According to data from Zillow, home prices in the U.S. have climbed over 42 percent in the last decade. While the country’s housing market as a whole recovered strongly from the lows of the Great Recession, the recovery was not evenly distributed throughout the country’s major cities. As residents of some cities are being priced out of their own neighborhoods, property values in other cities have hardly changed. Even though housing prices have continued to rise during the COVID-19 pandemic, many are beginning to question whether the strong rise in home values will continue in densely populated cities.
The strong gain in the housing market over the last decade is not surprising, as home prices in the United states tend to rise sharply in the years following recessions. In the five-year periods following the last four recessions, the median home price in the U.S. grew an average of 32.7 percent.
Economic recovery following recessions is never felt uniformly throughout the country, and home price gains in the years since the Great Recession have been no different. The largest increases have been concentrated in Western states. Median home prices in Nevada, Idaho, Arizona, Colorado, and California all grew by more than 70 percent, which were the largest price increases in the country. On the other hand, home prices barely rose in some states, including in Delaware and New Jersey, where home prices increased at annualized growth rates below 1 percent. Only one state, Connecticut, actually experienced a decline in the median home price over the last 10 years.
To find the states with the largest increase in home prices, researchers at Construction Coverage used data from Zillow to find the change in each city’s median home price between 2010 and 2020. States were then ranked by their percentage change in median home price over that 10-year period.
The analysis found that in the United States, the median price of a home has increased by 42.0% over the last 10 years. The median price of a home in Utah has increased by 65.6% over the same time period. Out of all U.S. states, Utah has experienced the 7th largest increase in median home price since 2010. Here is a summary of the data for Utah:
- Percentage change in median home price since 2010: 65.6%
- Absolute change in median home price since 2010: $142,402
- 2020 median home price: $359,341
- 2010 median home price: $216,939
- Median household income: $71,414
For reference, here are the statistics for the entire United States:
- Percentage change in median home price since 2010: 42.0%
- Absolute change in median home price since 2010: $74,193
- 2020 median home price: $250,736
- 2010 median home price: $176,543
- Median household income: $61,937
For more information, a detailed methodology, and complete results, you can find the original report on Construction Coverage’s website: