Home prices have gone through an extraordinary surge in the last year and a half. According to the gold standard research on home prices — the S&P CoreLogic Case-Shiller Index — home prices nationwide rose 20.6% in March year over year, the latest month for which data are available. That was the highest increase in the history of the index. Among the 20 cities reviewed for the 20-City Composite, prices rose the most in Tampa at 34.9% year over year.
Commenting on the increase, Craig J. Lazzara, managing director at S&P DJI said, “Those of us who have been anticipating a deceleration in the growth rate of U.S. home prices will have to wait at least a month longer.”
These increases have been driven by several factors. One has been historically low interest rates based on a 30-year fixed rate mortgage of under 3%. But those days are now over, and rising interest rates have pushed the rate on these mortgages to over 5%. (Some places may have started feeling the effect of higher interest rates. Here are 10 U.S. cities where home prices are actually falling.)
Another factor in home price increases has been low supply of new homes. Supply chain issues have slowed home construction, a problem that troubles many other industries such as auto manufacturing. And when supplies like lumber have been available, they have often been expensive.
Yet another reason is that a large portion of the American population became more mobile over the course of the pandemic. Large numbers of companies had to shutter offices because of the virus, and people began to work from home. Some of these companies will never require people to return to the offices. Others will only require people to be in offices part time. People have been able to move to locations they find attractive instead of those that are closer to their work. Home prices in popular places like Boise, Idaho, have risen over 50%.
The median sales price of a home in America has risen to $428,700, according to the St. Louis Federal Reserve. However, the very rich often shop for homes worth many times that. In places like San Jose, California, median home prices are north of $1 million. And even in those places where median home values are high, some houses are far more expensive. (These are cities with skyrocketing home prices this summer.)
To find the most expensive home for sales in every state, 24/7 Wall St. reviewed The Most Expensive Home for Sale in Every U.S. State, published by Point2, a real estate data company. All prices are for listings active from June 1-6, 2022.
Even in states with small populations, this figure is well above $2 million. And in many states, the most expensive home is well over $10 million. In four states the price is $100 million or more, with the price of the most expensive home on the list $225 million.
Click here to see the most expensive home for sale in your state
Source: DenisTangneyJr / iStock via Getty Images
Alabama
> Price: $12,300,031 (16th least expensive on this list)
> Address: 2510 Kirby Bridge Rd, Decatur
> Size of home: 3,614 sq. feet
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Source: Courtesy of Jennifer I. via Yelp
Alaska
> Price: $9,000,000 (9th least expensive on this list)
> Address: 5260 Kachemak Dr, Homer
> Size of home: 17,000 sq. feet
24/7 Wall St.
Source: Courtesy of Dana Bloom with Engel & Volkers Scottsdale via Point2Homes.com
Arizona
> Price: $28,000,000 (18th most expensive on this list)
> Address: 20958 North 112th Street, Scottsdale
> Size of home: 13,617 sq. feet
Source: Courtesy of All Seasons Real Estate via Point2Homes.com
Arkansas
> Price: $7,000,000 (7th least expensive on this list)
> Address: 115 West Van Buren, Eureka Springs
> Size of home: 14,500 sq. feet
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Source: Courtesy of Point2Homes.com
California
> Price: $225,000,000 (the most expensive on this list)
> Address: 33550 Pacific Coast Hwy, Malibu
> Size of home: 25,025 sq. feet
Source: Courtesy of Will McCullough with Aspen Snowmass Sotheby's International Realty- Hyman Mall via Point2Homes.com
Colorado
> Price: $55,000,000 (9th most expensive on this list)
> Address: 1650 McLain Flats Road, Aspen
> Size of home: 22,684 sq. feet
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Source: SeanPavonePhoto / iStock via Getty Images
Connecticut
> Price: $60,000,000 (7th most expensive on this list)
> Address: 450 Brickyard Road, Woodstock
> Size of home: 18,777 sq. feet
Source: Leo Ang / iStock via Getty Images
Delaware
> Price: $5,650,000 (3rd least expensive on this list)
> Address: 20418 Silver Lake Drive, Rehoboth Beach
> Size of home: 4,607 sq. feet
Source: ULora / iStock via Getty Images
Florida
> Price: $170,000,000 (3rd most expensive on this list)
> Address: 18 La Gorce Circle, Miami Beach
> Size of home: 125,161 sq. feet
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Source: Courtesy of Burnett Properties via Point2Homes.com
Georgia
> Price: $17,800,000 (21st least expensive on this list)
> Address: 120 Hawkins Lane, Saint Simons Island
> Size of home: 11,000 sq. feet
Source: Art Wager / E+ via Getty Images
Hawaii
> Price: $59,500,000 (8th most expensive on this list)
> Address: 9 Bay Dr,Lahaina
> Size of home: 6,645 sq. feet
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Source: Courtesy of Berkshire Hathaway HomeServices Sun Valley Properties via Point2Homes.com
