(Graph courtesy of SelfStorage.com)
The States with the Highest Increase in House Prices Revealed
- Idaho takes first place with a whopping increase of 78.7%
- Nevada and Washington are second and third, with an increase of 74.2% and 64.9%
- The state with the lowest increase in Illinois, with an increase of 16.1%
Idaho is the state with the highest increase in house prices, a new study by online self-storage finder SelfStorage reveals.
The study compared average prices over two periods using Zillow’s average house price in 2012-2016 and 2017-2022 to see the increase.
Idaho takes first place with a whopping increase of 78.7%. The state’s average house price from 2012 to 2016 was $152,221.50, compared to the average from 2017 to 2022, which is $272,019.10, a difference of $119,797.60, which makes Idaho the state with the largest percentage increase in average house price.
Second on the list is Nevada, with an increase of 74.2%. The average house price in the state from 2012 to 2016 was $195,660.70, while from 2017 to 2022 it was $340,779.60, for a difference of $145,118.90.
Washington comes in third with a house price increase of 64.9%. While the average from 2012 to 2016 was $209,646.7, from 2017 to 2022, it was $345,726.80, an increase of $136,080.10.
Further down on the list, Utah is fourth with a price increase of 64.7%, while Oregon closes the top five with an increase of 61.2%
Utah’s new average from 2017 to 2022, of $396,824.30, is the third highest price on the list after California at $492,381 and Colorado with $431,629.70.
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Top 10 states with the highest increase in house prices |
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Rank |
State Name | Avg
2012-2016 ($) |
Avg
2017-2022 ($) |
% Change avg 2012-2016 – avg 2017-2022 |
|
1 |
Idaho | 152,221.5 | 272,019.1 |
78.7% |
|
2 |
Nevada | 195,660.7 | 340,779.6 |
74.2% |
|
3 |
Washington | 209,646.7 | 345,726.8 |
64.9% |
|
4 |
Utah | 240,880.6 | 396,824.3 |
64.7% |
|
5 |
Oregon | 197,068.9 | 317,739.3 |
61.2% |
|
6 |
Arizona | 169,242.8 | 272,724.8 |
61.1% |
|
7 |
Montana | 204,669.3 | 323,713.8 |
58.2% |
|
8 |
Tennessee | 121,507.6 | 189,830.5 |
56.2% |
|
9 |
California | 318,510.7 | 492,381 |
54.6% |
|
10 |
Colorado | 279,499.1 | 431,629.7 |
54.4% |
A spokesperson for SelfStorage commented on the findings: “House prices have increased at a rapid rate during the last few years, making it harder and harder for newer generations to purchase a home.”
“Whilst it is a negative for those looking to buy a home, the residents of these areas above All states listed in the top 10 are way above the national average of an increase of 38.6%. Moreover, the study underlines the strong differences in parts of America, as most of the states cited are located on the West Coast.”
