Where have homes gained the most value in the past year? The answers, trends, and reasons might be a bit surprising, as we look at the cost and price of homes across the country and where we are seeing the highest increases. When we look a bit closer, some interesting trends begin to emerge.
To dig in a bit deeper, a study by real estate site TNRealEstate.com used data from Zillow to compare the average home value of 2021 and 2022 in every state to see where the most significant percentage increases in value were across the county.
It found home values have been driven up in every state, with Florida, Hawaii, Montana, Arizona, and Tennessee seeing the fastest growth, respectively. South Carolina takes seventh on the list, with each home increasing 21.84% in the value on average. 2021’s average of $192,425 increased to $238,871 in 2022. Quite the leap!
The real estate site suggests people living in these states might consider selling after reviewing these statistics—and it also points to the trend that many southern states are appearing on the list, which can indicate a demand for homes in these areas.
Could there be a greater demand in these areas due to people having the opportunity to live in warmer climates due to greater ability to work remotely? Possibly. There are myriad reasons why homes in the south have gained the most in value.
I believe part of the reason homes in South Carolina are seeing home value increase is because we have been talking about how technology can improve energy saving and more. If we can leverage technology in a way that ultimately saves money for the homeowner, then we can heighten the value of the home for the owner.
On the downside, contractors are taking advantage and overcharging for services and supplies, which are considerably higher than they were two years ago as well. Organizations all around the globe are seeing opportunities to price gouge and are acting on it. Interestingly, some even toss in a supply-chain claim every now and then for the reason for the need to increase prices. But the bigger issue is that delays in building is what is leading to the higher costs. Workers just don’t come to work. Project delays are leading to additional costs, builders are admitting. In fact, many GCs and builders say project delays because of subs not showing up to the jobsite has risen considerably and are adding additional expenses in time lost, all leading to unnecessary costs and increasing the final expenses being passed on to the homebuyer.
What are your thoughts? Why are house prices rising slower in some areas and faster in others? Where do you think that home value will stick? How do home technologies impact the value of homes in a particular state?
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