• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Gen Zers are arriving at college unable to even read a sentence—professors warn it could lead to a generation of anxious and lonely graduates

2

'We didn’t see this coming': Wall Street eats its forecasts as stocks sell off globally on fear of AI bubble ahead of SpaceX IPO

3

'The golden years are not golden': Boomers are hoarding most of America's wealth and power because they're terrified of outliving their money

1

Gen Zers are arriving at college unable to even read a sentence—professors warn it could lead to a generation of anxious and lonely graduates

2

'We didn’t see this coming': Wall Street eats its forecasts as stocks sell off globally on fear of AI bubble ahead of SpaceX IPO

3

'The golden years are not golden': Boomers are hoarding most of America's wealth and power because they're terrified of outliving their money
Finance

Home prices are rising faster than ever before. See how your state is doing

By
Lance Lambert
Lance Lambert
Former Real Estate Editor
Down Arrow Button Icon
By
Lance Lambert
Lance Lambert
Former Real Estate Editor
Down Arrow Button Icon
July 21, 2021, 7:00 AM ET
Video Poster

In the early weeks of the COVID-19 recession it looked like the housing market was headed for a slump—or worse, a crash. After all, how could the market stay afloat amid Great Depression–level joblessness and state-issued shutdowns that kept agents from doing in-person showings?

What transpired next shocked the industry: Instead of sinking, housing went on a historic run. Pandemic-spurred low interest rates coupled with remote workers ready to sneak farther out of the city in search of other abodes helped to set off a frenzy. It was only intensified by the fact we’re amid the five-year period when the largest portion of millennials, born in 1989 to 1993, are hitting their thirties—the all-important first-time home buying years. That swell of buyers has cut the number of U.S. homes for sale in half. With fewer properties on the market, bidding wars ensued.

Home prices are growing faster this spring and summer than in any period on record—including the one leading up to the 2008 bubble. Indeed, this spring the Case-Shiller National Home Price Index hit the highest growth level on record. It’s still moving up: As of June, median list prices were up 13% over the past 12 months. In total, median home list prices are up a staggering 24% since the onset of the pandemic, climbing from $310,000 in February 2020 to $385,000 in June 2021. But when Fortune looked at the regional data we found the picture varies dramatically by state: The uptick in Idaho (46%), which saw the largest increase in prices during the pandemic, is 15 times larger than the increase in Hawaii (3%).

After Idaho, the rest of the top 10 states that saw the largest price increases were Montana (38%), Maine (36%), Connecticut (34%), Utah (34%), California (30%), Washington (26%), Kansas (25%), Missouri (25%), and Pennsylvania (24%).

Some of the hotspots include Big Sky, Mont., and Portland, Maine, which got flooded with hungry second-home buyers when deep-pocketed Americans fled big cities for spacious vacation homes. But why does California rank so high? After all, when the pandemic struck, techies decamped from expensive markets like San Jose and San Francisco. While those areas did cool down, outlying areas throughout the Golden State boomed. Communities that are over an hour away from major job centers in the state got locked into competitive bidding wars as workers realized their old five-day in-person workweek is dead.

The ability to work from anywhere is also why so many Californians are taking off for Boise. Since the onset of the crisis, median home list price in Boise is up a staggering 42% to $536,600, according to realtor.com data. Boise, which has a strong tech scene of its own, is the epicenter of Idaho’s boom.

But where is the housing market headed next? Already there are signs of cooling as would-be homebuyers get fatigued by soaring prices and losing out in bidding wars. Since bottoming out in April, inventory levels—a.k.a. supply—on realtor.com are up 12%. But that doesn’t mean prices will fall. CoreLogic forecasts 3% price growth in the next 12 months. Why? Inventory is still very tight—down 42% since the onset of the crisis. Not to mention the demographic wave of millennial first-time homebuyers continues to hit the market. It’s getting a bit more buyer friendly, but this is still a seller’s market.

