Over the past decade, America’s home prices have skyrocketed, far outpacing wage growth and inflation: U.S. home values have grown by more than 95%, while average hourly earnings saw a modest 44% increase, and the Consumer Price Index rose by just 33%.
Construction Coverage’s newest report breaks down 10-year home price growth across America’s major cities and all 50 states, identifying the locations where housing affordability has taken the biggest hit—and where existing homeowners have seen substantial gains in their real estate wealth.
Key Takeaways, With Data for New York State
- Pandemic-era growth finally slows to historical norms: After surging an unprecedented 40% in two years during the 2020 recession, home price growth has since stabilized. Even so, high mortgage rates and persistent inflation have left would-be homebuyers struggling with affordability and limited purchasing power.
- Home price trends following economic recessions (see graphic below): Recent home price increases reflect a broader trend of above-average growth following economic recessions.
- Regional trends in home price growth: Western and select Southeastern states lead in home price growth over the past decade. By contrast, states in the Midwest, along with certain pockets of the South and Northeast, reported the slowest growth, barely outpacing inflation.
- Home price growth in New York State: In 2014, the median home price in New York State was $270,924. By 2024, it had grown to $482,742—about $212K higher. This represents a 10-year increase of 78.2%.
The full report includes data for over 600 U.S. cities and all 50 states.