This Is the State Where Home Prices Are Surging Most

By Douglas A. McIntyre Published Aug 4, 7:30AM EDT

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This Is the State Where Home Prices Are Surging Most — © picmax / iStock via Getty Images

The residential real estate boom in America is truly remarkable and may be looked back on as the period when home prices rose the most in decades. It is fueled largely by people who want to leave the west and east coast’s large, expensive cities. Many of these people have moved inland to smaller cities with lower costs of living and perceived better lifestyles. However, the flood of people into some states and cities has pushed prices so high that affordability in these smaller cities has become an issue. In some areas, homes only stay on the market for days, and occasionally less.

The carefully followed CoreLogic Home Price Insights report for June has just been released. It looked at home prices by state and city. It examines places where prices have surged, as well as cities where they are most likely to drop. This forecast of potential price declines goes through June 2022.

The broadest conclusion of the report is that “Home prices nationwide, including distressed sales, increased year over year by 17.2% in June 2021 compared with June 2020 and increased month over month by 2.3% in June 2021 compared with May 2021.”

Many of the states where prices have risen fastest are in the Great Plains and the Northeast, mostly inland from the Atlantic Ocean. They include Idaho, Montana, Vermont, Rhode Island and Connecticut.
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The state where prices increased the most from last June to this one is Idaho, where prices have risen 34.2%. Most experts say that many of these people have come from California and Washington’s large coastal cities, which include several around San Francisco, as well as Los Angeles and Seattle.

Idaho is among the smallest states in America. It ranks 39th among all states with a resident count of 1,839,106. However, it is among the fastest-growing of all states, with a population growth of 17.3% over the past decade.

Here are the 10 states where home prices are rising fastest:

Idaho, 34.2%
Arizona, 26.1%
Montana, 24.3%
Utah, 23.4%
Washington, 21.6%
Vermont, 21.2%
Rhode Island, 20.1%
Nevada, 19.9%
Oregon, 19.7%
Connecticut, 19.6%

Click here to see which county has the most expensive homes in America.
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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.