Housing Market 2023: Home Prices Jumped the Most in These Cities the Past Five Years

Angela Mae
Davel5957 / Getty Images/iStockphoto
Davel5957 / Getty Images/iStockphoto

The average home sales price in the United States was $495,100 at the end of 2023’s second quarter, according to the Federal Reserve Bank of St. Louis. While this is still much higher than it has been in previous years, it’s actually a slight decrease from this time last year, when the average home sales price was $527,500.

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With that being said, many parts of the United States have seen a significant increase in housing prices in the past five years. This has made it more difficult for many prospective buyers to afford property, particularly in more expensive areas.

Whether you’re a prospective homebuyer or you’re looking for your next investment property, it’s important to choose the right location based on your goals and needs. A big part of making an informed decision means knowing the housing market in the area where you’re interested in buying.

Using data from the Zillow Home Values Index (ZHVI), GOBankingRates analyzed and ranked the country’s 500 biggest housing markets to find the largest changes in home values from 2018 to 2023.

Here are the 10 most significant five-year dollar changes in home value, followed by the 10 biggest percent changes in home values throughout the country.

10 Cities With the Biggest 5-year Dollar Changes in Home Values

The following U.S. cities have experienced the largest dollar change in property value in the past five years.

10. Glendale, California

  • June 2018 home value: $915,551

  • June 2023 home value: $1,273,741

  • 5-year change in home value: $358,190

9. Huntington Beach, California

  • June 2018 home value: $914,218

  • June 2023 home value: $1,273,269

  • 5-year change in home value: $359,051

8. Santa Cruz, California

  • June 2018 home value: $991,513

  • June 2023 home value: $1,351,589

  • 5-year change in home value: $360,076

7. Costa Mesa, California

  • June 2018 home value: $862,816

  • June 2023 home value: $1,241,762

  • 5-year change in home value: $378,946

6. Franklin, Tennessee

  • June 2018 home value: $489,575

  • June 2023 home value: $869,263

  • 5-year change in home value: $379,689

5. Redmond, Washington

  • June 2018 home value: $989,938

  • June 2023 home value: $1,371,719

  • 5-year change in home value: $381,781

4. Bellevue, Washington

  • June 2018 home value: $1,135,164

  • June 2023 home value: $1,534,304

  • 5-year change in home value: $399,140

3. Irvine, California

  • June 2018 home value: $1,051,427

  • June 2023 home value: $1,494,791

  • 5-year change in home value: $443,365

2. Carlsbad, California

  • June 2018 home value: $963,690

  • June 2023 home value: $1,513,784

  • 5-year change in home value: $550,095

1. Santa Barbara, California

  • June 2018 home value: $1,100,714

  • June 2023 home value: $1,799,893

  • 5-year change in home value: $699,180

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10 Cities With the Biggest 5-Year Percent Change in Home Values

Listed below are the 10 U.S. locations that have seen the biggest percentage change in property value in the past five years.

10. Gastonia, North Carolina

  • June 2018 home value: $153,637

  • June 2023 home value: $281,152

  • 5-year change in home value: 83%

9. Covington, Georgia

  • June 2018 home value: $159,479

  • June 2023 home value: $292,407

  • 5-year change in home value: 83.35%

8. Augusta, Georgia

  • June 2018 home value: $96,115

  • June 2023 home value: $176,849

  • 5-year change in home value: 84%

7. Harrisburg, Pennsylvania

  • June 2018 home value: $127,273

  • June 2023 home value: $235,369

  • 5-year change in home value: 84.93%

6. Saint Petersburg, Florida

  • June 2018 home value: $210,646

  • June 2023 home value: $392,524

  • 5-year change in home value: 86.34%

5. Dayton, Ohio

  • June 2018 home value: $58,720

  • June 2023 home value: $110,152

  • 5-year change in home value: 87.59%

4. Reading, Pennsylvania

  • June 2018 home value: $122,129

  • June 2023 home value: $230,876

  • 5-year change in home value: 89.04%

3. Birmingham, Alabama

  • June 2018 home value: $52,003

  • June 2023 home value: $99,433

  • 5-year change in home value: 91.21%

2. Trenton, New Jersey

  • June 2018 home value: $151,399

  • June 2023 home value: $299,437

  • 5-year change in home value: 97.78%

1. Detroit

  • June 2018 home value: $22,435

  • June 2023 home value: $63,661

  • 5-year change in home value: 183.76%

Methodology: For this piece, GOBankingRates looked at the 500 largest housing markets and found the 20 biggest dollar and percent change in home values from June 2018 to June 2023. All data was collected and is up to date as of Aug. 9, 2023.

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This article originally appeared on GOBankingRates.com: Housing Market 2023: Home Prices Jumped the Most in These Cities the Past Five Years

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