Median home prices differ widely across rapidly growing US states

The housing markets in the 15 fastest-growing states in the United States present a varied landscape, with significant differences in affordability. According to Hannah Jones, a senior economic research analyst at Realtor.com, "Home prices vary greatly across the country’s fastest-growing states, highlighting the differing motivations for mover."

Washington, DC, identified as a leading area of population growth in 2024 by U.S. Census Bureau figures analyzed by economists at the National Association of Realtors, reported a median home list price of $585,000 as of January 2025. This figure surpasses the national median of $400,500.

New Jersey also saw notable population growth last year at a rate of 1.3%, placing it 11th among the fastest-growing states. The typical single-family property there was listed at $535,000 in January.

Jones notes that "Washington, DC, and New Jersey are higher-priced than the nation’s median as limited inventory meets high demand, keeping upward pressure on prices." In Massachusetts, ranked 15th on the NAR list for growth but first for expense among these states, the median home list price reached $722,425. Within Boston itself, this figure rose to $799,000 last month.

Conversely, South Carolina and Texas offered more affordable options. South Carolina had the lowest median home list price among these states at $350,000 in January. Texas's population grew by 1.8%, earning it second place on the growth list with a median list price of $354,954.

Florida experienced substantial population gains as well and recorded a median home list price of $435,000.

According to Jones: “Texas and Florida are the more affordable of the fast-growing states due in large part to ample inventory and strong residential construction.” She adds that these states' vast size allows them to accommodate strong demand while maintaining affordability.

Overall trends suggest that denser and smaller states face higher prices due to concentrated demand and limited available homes.