Mountain Region Sees Rapid Run-Up in Home Prices

Boise, Idaho, downtown at dusk

©Anna Gorin - Getty Images

U.S. home prices continue to rise, and homeowners in some pockets of the country—notably in the mountain region—are seeing some of the highest appreciation.

Ninety-four percent of 183 metro areas tracked posted double-digit price increases, according to a new report released last month by the National Association of REALTORS®. Forty-six markets have posted price gains of more than $100,000 over the last three years, according to NAR’s report.

The mountain region has posted some of the strongest appreciation over the last four quarters, posting a nearly 23% increase between the second quarters of 2020 and 2021, and a 6.8% increase in the second quarter of 2021, according to the Federal Housing Finance Agency House Price Index.

Home prices are rising in all 40 states and the District of Columbia between the second quarters of 2020 and 2021, according to FHFA’s Price Index. The five states with some of the highest annual appreciation in that period:

  • Idaho: 37.1%
  • Utah: 28.3%
  • Arizona: 23.9%
  • Montana: 23.7%
  • Rhode Island: 23.7%

Annual price increases were highest in Boise City, Idaho, where prices rose 41.1%, according to FHFA’s index. Meanwhile, prices rose by the lowest amount in San Francisco-San Mateo-Redwood City, Calif., where they increased by just 4.5% in comparison.

A list of the top 100 metros and their home price appreciation rankings.