Where home values increased and decreased most
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Where home values increased and decreased most
Sharp changes in home values can have many ripple effects throughout the local economy. In the short term, both potential homesellers and homebuyers may be impacted by changes in local competitive forces and affordability. Over time, these changes can affect the city’s tax base, current homeowners’ refinancing options, demand in the local job markets, and other dynamics may be impacted by such changes, eventually making its way to many intertwined bottom lines from city to individual resident.
With this in mind, SmartAsset ranked 100 of the largest cities based on the biggest one-year changes in the typical home value between 2024 and 2025.
Key findings
- Home values increased by over 13.5% in Irvine, California. At the end of March 2024, the typical home in Irvine was estimated to be worth $1.42 million. This shot up to $1.61 million by the end of March 2025. The five-year increase in home values in Irvine was also the highest studywide at 82.1%
- Knoxville, Tennessee, sees 80% growth in home value over five years. Second only to Irvine on the five-year timeframe, Knoxville homes were valued just over $198,000 in early 2020—and just over $356,000 by 2025. Growth over the one-year timeframe showed a cooling trend with a modest 2.11%.
- Home prices cool down this year in these otherwise hot Florida cities. Naples, Florida, saw the biggest decrease in home values at -5.9% to around $581,000. Saint Petersburg, Florida, ranked second in this metric at -4.92%, bringing home values down to just above $364,000. This comes after a recent growth spurt in home values for both cities, bringing the five-year change to 63.4% and 52.3%, respectively.
- These Midwestern cities join the ranks of California cities for high growth in home values. Milwaukee (8.2%) ranks second this year for highest growth in home values at 8.2%, with a modest home value of nearly $209,000 compared to its first- and third-place Californian counterparts, where home values teeter closer to $1.5 million. Also making the top 10 cities for home value growth this year are Cleveland (6.5%); Toledo, Ohio (5.8%); and Madison, Wisconsin (5.2%).
- Demand is strong in Kentucky cities. Louisville and Lexington ranked eighth and ninth for home value growth. In Louisville, a 5.4% increase puts home values now around $249,000, compared to a 5.3% increase for an estimated value of nearly $316,000 in Lexington.
Top 10 cities where home values increased most
Cities are ranked based on the biggest increase in home values between 2024 and 2025.
- Irvine, California
- One-year change in home values: 13.57%
- Five-year change in home values: 82.14%
- Typical home value, 2025: $1,614,607
- Typical home value, 2024: $1,421,723
- Typical home value, 2020: $886,480
- Milwaukee
- One-year change in home values: 8.19%
- Five-year change in home values: 61.94%
- Typical home value, 2025: $208,725
- Typical home value, 2024: $192,916
- Typical home value, 2020: $128,891
- San Jose, California
- One-year change in home values: 7.06%
- Five-year change in home values: 46.88%
- Typical home value, 2025: $1,521,021
- Typical home value, 2024: $1,420,733
- Typical home value, 2020: $1,035,550
- Santa Ana, California
- One-year change in home values: 6.54%
- Five-year change in home values: 50.26%
- Typical home value, 2025: $862,825
- Typical home value, 2024: $809,867
- Typical home value, 2020: $574,211
- Cleveland
- One-year change in home values: 6.5%
- Five-year change in home values: 52.72%
- Typical home value, 2025: $113,400
- Typical home value, 2024: $106,478
- Typical home value, 2020: $74,252
- Anaheim, California
- One-year change in home values: 5.97%
- Five-year change in home values: 49.59%
- Typical home value, 2025: $945,098
- Typical home value, 2024: $891,835
- Typical home value, 2020: $631,781
- Toledo, Ohio
- One-year change in home values: 5.77%
- Five-year change in home values: 55.6%
- Typical home value, 2025: $123,094
- Typical home value, 2024: $116,383
- Typical home value, 2020: $79,112
- Louisville, Kentucky
- One-year change in home values: 5.43%
- Five-year change in home values: 36.87%
- Typical home value, 2025: $249,200
- Typical home value, 2024: $236,376
- Typical home value, 2020: $182,075
- Lexington, Kentucky
- One-year change in home values: 5.33%
- Five-year change in home values: 51.12%
- Typical home value, 2025: $315,819
- Typical home value, 2024: $299,842
- Typical home value, 2020: $208,984
- Madison, Wisconsin
- One-year change in home values: 5.23%
- Five-year change in home values: 44.35%
- Typical home value, 2025: $407,621
- Typical home value, 2024: $387,377
- Typical home value, 2020: $282,378
Top 10 cities where home values declined most
Cities are ranked based on the biggest decline in home values between 2024 and 2025.
- Naples, Florida
- One-year change in home values: -5.86%
- Five-year change in home values: 63.39%
- Typical home value, 2025: $581,115
- Typical home value, 2024: $617,283
- Typical home value, 2020: $355,666
- Saint Petersburg, FL
- One-year change in home values: -4.92%
- Five-year change in home values: 52.34%
- Typical home value, 2025: $364,399
- Typical home value, 2024: $383,254
- Typical home value, 2020: $239,203
- Austin, Texas
- One-year change in home values: -4.82%
- Five-year change in home values: 29.82%
- Typical home value, 2025: $522,717
- Typical home value, 2024: $549,172
- Typical home value, 2020: $402,659
- Oakland, California
- One-year change in home values: -4.71%
- Five-year change in home values: -1.68%
- Typical home value, 2025: $751,605
- Typical home value, 2024: $788,750
- Typical home value, 2020: $764,445
- New Orleans
- One-year change in home values: -3.37%
- Five-year change in home values: 2.03%
- Typical home value, 2025: $237,012
- Typical home value, 2024: $245,268
- Typical home value, 2020: $232,293
- Atlanta
- One-year change in home values: -2.97%
- Five-year change in home values: 22.68%
- Typical home value, 2025: $392,471
- Typical home value, 2024: $404,499
- Typical home value, 2020: $319,920
- San Antonio
- One-year change in home values: -2.55%
- Five-year change in home values: 29.78%
- Typical home value, 2025: $252,434
- Typical home value, 2024: $259,034
- Typical home value, 2020: $194,516
- Washington, D.C.
- One-year change in home values: -2.45%
- Five-year change in home values: 1.68%
- Typical home value, 2025: $605,881
- Typical home value, 2024: $621,083
- Typical home value, 2020: $595,865
- Tampa, Florida
- One-year change in home values: -2.15%
- Five-year change in home values: 57.83%
- Typical home value, 2025: $379,136
- Typical home value, 2024: $387,462
- Typical home value, 2020: $240,219
- Dallas
- One-year change in home values: -2.13%
- Five-year change in home values: 37.45%
- Typical home value, 2025: $311,280
- Typical home value, 2024: $318,069
- Typical home value, 2020: $226,463
Data and methodology
This SmartAsset study examined home sale data for 100 of the largest metro areas in the U.S. to determine one-year and five-year price growth. Data for March 31, 2025, 2024 and 2020 comes from Zillow for single-family homes, condos and co-ops.
This story was produced by SmartAsset and reviewed and distributed by Stacker.
