U.S. Home Prices Up Nearly 55 Percent Since 2020, NAHB Reports

National home prices have climbed 54.9 percent since early 2020, with Knoxville, Tennessee, leading at an 88.4 percent increase.

By yourNEWS Media Newsroom

A report from the National Association of Home Builders (NAHB) shows that U.S. home prices have surged 54.9 percent between the first quarter of 2020 and the third quarter of 2025. More than half of metropolitan areas exceeded that growth rate.

“Since the onset of the COVID-19 pandemic, house prices have surged nationally,” the report said. “House prices continued to rise in the third quarter of 2025, though the pace of growth slowed as elevated mortgage rates, affordability challenges, and persistent economic uncertainty weighed on consumer demand.”

Knoxville, Tennessee, saw the largest price increase at 88.4 percent, followed by Atlantic City–Hammonton, New Jersey, at 88.3 percent. Other metros with high increases included Morriston, Tennessee (85.2 percent), Savannah, Georgia (82.1 percent), Homosassa Springs, Florida (80.4 percent), and Missoula, Montana (80.3 percent).

Odessa, Texas, recorded the smallest increase, at 18.3 percent over five years. Among the bottom 10 markets were New Orleans–Metairie, Louisiana, with a 21.8 percent rise, and San Francisco–Oakland–Fremont, California, at 23.3 percent.

Citing data from the Federal Housing Finance Agency, NAHB reported that U.S. home prices increased 3.3 percent year over year in the third quarter of 2025—the slowest pace since 2013. The group also found that 226 metro areas have seen modest declines from their post-pandemic peaks, ranging from 0.1 percent to 12.7 percent.

Between the third quarters of 2024 and 2025, 48 states and the District of Columbia posted year-over-year increases from 0.6 percent to 6.8 percent. Hawaii was the only state with a decline, while Florida remained unchanged.

New York led with a 6.8 percent annual gain, followed by Connecticut at 6.5 percent and Illinois at 6.2 percent. Colorado recorded the smallest statewide increase at 0.6 percent.

In a separate report, the National Association of Realtors said the median price for existing single-family homes in October was $420,600, a 2.2 percent rise from the prior year. The median price for all existing housing types reached $415,200, up 2.1 percent from 2024.