New Zillow Report Identifies Northeast States for Prices Increase
A reverse in the price appreciation trajectory put the Northeast states in the lead for prices of recently sold homes. The states in the bottom 12 were the big winners during the pandemic bull market, including Idaho – 8.29%, Nevada – 8.03%, Arizona – 7.63%, and Utah – 5.18%.
States whose values appreciated most:
| State | Aug-22 | Aug-23 | % Change | |
| Connecticut | $358,622 | $381,722 | 6.44% | |
| Wisconsin | $278,763 | $293,610 | 5.33% | |
| New Jersey | $468,149 | $492,394 | 5.18% | |
| New Hampshire | $432,353 | $453,001 | 4.78% | |
| Maine | $372,654 | $389,848 | 4.61% | |
| Nebraska | $244,267 | $254,571 | 4.22% | |
| Rhode Island | $419,136 | $436,612 | 4.17% | |
| Kansas | $211,146 | $219,861 | 4.13% | |
| Vermont | $379,405 | $393,838 | 3.80% | |
| Ohio | $211,423 | $218,865 | 3.52% | |
| States where values appreciated the least: | ||||
| State | Aug-22 | Aug-23 | % Change | |
| Texas | $308,473 | $302,281 | −2.01% | |
| Hawaii | $858,324 | $840,928 | −2.03% | |
| California | $765,354 | $744,280 | −2.75% | |
| Oregon | $510,799 | $494,577 | −3.18% | |
| Louisiana | $208,504 | $200,613 | −3.78% | |
| Washington | $598,427 | $574,114 | −4.06% | |
| Colorado | $560,560 | $537,600 | −4.10% | |
| District of Columbia | $645,690 | $618,432 | −4.22% | |
| Utah | $540,348 | $510,173 | −5.58% | |
| Arizona | $457,739 | $422,829 | −7.63% | |
| Nevada | $455,316 | $418,743 | −8.03% | |
| Idaho | $484,718 | $444,557 | −8.29% | |
But New Jersey recorded the third highest percentage price increase in 2023 of 5.18% from $468,150 to $492,400.
Just as strong were Connecticut and Wisconsin, which saw home values increase 6.44% and 5.33%, respectively.
New Jersey’s price of $492,394 in August placed it as the 9th most expensive state, according to Zillow.
■ Hawaii, California and the District of Columbia had the highest home values in the nation this August.
■ West Virginia, Mississippi and Kentucky had the lowest home values.
■ Nationwide, the typical home value was $349,770 in August, according to the Zillow report.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single-family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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