Recent data regarding real estate pricing has shown that potential homebuyers may be at a disadvantage in the United States as the average price of a single-family home has increased by 12.4% with one-bedroom homes increasing by 10.9% on average.
“Between record-low interest rates and pandemic-related shifts, the US faces a housing crisis that can be summed up by increased demand and low inventory,” move.org shared regarding the data.
The data showed that Utah ranked number three for the largest increase in home prices in America with the average single-family home in Utah now costing $450,745. This is a 20.80% increase from the previous year’s average.
To determine the differences in how much housing prices have increased in each state, single-family and one-bedroom home values were compared from the Zillow Home Value Index between May 2020 and May 2021.
Idaho topped the list of increases, up 27.8%, followed by Arizona with a 22.7% increase. Nationwide, single-family home price increases ranged from 3.2% to 27%. On the other side of the spectrum, Alaska saw only a 3.2% increase in prices, which is the lowest in the nation.
There were also 13 states that kept housing price increases under 10% year to year. Only three states, Alaska, North Dakota and Wyoming, saw less than 5% increases, while Idaho, Arizona and Utah faced an increase of over 20%.