270 | $845,688 | $178,418 | 27.25% |
3 | Montana | $357,627 | $456,648 | $99,020 | 26.01% |
4 | Arizona | $295,176 | $369,952 | $74,776 | 24.75% |
5 | Tennessee | $183,436 | $228,284 | $44,848 | 23.18% |
6 | Colorado | $463,610 | $579,201 | $115,591 | 22.74% |
7 | South Carolina | $192,425 | $238,871 | $46,446 | 21.84% |
8 | Utah | $435,933 | $530,496 | $94,563 | 21.77% |
9 | North Carolina | $208,580 | $256,716 | $48,136 | 21.74% |
10 | Nevada | $371,441 | $452,206 | $80,765 | 21.74% |
While TNRealEstate reports home value gains, sales of existing homes were off by 1.5% in September, according to Realtor.com. Even so, the median existing home sale price jumped 8.4% from a year ago to 384,800 as inventory declined for the second consecutive month to 1.25 million, or the equivalent of a 3.2-month supply at the current monthly sales pace.
“The housing sector continues to undergo an adjustment due to the continuous rise in interest rates, which eclipsed 6% for 30-year fixed mortgages in September and are now approaching 7%, National Association of Realtors Chief Economist Lawrence Yun said at the time the latest data was released in October. “Expensive regions of the country are especially feeling the pinch and seeing larger declines in sales.”
Despite weaker sales, sellers are still getting multiple offers, with more than one-quarter of homes selling above the list price because of limited inventory.
“The current lack of supply underscores the vast contrast with the previous major market downturn from 2008 to 2010, when inventory levels were four times higher than they are today,” Yun said.
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