It’s hard to find an affordable place, and it’s even harder if you’re trying to buy your first house or apartment. According to Zillow Home Value Index, in the last year, there has been an increase of as high as 15% for single-family homes across the U.S. since last May. And don’t forget about smaller apartments with rates only increasing by 10%. It doesn’t matter what state we’re talking about either. There was at least some kind of growth from this data analysis conducted on over 4 million properties nationwide.
Where Are Home Prices On The Rise?
Single-family home prices are rising across the country, but some areas see increases of 30%, while others see a 6.1% increase. The median home price in the United States is $323,678, about 6.4% higher than six months ago. Prices have as a result of increased demand for homes and lack of supply due to inventory shortage.
| Rank | State | Average Price 2020 | Average Price 2021 | % Change |
|---|---|---|---|---|
| 1 | Idaho | $310,580 | $397,002 | 27.8% |
| 2 | Arizona | $286,614 | $351,612 | 22.7% |
| 3 | Utah | $380,743 | $459,760 | 20.8% |
| 4 | Connecticut | $269,121 | $317,535 | 18.0% |
| 5 | Maine | $260,556 | $305,203 | 17.1% |
| 6 | Washington | $439,017 | $513,681 | 17.0% |
| 7 | New Hampshire | $312,239 | $364,464 | 16.7% |
| 8 | Rhode Island | $320,479 | $372,856 | 16.3% |
| 9 | Montana | $307,808 | $357,235 | 16.1% |
| 10 | California | $590,827 | $681,666 | 15.4% |
The highest home prices in 38 states have faced an increase in single-family home price percentage in the double digits. In Idaho, single-family home prices increased the most by 29.4% year over year, followed by Arizona and Utah with a 23% and 21.9% increase respectively as well as Washington, Colorado, Massachusetts, and California, which have some of the highest home prices in the U.S.
What states had the least expensive increases in single-family home prices?
| Rank | State | Average Price 2020 | Average Price 2021 | % Change |
|---|---|---|---|---|
| 51 | Alaska | $296,555 | $306,064 | 3.2% |
| 50 | North Dakota | $239,494 | $249,914 | 4.4% |
| 49 | Wyoming | $263,161 | $275,187 | 4.6% |
| 48 | District of Columbia | $662,580 | $699,653 | 5.6% |
| 47 | Louisiana | $178,100 | $189,084 | 6.2% |
| 46 | Iowa | $157,731 | $167,676 | 6.3% |
| 45 | West Virginia | $111,893 | $119,240 | 6.6% |
| 44 | Mississippi | $133,392 | $143,586 | 7.6% |
| 43 | Hawaii | $674,447 | $732,457 | 8.6% |
| 42 | South Dakota | $223,096 | $243,721 | 9.2% |
- Alaska saw only a 3.3% increase in single-family home prices, the lowest in the nation.
- Only thirteen states managed to keep housing price increases below 10% year over year. Only three states saw less than 5% increases: Wyoming, North Dakota, and Alaska.
- Despite the U.S. home prices being relatively average, Washington DC was one of the cities with the smallest increase in value of 6.1%.
- Housing prices for single family homes are significantly higher than one bedroom apartments. This may reflect the lack of available inventory and demographics in each state (leaving families with few options).
- One example of this is in California, New Jersey, and Massachusetts, where single-family homes have increased by an impressive 18% since the last census. However, one-bedroom homes only increased by 12%, meaning these states have more families migrating to them but less appropriate houses for their numbers.
One-Bedroom Home Prices Are Going Up
Based on a new report completed by realtor.com®, one-bedroom homes showed some of the most significant increases, anywhere from 1% to 24.8%, in 2021 over 2020 among single-family homes and condos combined (the category that includes studios and efficiencies). A total of 32 states encountered price increase by double digits.
Did One Bedroom Home Prices Increase in My State?
Is your state’s one-bedroom home price the highest on the market? Since 2008, the highest-priced single-family and one-bedroom homes have remained in California, Hawaii, Alaska, and New York. The highest increase in one-bedroom home prices was in Idaho, Arizona, Utah, and Montana.
| Rank | State | Average Price 2020 | Average Price 2021 | % Change |
|---|---|---|---|---|
| 1 | Idaho | $219,789 | $271,943 | 23.7% |
| 2 | Arizona | $155,364 | $188,666 | 21.4% |
| 3 | Utah | $267,046 | $314,461 | 17.8% |
| 4 | Montana | $217,266 | $254,743 | 17.2% |
| 5 | Connecticut | $119,793 | $139,643 | 16.6% |
| 6 | New Hampshire | $154,639 | $179,014 | 15.8% |
| 7 | Maine | $190,771 | $220,688 | 15.7% |
| 8 | Rhode Island | $202,404 | $233,194 | 15.2% |
| 9 | New Mexico | $155,509 | $178,792 | 15.0% |
| 10 | Ohio | $82,608 | $94,383 | 14.3% |
What happens to home prices when there is a housing bubble?
