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 November, according to CoreLogic. But that ranged by almost seven 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 November, according to CoreLogic’s Home Price Index (HPI). Additionally, prices barely moved month-over-month, inching up 0.06% from October.
“The cooling home price growth trend is expected to continue well into 2025, partly due to the base effect and comparison with strong early 2023 price appreciation and partly due to higher mortgage rates coming into this year and the expectations of higher rates over the course of 2025,” said Selma Hepp, chief economist at CoreLogic. “Regionally, variations persist, as some affordable areas – including smaller metros in the Midwest — remain in high demand and continue to see upward home price pressures.”
CoreLogic forecast a 0.2% decrease in prices from November to December and a 3.8% bump by November 2025.
At the state level, New Jersey led the nation with a 7.83% annual gain. Rhode Island (7.32%) and New Hampshire (6.91%) came next, with Connecticut (6.82%) and Maine (6.56%) rounding out the top five. Florida (0.73%) and Hawaii (0.76%) had the lowest yearly growth. Above that, came modest increases in Washington, D.C. (1.37%), Louisiana (1.63%), and Texas (1.77%).
On a month-over-month basis, D.C. properties saw the biggest boost (1.32%). Next were Missouri (1.16%), Delaware (0.9%), New Jersey (0.87%), and New Hampshire (0.73%). A total of 28 states experienced monthly declines in November. Utah (-0.89%) led the list of drops, followed by Montana (-0.82%), South Dakota (-0.75%), New York (-0.67%), and Alaska (-0.61%).
The table below shows every state’s HPI changes for November 2024, according to CoreLogic:
| State | Month-Over-Month % | Year-Over-Year % | Forecasted Month-Over-Month % | Forecasted Year-Over-Year % |
| ALABAMA | -0.17% | 3.08% | -0.07% | 4.61% |
| ALASKA | -0.61% | 5.21% | -0.21% | 7.11% |
| ARIZONA | 0.13% | 2.00% | -0.15% | 2.90% |
| ARKANSAS | 0.70% | 4.47% | -0.08% | 3.43% |
| CALIFORNIA | 0.20% | 3.72% | -0.22% | 4.89% |
| COLORADO | -0.07% | 1.83% | -0.35% | 4.96% |
| CONNECTICUT | 0.68% | 6.82% | 0.08% | 5.47% |
| DELAWARE | 0.90% | 4.67% | -0.12% | 3.88% |
| DISTRICT OF COLUMBIA | 1.32% | 1.37% | -0.33% | 3.65% |
| FLORIDA | 0.19% | 0.73% | -0.12% | 4.93% |
| GEORGIA | 0.32% | 4.01% | -0.04% | 3.92% |
| HAWAII | 0.02% | 0.76% | -0.09% | 6.47% |
| IDAHO | -0.20% | 4.64% | -0.15% | 5.69% |
| ILLINOIS | -0.45% | 6.23% | -0.40% | 2.98% |
| INDIANA | 0.10% | 5.24% | -0.15% | 2.50% |
| IOWA | -0.50% | 3.70% | -0.16% | 4.22% |
| KANSAS | 0.19% | 4.36% | -0.12% | 3.89% |
| KENTUCKY | 0.44% | 5.15% | -0.01% | 4.18% |
| LOUISIANA | 0.26% | 1.63% | 0.08% | 4.10% |
| MAINE | -0.49% | 6.56% | -0.36% | 4.43% |
| MARYLAND | 0.20% | 4.08% | -0.36% | 3.22% |
| MASSACHUSETTS | 0.41% | 5.48% | 0.04% | 4.81% |
| MICHIGAN | -0.14% | 4.92% | -0.28% | 3.46% |
| MINNESOTA | -0.36% | 3.27% | -0.40% | 3.14% |
| MISSISSIPPI | -0.12% | 1.93% | 0.01% | 4.51% |
| MISSOURI | 1.16% | 6.29% | -0.12% | 3.38% |
| MONTANA | -0.82% | 3.69% | -0.62% | 4.95% |
| NEBRASKA | -0.07% | 3.95% | -0.11% | 3.49% |
| NEVADA | -0.13% | 4.66% | -0.37% | 3.28% |
| NEW HAMPSHIRE | 0.73% | 6.91% | 0.23% | 5.81% |
| NEW JERSEY | 0.87% | 7.83% | -0.11% | 2.83% |
| NEW MEXICO | -0.03% | 5.87% | -0.32% | 4.79% |
| NEW YORK | -0.67% | 6.36% | -0.25% | 3.07% |
| NORTH CAROLINA | -0.23% | 3.63% | -0.18% | 4.00% |
| NORTH DAKOTA | -0.11% | 4.87% | 0.01% | 4.79% |
| OHIO | -0.20% | 5.48% | -0.27% | 2.71% |
| OKLAHOMA | -0.12% | 2.59% | -0.15% | 2.74% |
| OREGON | 0.01% | 2.22% | -0.12% | 5.89% |
| PENNSYLVANIA | 0.11% | 4.90% | -0.16% | 3.28% |
| RHODE ISLAND | 0.19% | 7.32% | -0.11% | 4.09% |
| SOUTH CAROLINA | -0.20% | 3.23% | -0.16% | 4.24% |
| SOUTH DAKOTA | -0.75% | 2.33% | -0.24% | 4.20% |
| TENNESSEE | -0.03% | 3.49% | -0.10% | 4.29% |
| TEXAS | -0.41% | 1.77% | -0.26% | 2.27% |
| UTAH | -0.89% | 3.53% | -0.46% | 5.05% |
| VERMONT | -0.25% | 4.76% | -0.10% | 5.02% |
| VIRGINIA | 0.26% | 5.43% | -0.23% | 3.14% |
| WASHINGTON | -0.58% | 4.22% | -0.44% | 4.48% |
| WEST VIRGINIA | 0.46% | 5.36% | 0.00% | 4.32% |
| WISCONSIN | -0.13% | 6.15% | -0.35% | 2.84% |
| WYOMING | -0.56% | 2.32% | -0.20% | 5.27% |
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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