Housing values increased for the 7th year straight nationwide. Here's where home prices increased the most.
Homebuyers in 2019 faced a tough housing market again, while current owners enjoyed another increase in home equity.
Where home values increased the mostMassachusettsMassachusetts homeowners saw the values of their properties increase by 33% in 2019 – the most of any state – from $391,000 to $520,000. This year’s increase was long overdue, experts said, because Michigan was was slow to rebound from the recession. New construction didn’t begin in the state until late 2016, said Jiss Foss, a real estate agent with RE/MAX Edge.
Story continues“Google coming to the Fulton market area encouraged other companies to do the same, such as McDonalds and its subsidiaries,” said Wilfredo Aguilar, a broker at real estate firm, Compass. “Then single-family properties and new condominiums started opening around the perimeter.” GeorgiaThe state of Georgia saw its median home values increase from $175,000 to $188,000, gaining 7.43% from 2018. The increase was largely fueled by early interest from investors and a sprout of technology startups. “Places like Atlanta are almost getting too expensive for investors,” Hartman said.
“People are looking for more bang for the buck,” said White, who represents investment firm Blacktower. Recently, Blacktower named Iowa its number one U.S. state to retire. “I think everyone knows that we were hit pretty hard by the foreclosures and now we’re coming out of it,” said David Sharkely, a real estate agent at Progressive Urban Real Estate. “People are willing to pay more for a home that’s been fixed up with decorated paintings and good flooring.”
“There hasn’t been a new industrial creation in Mississippi,” said Kessler. “The biggest industry is energy, oil, and gas, but I don’t know of any newer industries.” Louisiana Louisiana’s home prices increased quicker than its Deep South neighbors, but the market still was well behind the national average. Prices in the state edged 1.9% higher from $156,000 in 2018 to $159,000 this year.
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