The highest price for one-bedroom homes in the United States has not changed much since 2008: California ($967,000), Hawaii ($752,000), Alaska ($698,000), and New York ($481,000).
Meanwhile, states on the East Coast had their own price increases, such as Maine, Rhode Island, Connecticut, and New Hampshire.
In Which States Did One Bedroom Home Prices Increase The least?
| Rank | State | Average Price 2020 | Average Price 2021 | % Change |
|---|---|---|---|---|
| 51 | North Dakota | $117,271 | $117,846 | 0.5% |
| 50 | District of Columbia | $419,073 | $427,614 | 2.0% |
| 49 | Hawaii | $413,442 | $426,156 | 3.1% |
| 48 | Louisiana | $131,131 | $136,715 | 4.3% |
| 47 | New York | $368,718 | $386,978 | 5.0% |
| 46 | Illinois | $152,466 | $160,954 | 5.6% |
| 45 | Wyoming | $178,742 | $189,951 | 6.3% |
| 44 | West Virginia | $60,733 | $64,892 | 6.8% |
| 43 | Minnesota | $161,519 | $172,915 | 7.1% |
| 42 | Iowa | $83,431 | $89,392 | 9.2% |
- Residents of North Dakota looking to buy a one-bedroom home can expect little change in prices.
- Louisiana, Hawaii, and D.C. all saw an increase of less than 6% for one-bedroom apartments.
- New York’s average one-bedroom price is only slightly higher than the national average. You can buy an entire house in New York for less than the cost of renting a one-bedroom apartment in some states.
It’s always a question of whether you should wait it out or take the leap with homeownership. Whether you’re planning on buying or selling, it’s always a question of where you’re going to move to next that ultimately determines whether you should wait it out or take the leap with homeownership.
If you can rent for a lot less and still be close to things that appeal to you, this may be the way to go. Take into consideration that if prices are going up, there might not be any opportunity at all for prospective buyers—the market is saturated.
Home prices have increased in 2021 period!
| Rank | State | Average Price 2020 | Average Price 2021 | % Change |
|---|---|---|---|---|
| 1 | Idaho | $310,580 | $397,002 | 27.8% |
| 2 | Arizona | $286,614 | $351,612 | 22.7% |
| 3 | Utah | $380,743 | $459,759 | 20.8% |
| 4 | Connecticut | $269,121 | $317,535 | 18.0% |
| 5 | Maine | $260,556 | $305,203 | 17.1% |
| 6 | Washington | $439,017 | $513,681 | 17.0% |
| 7 | New Hampshire | $312,239 | $364,464 | 16.7% |
| 8 | Rhode Island | $320,479 | $372,855 | 16.3% |
| 9 | Montana | $307,808 | $357,234 | 16.1% |
| 10 | California | $590,827 | $681,666 | 15.4% |
| 11 | Oregon | $387,766 | $446,469 | 15.1% |
| 12 | New Jersey | $355,442 | $408,090 | 14.8% |
| 13 | Massachusetts | $451,690 | $518,396 | 14.8% |
| 14 | New Mexico | $218,079 | $249,498 | 14.4% |
| 15 | Colorado | $427,923 | $488,709 | 14.2% |
| 16 | Nevada | $321,648 | $366,127 | 13.8% |
| 17 | Pennsylvania | $205,298 | $233,462 | 13.7% |
| 18 | North Carolina | $218,340 | $248,185 | 13.7% |
| 19 | Ohio | $160,794 | $182,440 | 13.5% |
| 20 | Georgia | $217,009 | $246,042 | 13.4% |
| 21 | Delaware | $273,167 | $309,257 | 13.2% |
| 22 | Maryland | $326,930 | $369,593 | 13.0% |
| 23 | Michigan | $185,339 | $209,460 | 13.0% |
| 24 | Missouri | $172,601 | $194,929 | 12.9% |
| 25 | Tennessee | $204,670 | $230,985 | 12.9% |
| 26 | Florida | $262,194 | $295,594 | 12.7% |
| 27 | Texas | $218,794 | $245,923 | 12.4% |
| 28 | Wisconsin | $205,146 | $230,550 | 12.4% |
| 29 | Indiana | $166,169 | $186,425 | 12.2% |
| 30 | South Carolina | $202,330 | $225,358 | 11.4% |
| 31 | Alabama | $154,321 | $171,166 | 10.9% |
