Which states did home prices go up (or down) in? Three Midwestern states make the top 5 list

Swapna Venugopal Ramaswamy, USA TODAY

March 8, 2023 at 3:14 PM·3 min read

After reaching historic highs with 20% year-over-year increases during the pandemic, home prices are rapidly cooling off in expensive housing markets in the U.S. amid rising mortgage rates, inflation and fears of a recession.

New listings on the market declined by 44% year-over-year in February compared to the same time last year and price cuts are up 174% year-over-year, according to data shared by real estate brokerage firm HouseCanary with USA TODAY.

Despite the overall cooling housing market, 11 states saw double-digit increases in home prices this February compared to the same time last year. The top five states that saw the highest increases also were states with median home prices below $300,000.

“The affordability of properties in Southern and Midwestern states have been a driving factor for the increases in property value in these regions,” says Chris Stroud, House Canary’s co-founder and chief of research. “Between mid-2020 to mid-2022, there was less dramatic price growth, resulting in less price correction. Additionally, less restrictive COVID policies have led to net in-migration and stronger population growth since 2020.”

HOME PRICES: Millionaires row no more: Number of houses that cost seven figures nationwide is dropping

MORTGAGE RATES: Homebuyers again retreat to the sidelines as higher rates crimp affordability

The median existing-home price for all housing types in January was $359,000, an increase of 1.3% from January 2022 ($354,300). Home prices climbed in three out of four U.S. regions while falling in the West. This marks 131 consecutive months of year-over-year increases, the longest-running streak on record, according to the National Association of Realtors.

Here are states that saw the largest increases year-over-year

Iowa

Median price 2022: $290, 000

Median price 2023: $334, 674

Percent change: 15.4%

Arkansas

Median price 2022: $260,000

Median price 2023: $299, 900

Percent change: 15.3%

Oklahoma

Median price 2022: $259,000

Median price 2023: $297,670

Percent change:15%

Ohio

Median price 2022: $200,000

Median price 2023: $227,000

Percent change: 13.5%

Wisconsin

Median price 2022: $299,900

Median price 2023: $339,900

Percent change: 13.3%

Delaware

Median price 2022: $384,900

Median price 2023: $433,541

Percent change: 12.6%

Kentucky

Median price 2022: $259,000

Median price 2023: $289,000

Percent change: 11.2%

New Hampshire

Median price 2022: $449,000

Median price 2023:$499,000

Percent change:$11.1%

Nebraska

Median price 2022: $342,012

Median price 2023:$379,900

Percent change:11%

Indiana

Median price 2022: $250,000

Median price 2023: $275,500

Percent change:10%

Michigan

Median price 2022: $204,900

Median price 2023:$224,900

Percent change: 9.7%

States with largest decreases (or smallest increases) in home prices

California

Median price 2022: $795,000

Median price 2023: $755,000

Percent change: -5%

Ready for the ultimate Northern California road trip?

Hawaii

Median price 2022: $1,195,000

Median price 2023: $1,147,000

Percent change: -4%

Nevada

Median price 2022: $499,000

Median price 2023: $479,999

Percent change: -3.8%

Utah

Median price 2022: $624,900

Median price 2023: $610,000

Percent change: -2.3%

Illinois

Median price 2022: $280,000

Median price 2023:279,900

Percent change: -0.04%

Arizona

Median price 2022: $475,000

Median price 2023: $479,000

Percent change: +0.84%

Swapna Venugopal Ramaswamy is a housing and economy correspondent for USA TODAY. You can follow her on Twitter @SwapnaVenugopal and sign up for our Daily Money newsletter here.

This article originally appeared on USA TODAY: Home prices: See in which states housing markets rose or fell

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