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Mapped: Where U.S. Home Prices Are Rising—and Falling
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Key Takeaways
- Chicago led major metros with a 4.0% year-over-year home price increase in 2025, while Honolulu recorded the steepest decline at -8.1%.
- Price declines were concentrated in Western and Sun Belt markets, led by Miami (-4.3%), Denver (-3.2%), and Phoenix (-2.3%).
U.S. home prices are no longer moving in one direction.
This map shows year-over-year price changes across each state’s largest metro area as of December 2025. While prices are still rising in a majority of cities, a growing number—particularly in the West and Sun Belt—are now seeing declines.
The result is a housing market that’s increasingly split: steady gains in more affordable regions, and cooling in many of the markets that surged the most during the pandemic.
Data comes from Zillow’s January 2026 Market Report.
Midwest Strength: Chicago and Beyond
Overall, price growth has slowed considerably compared to the double-digit gains seen during the pandemic-era housing boom. While several Midwestern and Northeastern metros continue to post modest increases, many Sun Belt and Western markets are experiencing declines.
| State | Largest Metro Area | Home Value (Dec 2025) | YoY Value Change |
|---|---|---|---|
| Hawaii | Honolulu, HI | $620K | -8.1% |
| Iowa | Des Moines, IA | $290K | -6.5% |
| Florida | Miami, FL | $468K | -4.3% |
| Colorado | Denver, CO | $558K | -3.2% |
| Nevada | Las Vegas, NV | $426K | -2.7% |
| Georgia | Atlanta, GA | $374K | -2.7% |
| Arizona | Phoenix, AZ | $444K | -2.3% |
| Texas | Houston, TX | $302K | -2.2% |
| Vermont | Burlington, VT | $501K | -1.6% |
| Washington | Seattle, WA | $732K | -1.5% |
| Oregon | Portland, OR | $537K | -1.1% |
| Kansas | Wichita, KS | $277K | -1.1% |
| Tennessee | Nashville, TN | $445K | -0.8% |
| North Carolina | Charlotte, NC | $381K | -0.8% |
| Maine | Portland, ME | $540K | -0.7% |
| California | Los Angeles, CA | $946K | -0.5% |
| District of Columbia | Washington, DC | $568K | -0.4% |
| Nebraska | Omaha, NE | $300K | 0.0% |
| Maryland | Baltimore, MD | $392K | 0.6% |
| Alabama | Birmingham, AL | $253K | 0.6% |
| New Jersey | Newark | $472K | 0.7% |
| Ohio | Columbus, OH | $319K | 0.9% |
| Montana | Billings, MT | $386K | 1.0% |
| Oklahoma | Oklahoma City, OK | $240K | 1.0% |
| South Dakota | Sioux Falls, SD | $323K | 1.1% |
| Indiana | Indianapolis, IN | $285K | 1.1% |
| New Hampshire | Manchester, NH | $424K | 1.3% |
| South Carolina | Columbia, SC | $299K | 1.4% |
| Louisiana | New Orleans, LA | $254K | 1.4% |
| West Virginia | Charleston, WV | $160K | 1.6% |
| Minnesota | Minneapolis, MN | $376K | 1.6% |
| Massachusetts | Boston, MA | $713K | 1.7% |
| Virginia | Virginia Beach, VA | $362K | 1.7% |
| New Mexico | Albuquerque, NM | $387K | 1.8% |
| Utah | Salt Lake City, UT | $557K | 1.9% |
| Idaho | Boise, ID | $549K | 1.9% |
| Mississippi | Jackson, MS | $270K | 1.9% |
| Kentucky | Louisville, KY | $271K | 2.1% |
| Pennsylvania | Philadelphia, PA | $376K | 2.6% |
| Rhode island | Providence, RI | $505K | 2.7% |
| Missouri | Kansas City, MO | $314K | 2.8% |
| Michigan | Detroit, MI | $256K | 2.8% |
| Wyoming | Cheyenne, WY | $375K | 3.1% |
| Delaware | Wilmington, DE | $318K | 3.2% |
| Alaska | Anchorage, AK | $400K | 3.4% |
| New York | New York, NY | $708K | 3.9% |
| North Dakota | Fargo, ND | $310K | 4.0% |
| Illinois | Chicago, IL | $336K | 4.0% |
| Wisconsin | Milwaukee, WI | $366K | 4.8% |
| Connecticut | Hartford, CT | $379K | 4.9% |
| Arkansas | Little Rock, AR | $269K | 5.5% |
Chicago stood out in 2025, posting a 4.0% year-over-year gain. With a typical home value of roughly $336k, the city remains more affordable than coastal peers like New York ($708K) or Los Angeles ($946K).
Limited housing inventory and steady demand have helped support prices. Other Midwestern metros—including Milwaukee (+4.8%), Detroit (+2.8%), and Columbus (+0.9%)—also recorded gains, reflecting relative affordability and stable local economies.
Sharpest Declines in the West and Sun Belt
Honolulu posted the steepest drop, with prices falling 8.1% year over year. Yet at $620K, it remains one of the most expensive large metros in the country.
Florida and Mountain West markets also saw notable declines. Miami fell 4.3%, Denver dropped 3.2%, and Phoenix declined 2.3%. These areas experienced rapid price acceleration earlier in the cycle, leaving them more exposed as borrowing costs rose.
High Prices, Slower Growth on the Coasts
Coastal markets remain among the priciest in the U.S., but growth has largely stalled. Los Angeles saw prices dip 0.5%, while Seattle fell 1.5%. In Boston, values edged up just 1.7% to over $713K.
New York was a relative bright spot among large coastal cities, posting a 3.9% gain and maintaining the second-highest typical home value in the dataset. Meanwhile, Washington, D.C. recorded a slight 0.4% decline.
Learn More on the Voronoi App
If you enjoyed today’s post, check out Mapped: Job Growth in Every U.S. State in 2025 on Voronoi, the new app from Visual Capitalist.