Which Markets Have Seen the Greatest House Price Appreciation Since the Pandemic?

House price growth slowed in the first quarter of 2025, partly due to a decline in demand and an increase in supply. Persistently high mortgage rates and increased inventory combined to ease upward pressure on home prices. These factors signaled a cooling market, following rapid gains seen in previous years.

According to the quarterly House Price Index (HPI) released by the Federal Housing Finance Agency (FHFA), U.S. home prices rose 4.7% in the first quarter of 2025 nationally, compared to the first quarter of 2024. This year-over-year rate was lower than the previous quarter’s rate of 5.5%. The FHFA’s all-transactions HPI tracks average price changes based on repeat sales and refinancings of the same single-family properties. 

Since the onset of the COVID-19 pandemic, home prices have surged nationally. Between the first quarter of 2020 and the first quarter of 2025, prices rose by 54.9% nationwide. More than half of metro areas outpaced this national price growth rate.

The table below highlights the top 10 and bottom 10 markets for house price appreciation during this five-year period:

NAHB Senior Director of Forecasting & Analysis Jing Fu provides more insights on the latest first quarter data by state and metro area in this Eye on Housing post.