Home price growth
The pace of home value growth finally normalized since the historical highs of 2020 and 2021.
Overall, U.S. home prices rose 3.4% year-over-year in December, according to CoreLogic. But that ranged by almost nine percentage points around the country.
See which states saw the largest and smallest home price growth.
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Since skyrocketing from the extreme demand of rock-bottom mortgage rates in 2020 and 2021, the pace of housing value growth continues to decelerate.
Single-family home prices rose 3.4% annually in December, according to CoreLogic’s Home Price Index (HPI). Additionally, prices barely moved month-over-month, inching up 0.03% from November.
“Home prices have remained flat since the housing market began seeing slower activity this past summer. Bifurcation across markets has also persisted. Northeastern markets drove appreciation growth due to low inventories of homes for sale while Southern markets readjusted to higher inventories and increases in variable mortgage costs, such as taxes and insurance,” said Selma Hepp, chief economist at CoreLogic.
“Home prices are also cooling in the markets in Mountain West, which have been trying to find stability over the last year following the surge in mortgage rates and price declines from pandemic highs. Despite the difficult housing markets conditions in 2024, home prices increased about 4.5% over the course of the year, a small jump compared to the 4.1% uptick in 2023. Going forward, with inventories slowly improving and mortgage rates remaining elevated, forecasts suggest a smaller overall increase in prices in 2025.”
CoreLogic forecast a 0.2% decrease in prices from December to January and a 4.1% bump by December 2025.
At the state level, Connecticut led the nation with a 7.8% annual gain. New Jersey (7.66%) and New Hampshire (7.33%) came next, with New York (7.03%) and Rhode Island (6.73%) rounding out the top five. Hawaii (-1.13%) and Washington, D.C. (-0.66%) had the lowest yearly growth. Above that, came modest increases in Florida (0.23%) , Louisiana (1.03%), and Mississippi (1.59%).
On a month-over-month basis, South Dakota properties saw the biggest boost (2.56%). Next were Rhode Island (1.22%), New Jersey (0.68%), Maine (0.55%), and Connecticut (0.47%). A total of 30 states experienced monthly declines in December. Alaska (-1.51%) led the list of drops, followed by Mississippi (-1%), Utah (-0.71%), Idaho (-0.64%), and Kansas (-0.62%).
The table below shows every state’s HPI changes for December 2024, according to CoreLogic:
| State | Month-Over-Month % | Year-Over-Year % | Forecasted Month-Over-Month % | Forecasted Year-Over-Year % |
| ALABAMA | 0.02% | 3.34% | 0.05% | 4.76% |
| ALASKA | -1.51% | 4.85% | -0.10% | 7.26% |
| ARIZONA | 0.11% | 2.50% | -0.04% | 3.58% |
| ARKANSAS | 0.08% | 4.38% | -0.09% | 3.54% |
| CALIFORNIA | 0.23% | 3.90% | -0.21% | 5.49% |
| COLORADO | -0.52% | 1.98% | -0.26% | 5.61% |
| CONNECTICUT | 0.47% | 7.80% | 0.12% | 5.75% |
| DELAWARE | -0.02% | 4.39% | -0.03% | 4.05% |
| DISTRICT OF COLUMBIA | 0.02% | -0.66% | -0.27% | 4.38% |
| FLORIDA | -0.38% | 0.23% | -0.30% | 4.49% |
| GEORGIA | -0.03% | 3.38% | -0.23% | 3.55% |
| HAWAII | 0.07% | -1.13% | 0.08% | 6.62% |
| IDAHO | -0.64% | 3.91% | -0.25% | 5.66% |
| ILLINOIS | -0.34% | 5.92% | -0.38% | 3.30% |
| INDIANA | -0.30% | 4.85% | -0.23% | 2.51% |
| IOWA | -0.43% | 3.79% | -0.07% | 4.48% |
| KANSAS | -0.62% | 3.62% | -0.16% | 3.91% |
| KENTUCKY | -0.40% | 5.17% | -0.14% | 4.04% |
| LOUISIANA | -0.49% | 1.03% | -0.17% | 4.00% |
| MAINE | 0.55% | 5.59% | 0.30% | 5.67% |
| MARYLAND | -0.30% | 3.83% | -0.29% | 3.79% |
| MASSACHUSETTS | 0.02% | 5.49% | -0.07% | 4.73% |
| MICHIGAN | -0.08% | 4.87% | -0.22% | 3.90% |
| MINNESOTA | -0.55% | 3.43% | -0.44% | 3.56% |
| MISSISSIPPI | -1.00% | 1.59% | 0.08% | 4.60% |
| MISSOURI | 0.46% | 6.71% | -0.20% | 3.42% |
| MONTANA | -0.17% | 5.50% | -0.24% | 4.88% |
| NEBRASKA | 0.11% | 4.14% | -0.05% | 3.61% |
| NEVADA | 0.11% | 4.99% | -0.07% | 3.86% |
| NEW HAMPSHIRE | -0.33% | 7.33% | -0.20% | 5.33% |
| NEW JERSEY | 0.68% | 7.66% | 0.07% | 3.32% |
| NEW MEXICO | -0.16% | 5.38% | -0.24% | 4.24% |
| NEW YORK | 0.04% | 7.03% | -0.09% | 3.58% |
| NORTH CAROLINA | 0.09% | 3.99% | -0.07% | 4.28% |
| NORTH DAKOTA | 0.03% | 5.18% | 0.11% | 5.07% |
| OHIO | -0.26% | 5.52% | -0.30% | 2.85% |
| OKLAHOMA | 0.25% | 2.63% | -0.06% | 3.03% |
| OREGON | -0.44% | 2.11% | -0.17% | 5.84% |
| PENNSYLVANIA | 0.10% | 4.98% | -0.13% | 3.45% |
| RHODE ISLAND | 1.22% | 6.73% | 0.25% | 4.77% |
| SOUTH CAROLINA | -0.19% | 3.49% | -0.04% | 4.46% |
| SOUTH DAKOTA | 2.56% | 4.15% | 0.30% | 4.97% |
| TENNESSEE | -0.04% | 3.57% | 0.07% | 4.61% |
| TEXAS | -0.46% | 1.84% | -0.25% | 2.65% |
| UTAH | -0.71% | 2.93% | -0.13% | 5.95% |
| VERMONT | -0.03% | 6.44% | -0.27% | 5.19% |
| VIRGINIA | 0.36% | 5.46% | -0.16% | 3.66% |
| WASHINGTON | -0.31% | 4.16% | -0.19% | 5.41% |
| WEST VIRGINIA | -0.23% | 5.97% | -0.10% | 4.36% |
| WISCONSIN | -0.35% | 6.60% | -0.15% | 3.38% |
| WYOMING | -0.56% | 4.53% | -0.04% | 5.24% |
Advice for home buyers
Whether you’re a buyer or seller, navigating the housing market and its prices can be challenging.
When you’re shopping for property, you should know what to look for, what advice to take, and how to negotiate before putting offers on a house. And you should always see what financial assistance you may qualify for.
If you’re ready to become a homeowner, reach out to a local mortgage lender and get started.
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