Home Values in These 10 States Increased the Most Since 2020

constantgardener / Getty ImagesHome prices have been on a roller coaster since the pandemic struck in early 2020. The initial reaction to the pandemic was a significant drop in home prices, as money became tight and buying pressure evaporated. But as the economy began to recover from the effects of the pandemic, home prices skyrocketed. To quantify these changes, GOBankingRates compared the February 2020 home value in each state with its April 2023 value, recording both the percentage increase and the absolute monetary growth.See: 7 Florida Cities That Could Be Headed for a Housing CrisisFind Out: 3 Things You Must Do When Your Savings Reach $50,000Every state in the Union, and the District of Columbia, recorded a double-digit percentage increase. However, gains were significantly higher in many states. Note that while Hawaii and California showed the biggest monetary gains, neither of them appear on the list of top percentage gainers due to their already-high starting prices before the pandemic. However, it’s worth noting that Hawaii’s average price gain of $249,121 is off the charts, 42% above California’s second-highest absolute gain of $174,868. Here’s a list of the 10 states that showed the greatest percentage gain in housing prices from February 2020 to April 2023, presented in reverse order.©GOBankingRates10. South CarolinaSouth Carolina home prices had a relatively small absolute price jump of $89,614 from February 2020 to April 2023, but that’s only because the average pre-pandemic house price in the state was just $189,716. That gain still amounts to a nearly 50% pop.9. ArizonaPrices in the Valley of the Sun heated up from 2020 to 2023, rising over $136,000 from just before the pandemic. That pushed the average Arizona home value over $420,000 by April 2023.8. IdahoBefore the pandemic, Idaho’s average home price of $297,972 was the highest among any state in the top 10. That makes the state’s post-pandemic gain of nearly 49% truly impressive, amounting to an average increase of $145,056.Check Out: Why Home Prices Are Plummeting in These 6 Cities7. TennesseeTennessee had relatively low home prices before the pandemic, averaging just $196,891. Things had changed dramatically by April 2023, however, with the typical Tennessee home gaining over $100,000 in value.6. KansasKansas has the smallest absolute price gain of any state in the top 10, at just $73,633. However, as the average pre-pandemic home price in Kansas was just $143,014, that marks an eye-opening gain.5. FloridaThe average home price in Florida topped $401,000 in April 2023, up $137,286 over pre-pandemic levels. That’s essentially a 52% gain over pre-pandemic starting values of just $264,063.4. North CarolinaNorth Carolina home prices jumped $108,394 since before the pandemic, to $316,687 on average. That amounts to an over-50% gain since the state’s pre-pandemic starting value of $208,294 on average.3. GeorgiaThe average home price gain in Georgia was almost identical to that in North Carolina. Georgia home prices jumped from $204,718 before the pandemic to $311,990 by April 2023, enough for an average gain of $107,272.2. MaineThe change in home values in Maine since before the pandemic has been nothing short of dramatic. Maine’s average home price jumped $124,113 over the sample period, from $234,405 to $358,518.1. MontanaMontana home prices were the clear winner in the post-pandemic housing craze, with average prices rising $165,619, good enough for the third-highest absolute gain in the country, behind only Hawaii and California. On a percentage basis, the state had no equal, with average home values jumping nearly 60%.More From GOBankingRatesThis article originally appeared on GOBankingRates.com: Home Values in These 10 States Increased the Most Since 2020

See the full Home Prices article, or, read more Arizona real estate investing news