These 10 states provide probably the most steady housing markets in America

These have been difficult instances for homebuyers and sellers alike.

Mortgage charges have moderated in latest months, however they’re nonetheless roughly twice the place they have been earlier than the pandemic. Inventories have begun to develop, however costs are nonetheless up 60% since 2019, based on the Harvard Joint Center for Housing Studies. The U.S. single-family median residence value of $412,500 on the finish of 2024 was 5 instances the median family revenue, signaling an affordability disaster that the Harvard researchers deemed “surprising.”

In the meantime, current residence gross sales final 12 months hit a 30-year low; homebuilders are slashing prices on the highest charge in years; and they’re doing so at a time when nearly one-third of housing markets nationally are experiencing declining costs.

As discouraging as these figures are, there are pockets of energy in a handful of states, as revealed in CNBC’s 2025 America’s Top States for Business examine. As a result of corporations trying to appeal to one of the best workforce think about the housing market when deciding the place to find, we measure the market as a part of the examine’s Economic system class — a very powerful class beneath our this 12 months’s methodology.

To establish the healthiest housing markets, we seemed for a stability of affordability and worth. We thought-about value appreciation 12 months over 12 months and vendor positive factors, in addition to affordability, property taxes, stock, and housing begins. We additionally seemed for indicators of stress, like foreclosures exercise and underwater mortgages.

These ten states provide relative stability to householders in a turbulent actual property market.

With a median sale value roughly 45% larger than the nationwide common, it could be arduous to think about the Aloha State on a listing of enticing housing markets. However there are some things to be mentioned for Hawaii. Stock is among the many finest within the nation. Value appreciation slowed final 12 months, however sellers could make good cash over time. The typical acquire final 12 months was 86%, based on actual property information agency ATTOM, in comparison with a mean 53.8% profit nationally. And the efficient property tax charge — the tax paid as a proportion of the house’s worth — is the bottom within the nation.

2025 Economic system Rank: No. 39 (Prime States Grade: D+)

Appreciation (This fall 2023-This fall 2024): 3.98%

Stock (Might 2025): 7 months

Affordability Rank: No. 40

Efficient Property Tax Price: 0.33%

Median Sale Value (2024): $752,900

An evaluation in December from the Pioneer Institute discovered New Hampshire is the third hottest vacation spot for individuals fleeing the excessive prices in neighboring Massachusetts. House costs are growing steadily based on the Federal Housing Finance Agency, and sellers are having fun with wholesome positive factors, based on ATTOM. They made a mean of practically 83% on their purchases, in comparison with the typical of 53.8% revenue nationally. New Hampshire does have an affordability downside, nonetheless. In response to the Nationwide Affiliation of House Builders, 86% of households can not afford the median residence value. And efficient property taxes are the seventh highest within the nation.

2025 Economic system Rank: No. 23 (Prime States Grade: C)

Appreciation: 7.31%

Stock: 3 months

Affordability Rank: No. 42

Efficient Property Tax Price: 1.2%

Median Sale Value: $513,000

The Mount Rushmore State is a rock of stability so far as its housing market is anxious. South Dakota has ample stock, and foreclosures exercise is minimal. 12 months-to-year value appreciation isn’t nice, however sellers are earning profits over time — about 54% over their preliminary funding. Property taxes are on the excessive aspect.

2025 Economic system Rank: No. 36 (Prime States Grade: C–)

Appreciation: 2.86%

Stock: 3 months

Affordability Rank: No. 14

Efficient Property Tax Price: 0.99%

Median Sale Value: $333,000

The Gem State is attracting a lot of working age adults, which helps clarify why Idaho leads the nation in housing begins, based on Census information. The state is having blended outcomes maintaining with that demand. Stock is tight with solely three months of provide obtainable. However it’s barely larger than it was a 12 months in the past, with a virtually 8% increase in houses on the market, based on Redfin. They’re nonetheless on the dear aspect, nonetheless. The state ranks low for affordability.

2025 Economic system Rank: No. 7 (Prime States Grade: B)

Appreciation: 6.52%

Stock: 3 months

Affordability Rank: No. 31

Efficient Property Tax Price: 0.41%

Median Sale Value: $495,400

Homebuyers are making tracks to the Tar Heel State, and that’s retaining residence builders busy. Nonetheless, inventories are tightening in North Carolina after flooding from Hurricane Helene final fall broken or destroyed 100,000 houses within the western a part of the state. Value appreciation statewide is comparatively muted, however sellers are nonetheless seeing an honest return on their investments.

2025 Economic system Rank: No. 3 (Prime States Grade: A–)

Appreciation: 4.77%

Stock: 3 months

Affordability Rank: No. 14

Efficient Property Tax Price: 0.59%

Median Sale Value: $387,700

The Grand Canyon State’s booming development helps to gasoline a housing development increase. Arizona ranks fourth in housing begins, based on Census information. That’s serving to the state keep an honest quantity of stock, at the same time as new residents pour in. However it could even be dampening vendor income, with value appreciation among the many lowest within the nation. 

2025 Economic system Rank: No. 13 (Prime States Grade: B–)

Appreciation: 1.22%

Stock: 4 months

Affordability Rank: No. 48

Efficient Property Tax Price: 0.41%

Median Sale Value: $451,600

Owners within the Silver State pay among the many lowest property taxes within the nation. One cause is that in contrast to most states, the place the worth of a house for property tax functions resets when the house is bought, consumers in Nevada inherit the earlier valuation. This method has repeatedly come beneath assault amid college funding shortfalls, however legislators left it alone once more this 12 months. The low taxes have accomplished little to alleviate an increase in foreclosures this 12 months.

2025 Economic system Rank: No. 17 (Prime States Grade: C+)

Appreciation: 6.66%

Stock: 4 months

Affordability Rank: No. 22

Efficient Property Tax Price: 0.48%

Median Sale Value: $465,800

Huge Sky Nation was an enormous recipient throughout the Nice Migration throughout and after the pandemic, and persons are nonetheless transferring there. Stock is beginning to shrink a bit, however there’s an ample provide of houses to purchase. Costs have begun leveling off, however appreciation continues to be sturdy. Montana does have affordability points, nonetheless. In response to the National Association of Home Builders, 87% of households are unable to afford the median residence value. That’s among the many highest percentages within the nation.

2025 Economic system Rank: No. 23 (Prime States Grade: C)

Appreciation: 6.78%

Stock: 5 months

Affordability Rank: No. 44

Efficient Property Tax Price: 0.71%

Median Sale Value: $525,700

House sellers did exceedingly nicely final 12 months within the Volunteer State, notching an 87% acquire over the earlier sale value, based on ATTOM. Tennessee householders additionally get pleasure from one of many lowest efficient property tax charges within the nation, based on ATTOM. Stock stays comparatively wholesome.

2025 Economic system Rank: No. 21 (Prime States Grade: C)

Appreciation: 4.75%

Stock: 4 months

Affordability Rank: No. 13

Efficient Property Tax Price: 0.46%

Median Sale Value: $402,900

The Inexperienced Mountain State is America’s finest housing market, with a wholesome provide of houses on the market. Whereas inventories have begun to tighten as homebuying season hits its peak, the variety of houses on the market in Vermont is up greater than 19% from a 12 months in the past, based on Redfin. That’s good for consumers, however sellers can be ok with the most effective value appreciation charges within the nation. Property taxes are on the excessive aspect, based on ATTOM.

2025 Economic system Rank: No. 35 (Prime States Grade: C–)

Appreciation: 8.09%

Stock: 4 months

Affordability Rank: No. 4

Efficient Property Tax Price: 1.2%

Median Sale Value: $443,600