Week of February 18, 2019

Property appreciation rates

Year-over-year property appreciation rates by state

Year-over-year property appreciation rates by state
State Year-over-year appreciation rate
Alabama 4.9%
Alaska 2.5%
Arizona 7.6%
Arkansas 2.9%
California 5.0%
Colorado 6.9%
Connecticut 1.1%
Delaware 0.6%
District of Columbia 2.8%
Florida 5.5%
Georgia 6.8%
Hawaii 5.8%
Idaho 11.1%
Illinois 3.0%
Indiana 7.0%
Iowa 4.0%
Kansas 5.9%
Kentucky 3.9%
Louisiana 0.9%
Maine 4.5%
Maryland 2.7%
Massachusetts 4.9%
Michigan 6.7%
Minnesota 5.6%
Mississippi 3.7%
Missouri 6.1%
Montana 5.5%
Nebraska 5.4%
Nevada 11.0%
New Hampshire 6.7%
New Jersey 3.7%
New Mexico 5.4%
New York 5.5%
North Carolina 5.0%
North Dakota -0.8%
Ohio 5.7%
Oklahoma 2.8%
Oregon 5.3%
Pennsylvania 3.8%
Rhode Island 7.5%
South Carolina 4.6%
South Dakota 2.3%
Tennessee 6.2%
Texas 4.3%
Utah 9.3%
Vermont 2.6%
Virginia 2.7%
Washington 7.3%
West Virginia 5.5%
Wisconsin 5.8%
Wyoming 4.0%

The map illustrates the top states for property appreciation rates year over year.1 Property appreciation is calculated based on repeat sales of the same properties, which can avoid the problem of trying to account for price differences in homes with varying characteristics. Increasing home prices usually indicate rising demand, while decreasing prices reflect falling demand.

The national property appreciation rate increased by 5.2%, with 24 states above the nationwide average. With the exception of Rhode Island, the biggest appreciation was in the West. The top three states for appreciation were Idaho (11.1%), Nevada (11.0%) and Utah (9.3%).

Properties in Southern states appreciated at a lower rate than in the West, possibly due to more available housing inventory. The only state that showed depreciation was North Dakota, where home prices declined by 0.8%.

1 Source data: CoreLogic®

Data date: 01/10/2019

 

Disclosure content: This publication is provided for your convenience and information only.

Bank of America, N.A., assumes no liability for loss or damage as a result of your reliance on information in this publication. Photos are for illustration purposes only and are not to be construed as an endorsement of a particular product or company. Unless expressly disclosed otherwise, Bank of America, N.A. is not affiliated with or responsible for the products or services of any company that may be mentioned or depicted in this publication. Our goal is for the contents of this publication to be accurate as of the date this issue was printed. However, we do not guarantee that any content is accurate or complete.

More from this week's issue