- Florida’s property prices see the largest price increase of 35.16%
- Georgia, North Carolina and South Carolina property prices have increased by over 29%
- Massachusetts homes see the smallest increase in price of just 13.37%
During the last five years, the U.S. housing market has risen by an average of 38.69% nationwide.
The States With The Highest Real Estate Price Increases
Real estate website New Jersey Real Estate Network has analyzed data from Zillow showing historical average house prices in each East Coast state. The study shows which state has had the highest percentage real estate price increase from 2021 to 2023.
Florida
Florida is the state with the highest increase in real estate prices. The average price of a home is now $385,157, an increase of 35.16% from 2021. The county with the highest increase is Collier County with 50.35% and the county with the lowest is Washington County with only 21.95%.
Georgia
Georgia has an increase of 29.55% with the average price of a home in 2023 coming in at $311,253. Wilcox County sees the highest increase with 40.29% while the smallest increase of just 2.41% belongs to Chattahoochee County.
North Carolina
North Carolina has the third highest increase. House prices in the state are now 29.48% higher than in 2021. Richmond County has the largest increase in the state, with prices in 2023 being 45.16% higher than in 2021. The smallest increase within the state is that of Bertie County, with average house prices in 2023 being $42,522, a 2.93% increase from 2021.
South Carolina
In fourth is South Carolina with a 29.31% increase in prices from 2021, now averaging $279,015. House prices in Chester County average $169,044, an increase of 41.96% from 2021. In Marion County, house prices have only increased by 2.94%.
Maine
The state with the fifth highest increase is Maine. House prices have increased by 24.60% since 2021, with properties now averaging $360,951. Piscataquis County has the highest increase in house prices with 33.16% whereas York County has the smallest increase, at 19.64%.
New Hampshire
New Hampshire is sixth with house prices averaging $435,383, an increase of 22.04%. Within the state, Coos County real estate prices have increased by 35.11% since 2021, while in Hillsborough County they have increased by 16.26%.
Delaware
Delaware’s property prices have increased by 18.28% since 2021, with a property now costing $365,168 on average. In Sussex County, the price of a home reaches $450,648 on average, a 26.96% increase from 2021. New Castle County prices have only increased by 14.22% in comparison.
New Jersey
Properties in New Jersey cost $457,044 on average, an increase of 17.79%. Cape May County has a price increase higher than the state’s average, coming in at 28.33%. On the lower end of the scale is Hudson County, with an increase of only 9.98%
Connecticut
Rounding out the list is Connecticut with 17.78%, Rhode Island with 17.05%, New York with 15.93%, Pennsylvania with 15.81% and Massachusetts with 13.37%.
|
State |
Average price April 2021 |
Average price April 2023 |
Percentage difference |
|
Florida |
$284,957.54 |
$385,157.04 |
+35.16% |
|
Georgia |
$240,266.65 |
$311,253.53 |
+29.55% |
|
North Carolina |
$244,100.97 |
$316,052.13 |
+29.48% |
|
South Carolina |
$215,767.22 |
$279,015.99 |
+29.31% |
|
Maine |
$289,687.62 |
$360,951.66 |
+24.60% |
|
New Hampshire |
$356,753.18 |
$435,383.91 |
+22.04% |
|
Delaware |
$308,736.45 |
$365,168.93 |
+18.28% |
|
New Jersey |
$388,005.17 |
$457,044.57 |
+17.79% |
|
Connecticut |
$309,127.37 |
$364,082.38 |
+17.78% |
|
Rhode Island |
$357,723.86 |
$418,708.32 |
+17.05% |
|
New York |
$362,020.88 |
$419,707.70 |
+15.93% |
|
Pennsylvania |
$214,248.80 |
$248,121.36 |
+15.81% |
|
Massachusetts |
$501,215.81 |
$568,244.49 |
+13.37% |
A spokesperson for New Jersey Real Estate Network commented on the findings:
“Growth in the housing market slowed during the pandemic, although there was an increase in people moving to suburban or rural areas due to companies choosing to implement work from home structures.
“2021 saw a more rapid growth and this study shows that this has continued into 2023. Currently the average price for a home in the U.S. is $339,048, up by 3.3% from last year.
“The findings show that states with a lower population density are experiencing the highest increases. Florida is 13th in population density while Georgia is 23rd. This could mean that prospective homeowners are looking for quieter neighborhoods. It will be interesting to see if the next few months will follow the trend and prices will increase again.”
