January 29, 2023

STATEN ISLAND, NY – If you’re looking for a home and considering moving somewhere south, you might want to steer clear of residential hotspots like Florida and South Carolina. According to a new study, these two warm-weather locations have recently seen a sharp rise in home prices.

“Florida home prices rose 19.9% ​​last year, the highest increase of any state,” according to the study, produced by Santa Monica Realtors. “South Carolina and Vermont have had the second-highest and third-highest increases in home prices, respectively, over the past year. [while] Idaho had the smallest increase in home prices of any state, up just 1.3%.”

If you follow the real estate market, the results are not surprising. According to the National Association of Realtors, buyers — spurred on by this new work-from-anywhere culture — have favored areas like Florida’s Naples, Marco Island, Sarasota and Myrtle Beach over the past 12 months.

This new study, which analyzed data from Zillow in all 50 states, showed similar results.

Behind Florida, South Carolina and Vermont, Tennessee and North Carolina rank fourth and fifth, respectively, with Tennessee home prices skyrocketing 16.3% over the past year and North Carolina home prices up 15.7% in 2022 % have increased.

At the other end of the scale, Idaho is the state with the smallest increase in home prices, up just 1.3%, followed by California, where home prices rose a meager 4.4%.

Good news if you’re buying a home in the Tristate area: The average home price in New York rose just 5.8% (the fifth-smallest increase), and homes in New Jersey and Pennsylvania rose modestly by 10.4% and 9%, respectively. .

“The real estate market has indeed been tumultuous in recent years, with inflation, the pandemic and many other factors affecting house prices,” said a spokesman for Santa Monica Realtors. “This study provides a fascinating insight into which parts of America have seen both the highest and lowest increases. It will be interesting to see if this ranking stays similar this year or if there are any fluctuations.”

Here’s a look at the full list.

  • Florida, 19.90%
  • South Carolina, 19.20%
  • Vermont, 16.90%
  • Tennessee, 16.30%
  • North Carolina, 15.70%
  • Georgia, 14.70%
  • South Dakota, 13.80%
  • Montana, 13.60%
  • Alabama, 13.00%
  • New Mexico, 13.00%
  • Arkansas, 12.90%
  • Oklahoma, 12.90%
  • New Hampshire, 12.80%
  • Texas, 12.60%
  • Missouri, 12.00%
  • Maine, 11.70%
  • Mississippi, 11.50%
  • Kentucky, 11.20%
  • Hawaii, 11.10%
  • Indiana, 10.80%
  • New Jersey, 10.40%
  • Alaska, 10.40%
  • Ohio, 10.20%
  • Wisconsin, 10.10%
  • Connecticut, 9.70%
  • Delaware, 9.70%
  • Rhode Island, 9.20%
  • Pennsylvania, 9.00%
  • Iowa, 8.70%
  • Virginia, 8.70%
  • Nebraska, 8.60%
  • Louisiana, 8.50%
  • Kansas, 8.40%
  • Wyoming, 8.20%
  • Illinois, 8.10%
  • Michigan, 8.10%
  • West Virginia, 8.10%
  • North Dakota, 7.80%
  • Colorado, 7.20%
  • Massachusetts, 7.10%
  • Maryland, 6.70%
  • Washington, 6.60%
  • Utah, 5.90%
  • Arizona, 5.80%
  • Nevada, 5.80%
  • New York, 5.80%
  • Minnesota, 5.60%
  • Oregon, 5.50%
  • California, 4.40%
  • Idaho, 1.30%

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