| 32 | New York | $335,125 | $371,614 | 10.9% |
| 33 | Virginia | $297,813 | $330,191 | 10.9% |
| 34 | Nebraska | $187,566 | $207,782 | 10.8% |
| 35 | Kansas | $162,013 | $178,968 | 10.5% |
| 36 | Minnesota | $274,780 | $303,198 | 10.3% |
| 37 | Vermont | $272,262 | $300,210 | 10.3% |
| 38 | Illinois | $212,694 | $234,004 | 10.0% |
| 39 | Kentucky | $154,974 | $170,361 | 9.9% |
| 40 | Arkansas | $136,802 | $149,935 | 9.6% |
| 41 | Oklahoma | $138,966 | $151,965 | 9.4% |
| 42 | South Dakota | $223,096 | $243,720 | 9.2% |
| 43 | Hawaii | $674,447 | $732,456 | 8.6% |
| 44 | Mississippi | $133,392 | $143,586 | 7.6% |
| 45 | West Virginia | $111,893 | $119,240 | 6.6% |
| 46 | Iowa | $157,731 | $167,675 | 6.3% |
| 47 | Louisiana | $178,100 | $189,083 | 6.2% |
| 48 | District of Columbia | $662,580 | $699,652 | 5.6% |
| 49 | Wyoming | $263,161 | $275,186 | 4.6% |
| 50 | North Dakota | $239,494 | $249,914 | 4.4% |
| 51 | Alaska | $296,555 | $306,064 | 3.2% |
| Rank | State | Average Price 2020 | Average Price 2021 | % Change |
|---|---|---|---|---|
| 1 | Idaho | $304,490 | $389,218 | 27.8% |
| 2 | Arizona | $280,994 | $344,718 | 22.7% |
| 3 | Utah | $373,277 | $450,745 | 20.8% |
| 4 | Connecticut | $263,844 | $311,309 | 18.0% |
| 5 | Maine | $255,447 | $299,219 | 17.1% |
| 6 | Washington | $430,409 | $503,609 | 17.0% |
| 7 | New Hampshire | $306,117 | $357,318 | 16.7% |
| 8 | Rhode Island | $314,195 | $365,545 | 16.3% |
| 9 | Montana | $301,773 | $350,230 | 16.1% |
| 10 | California | $579,242 | $668,300 | 15.4% |
| 11 | Oregon | $380,163 | $437,715 | 15.1% |
| 12 | New Jersey | $348,473 | $400,089 | 14.8% |
| 13 | Massachusetts | $442,833 | $508,232 | 14.8% |
| 14 | New Mexico | $213,803 | $244,606 | 14.4% |
| 15 | Colorado | $419,532 | $479,127 | 14.2% |
| 16 | Nevada | $315,341 | $358,949 | 13.8% |
| 17 | Pennsylvania | $201,273 | $228,885 | 13.7% |
| 18 | North Carolina | $214,059 | $243,319 | 13.7% |
| 19 | Ohio | $157,641 | $178,863 | 13.5% |
| 20 | Georgia | $212,754 | $241,218 | 13.4% |
| 21 | Delaware | $267,811 | $303,194 | 13.2% |
| 22 | Maryland | $320,520 | $362,347 | 13.0% |
| 23 | Michigan | $181,705 | $205,353 | 13.0% |
| 24 | Missouri | $169,217 | $191,107 | 12.9% |
| 25 | Tennessee | $200,657 | $226,456 | 12.9% |
| 26 | Florida | $257,053 | $289,799 | 12.7% |
| 27 | Texas | $214,504 | $241,101 | 12.4% |
| 28 | Wisconsin | $201,124 | $226,030 | 12.4% |
| 29 | Indiana | $162,911 | $182,770 | 12.2% |
| 30 | South Carolina | $198,363 | $220,940 | 11.4% |
| 31 | Alabama | $151,295 | $167,810 | 10.9% |
| 32 | New York | $328,554 | $364,328 | 10.9% |
| 33 | Virginia | $291,974 | $323,717 | 10.9% |
| 34 | Nebraska | $183,888 | $203,708 | 10.8% |
| 35 | Kansas | $158,836 | $175,459 | 10.5% |
| 36 | Minnesota | $269,392 | $297,253 | 10.3% |
| 37 | Vermont | $266,924 | $294,324 | 10.3% |
| 38 | Illinois | $208,524 | $229,416 | 10.0% |
| 39 | Kentucky | $151,935 | $167,021 | 9.9% |
| 40 | Arkansas | $134,120 | $146,996 | 9.6% |
| 41 | Oklahoma | $136,241 | $148,986 | 9.4% |
| 42 | South Dakota | $218,722 | $238,942 | 9.2% |
| 43 | Hawaii | $661,223 | $718,095 | 8.6% |
| 44 | Mississippi | $130,776 | $140,771 | 7.6% |
| 45 | West Virginia | $109,699 | $116,902 | 6.6% |
| 46 | Iowa | $154,638 | $164,388 | 6.3% |
| 47 | Louisiana | $174,608 | $185,376 | 6.2% |
| 48 | District of Columbia | $649,588 | $685,934 | 5.6% |
| 49 | Wyoming | $258,001 | $269,791 | 4.6% |
| 50 | North Dakota | $234,798 | $245,014 | 4.4% |
| 51 | Alaska | $290,740 | $300,063 | 3.2% |