The 10 smallest upticks are in Hawaii (3.3%), West Virginia (6%), Oklahoma (7%), Iowa (8%), Rhode Island (8%), Minnesota (10), Maryland (11%), Nebraska (11%), South Carolina (12%), and Wisconsin (12%). No industry has been hurt more by the COVID-19 pandemic than tourism. That may explain Hawaii’s relatively low home appreciation during the pandemic. But even the bottom 10 markets saw large upticks, which speaks to the surprising strength of housing during this crisis. 

Subscribe to Fortune Daily to get essential business stories straight to your inbox each morning.

About the Author
By Lance LambertFormer Real Estate Editor
Twitter icon

Lance Lambert is a former Fortune editor who contributes to the Fortune Analytics newsletter.

See full bioRight Arrow Button Icon

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

Best private student loans for grad school in June 2026
Personal FinanceLoans
Best private student loans for grad school in June 2026
By Joseph HostetlerJune 8, 2026
4 hours ago
AXA launches a new insurance and wealth platform for HNWIs as Hong Kong wealth surges past Switzerland
AsiaAXA
AXA launches a new insurance and wealth platform for HNWIs as Hong Kong wealth surges past Switzerland
By Nicholas GordonJune 8, 2026
5 hours ago
Child struggling with schoolwork
EconomyEducation
70% of fourth-graders aren’t reading proficiently, report finds—one of several areas where education is failing America’s kids
By Tristan BoveJune 8, 2026
6 hours ago
The global airline industry’s profits could be cut in half as it braces for its worst year since the pandemic
EnergyAirline industry
The global airline industry’s profits could be cut in half as it braces for its worst year since the pandemic
By Marco Quiroz-GutierrezJune 8, 2026
6 hours ago
A trader works on the floor of the American Stock Exchange (AMEX) at the New York Stock Exchange (NYSE) in New York, US, on Friday, June 5, 2026.
InvestingWall Street
The AI trade’s worst day in a year became a buying opportunity by Monday
By Eva RoytburgJune 8, 2026
9 hours ago
Young people working in an office.
EconomyGen Z
Gen Z might be the flakiest generation when it comes to career and life decisions. They might also be the most intentional
By Tristan BoveJune 8, 2026
9 hours ago

Most Popular

Gen Zers are arriving at college unable to even read a sentence—professors warn it could lead to a generation of anxious and lonely graduates
Success
Gen Zers are arriving at college unable to even read a sentence—professors warn it could lead to a generation of anxious and lonely graduates
By Preston ForeJune 7, 2026
2 days ago
'We didn’t see this coming': Wall Street eats its forecasts as stocks sell off globally on fear of AI bubble ahead of SpaceX IPO
Economy
'We didn’t see this coming': Wall Street eats its forecasts as stocks sell off globally on fear of AI bubble ahead of SpaceX IPO
By Jim EdwardsJune 8, 2026
16 hours ago
'The golden years are not golden': Boomers are hoarding most of America's wealth and power because they're terrified of outliving their money
Economy
'The golden years are not golden': Boomers are hoarding most of America's wealth and power because they're terrified of outliving their money
By Nick LichtenbergJune 7, 2026
2 days ago
Current price of oil as of June 8, 2026
Personal Finance
Current price of oil as of June 8, 2026
By Joseph HostetlerJune 8, 2026
13 hours ago
Trump stunned as stocks fall on great jobs report. Barclays explains why ‘we are entering the warning zone'
Big Tech
Trump stunned as stocks fall on great jobs report. Barclays explains why ‘we are entering the warning zone'
By Eva RoytburgJune 7, 2026
1 day ago
SpaceX's IPO will also be a massive selling event triggering big price dislocations across the stock market as investors dump shares to buy SPCX
Investing
SpaceX's IPO will also be a massive selling event triggering big price dislocations across the stock market as investors dump shares to buy SPCX
By Jason MaJune 7, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.