Vermont house prices have had the third highest increase of any state, up 16.9%

  • House prices in Florida have risen 19.9% in the past year, the highest increase of any state.
  • South Carolina and Vermont have had the second and third highest rise in house prices in the last year respectively.
  • Idaho has had the smallest increase in house prices of any state, rising just 1.3%.

Vermont Business Magazine A new study has revealed the states where house prices rose the most over the past year. It should come as no surprise to anyone in Vermont that they have risen at a rapid pace since the beginning of the pandemic. A new study based on 2022 home values shows that Vermont had the third highest increase in the nation.

The research by Santa Monica realtors analyzed data from Zillow for the past year, across all 50 states to determine which state had seen the biggest rise in housing prices.

The data revealed that Florida had the biggest increase in house prices over the past year, rising 19.9%. The average house price for a home in Florida currently stands at $404,939.

South Carolina has seen the second biggest increase in house prices during 2022. The average house price in the state has risen by 19.2%, just slightly less than Florida’s increase. A property in South Carolina currently has an average cost of $300,667.

The state with the third highest increase in property prices is Vermont. The average house price in Vermont is now $386,285 after increasing 16.9% over the past 12 months.

Of the five fastest growing states, Vermont had the second highest home value, just behind Florida.

Tennessee and North Carolina rank fourth and fifth respectively. House prices in Tennessee have skyrocketed 16.3% over the past year, resulting in house prices currently sitting at an average of $311,333. North Carolina, which places fifth in the state rankings, have had house prices increase 15.7% during 2022 which means the average house price in North Carolina is $329,634.

The states where house prices have increased the most in 2022

State

Rank

Increase in house price over the past year

Florida

1

19.9%

South Carolina

2

19.2%

Vermont

3

16.9%

Tennessee

4

16.3%

North Carolina

5

15.7%

Georgia

6

14.7%

South Dakota

7

13.8%

Montana

8

13.6%

Alabama

= 9

13.0%

New Mexico

= 9

13.0%

Arkansas

= 10

12.9%

Oklahoma

= 10

12.9%

See full list below.

At the other end of the scale, the state that has seen the smallest increase in house prices is Idaho. There has been just a 1.3% increase in house prices in 2022 in Idaho. The average house price in the state is currently $459,947.

California has seen the second lowest increase in house prices out of all fifty states. The average house price in California is now $760,644 after increasing 4.4% in the past twelve months.

The state with the third lowest increase in house prices is Oregon. The average house price in Oregon is $510,401 after increasing 5.5% in 2022.

In Minnesota, there has been a 5.6% rise in house prices over the last year, just slightly more than Oregon, making the state have the fourth smallest increase in house prices. House prices in Minnesota currently average at $333,294.

Three states have had the fifth lowest increase in house prices, all with a 5.8% increase in house prices over the past year – New York, Nevada and Arizona. The average house price in New York is $782,365 whilst in Arizona the average house price is $419,675 and Nevada’s average house price is $433,100.

Commenting on the findings, a spokesperson from Santa Monica realtors said: “The housing market has indeed been turbulent over the past few years, with house prices being affected by inflation, the pandemic and many more factors. This study provides a fascinating insight into which parts of America have seen the highest increases as well as the lowest. It will be interesting to see if this ranking remains similar throughout this year or if they fluctuate.”

State

Rank

Increase

Florida

1

19.90%

South Carolina

2

19.20%

Vermont

3

16.90%

Tennessee

4

16.30%

North Carolina

5

15.70%

Georgia

6

14.70%

South Dakota

7

13.80%

Montana

8

13.60%

Alabama

=9

13.00%

New Mexico

=9

13.00%

Arkansas

=10

12.90%

Oklahoma

=10

12.90%

New Hampshire

11

12.80%

Texas

12

12.60%

Missouri

13

12.00%

Maine

14

11.70%

Mississippi

15

11.50%

Kentucky

16

11.20%

Hawaii

17

11.10%

Indiana

18

10.80%

New Jersey

=19

10.40%

Alaska

=19

10.40%

Ohio

20

10.20%

Wisconsin

21

10.10%

Connecticut

=22

9.70%

Delaware

=22

9.70%

Rhode Island

23

9.20%

Pennsylvania

24

9.00%

Iowa

=25

8.70%

Virginia

=25

8.70%

Nebraska

26

8.60%

Louisiana

27

8.50%

Kansas

28

8.40%

Wyoming

29

8.20%

Illinois

=30

8.10%

Michigan

=30

8.10%

West Virginia

=30

8.10%

North Dakota

31

7.80%

Colorado

32

7.20%

Massachusetts

33

7.10%

Maryland

34

6.70%

Washington

35

6.60%

Utah

36

5.90%

Arizona

=37

5.80%

Nevada

=37

5.80%

New York

=37

5.80%

Minnesota

38

5.60%

Oregon

39

5.50%

California

40

4.40%

Idaho

41

1.30%

Source: 1.19.2023. Santa Monica, CA. rubyhome.com.