Idaho
> Price: $19,750,000 (25th most expensive on this list)
> Address: 105 Camas Rd, Ketchum
> Size of home: 10,362 sq. feet
Source: Mlenny / E+ via Getty Images
Illinois
> Price: $45,000,000 (12th most expensive on this list)
> Address: 1932 N Burling Street, Chicago
> Size of home: 25,000 sq. feet
Source: Rodrigo A. Rodriguez Fuentes / iStock Editorial via Getty Images
Indiana
> Price: $30,000,000 (17th most expensive on this list)
> Address: 10285 W Youth Camp Road, Columbus
> Size of home: 19,714 sq. feet
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Source: Courtesy of Hoien Realty via Point2Homes.com
Iowa
> Price: $11,900,000 (13th least expensive on this list)
> Address: 16216 and 1615 IA-86, Spirit Lake
> Size of home: 24,876 sq. feet
Source: Courtesy of J.P. Weigand & Sons via Point2Homes.com
Kansas
> Price: $6,700,000 (4th least expensive on this list)
> Address: 1051 N Blackstone Rd, Milton
> Size of home: 7,828 sq. feet
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Source: Courtesy of Ronald Hayden with EXP Realty LLC via Point2Homes.com
Kentucky
> Price: $25,000,000 (21st most expensive on this list)
> Address: 30 Bass Ct N, Whitesville
> Size of home: 27,000 sq. feet
Source: felixmizioznikov / iStock via Getty Images
Louisiana
> Price: $14,000,000 (18th least expensive on this list)
> Address: 11001 Highland Rd, Baton Rouge
> Size of home: 25,372 sq. feet
Source: Courtesy of Souzan Davood with Coldwell Banker Realty via Point2Homes.com
Maine
> Price: $9,000,000 (8th least expensive on this list)
> Address: 103 Dodges Wharf Road, Brooklin
> Size of home: 14,375 sq. feet
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Source: ChrisBoswell / iStock via Getty Images
Maryland
> Price: $24,900,000 (23rd most expensive on this list)
> Address: 1604 Winchester Rd, Annapolis
> Size of home: 35,435 sq. feet
Source: OlegAlbinsky / E+ via Getty Images
Massachusetts
> Price: $39,000,000 (15th most expensive on this list)
> Address: 41 Jefferson Avenue, Nantucket
> Size of home: 7,210 sq. feet
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Source: TracieMichelle / iStock Editorial via Getty Images
Michigan
> Price: $11,500,000 (11th least expensive on this list)
> Address: 1558 Dutton Rd, Rochester
> Size of home: 16,500 sq. feet
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Source: Courtesy of Keller Williams Realty Professionals via Point2Homes.com
Minnesota
> Price: $12,000,000 (14th least expensive on this list)
> Address: 36463 Butternut Point Road, Pequot Lakes
> Size of home: 12,437 sq. feet
Source: Courtesy of Tom Smith Land & Homes via Point2Homes.com
Mississippi
> Price: $12,250,000 (15th least expensive on this list)
> Address: 205 S Valley Rd, Poplarville
> Size of home: 6,200 sq. feet
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Source: Courtesy of SPENCER CARLOCK with EXP Realty, LLC via Point2Homes.com
Missouri
> Price: $9,999,999 (10th least expensive on this list)
> Address: 2608 & 2606 Arrowhead Estates Rd, Village of Four Seasons
> Size of home: 12,800 sq. feet
Source: Pierdelune / iStock Editorial via Getty Images
Montana
> Price: $40,000,000 (14th most expensive on this list)
> Address: 405 Delrey Road, Whitefish
> Size of home: 4,868 sq. feet
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Source: Courtesy of Better Homes and Gardens R.E via Point2Homes.com
Nebraska
> Price: $2,995,000 (the least expensive on this list)
> Address: 2021 S 189th Circle, Omaha
> Size of home: 11,776 sq. feet
Source: MariuszBlach / iStock via Getty Images
Nevada
> Price: $100,000,000 (4th most expensive on this list)
> Address: 1730 Hwy 50, Glenbrook
> Size of home: 20,000 sq. feet
Source: Sean Pavone / iStock via Getty Images
New Hampshire
> Price: $19,500,000 (25th least expensive on this list)
> Address: 144 Springfield Point Rd, Wolfeboro
> Size of home: 17,771 sq. feet
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Source: Ultima_Gaina / iStock via Getty Images
New Jersey
> Price: $25,000,000 (22nd most expensive on this list)
> Address: 48 Rio Vista Dr, Alpine & 275 Indian Trail Drive, Franklin Lakes
> Size of home: N/A
Source: adamkaz / iStock via Getty Images
New Mexico
> Price: $27,500,000 (19th most expensive on this list)
> Address: Zorro Ranch, Stanley
> Size of home: 33,339 sq. feet
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Source: Thinkstock / Stockbyte via Getty Images
New York
> Price: $175,000,000 (2nd most expensive on this list)
> Address: 700 Meadow Lane, Southampton
> Size of home: 15,521 sq. feet
North Carolina
> Price: $13,900,000 (17th least expensive on this list)
> Address: 1 Auditorium Circle, Wrightsville Beach
> Size of home: 8,622 sq. feet
Source: Courtesy of Dakota Plains Realty, LLC via Point2Homes.com
North Dakota
> Price: $4,999,900 (2nd least expensive on this list)
> Address: 14388 45th Street NW, Williston
> Size of home: 7,700 sq. feet
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Source: Courtesy of Terry Young with Keller Williams Greater Metropolitan via Point2Homes.com
Ohio
> Price: $6,950,000 (6th least expensive on this list)
> Address: 2779 Som Center Rd, Hunting Valley
> Size of home: 17,241 sq. feet
Source: Courtesy of Rob Allen with Sage Sotheby's Realty via Point2Homes.com
Oklahoma
> Price: $15,000,000 (19th least expensive on this list)
> Address: 3105 S Peoria Avenue, Tulsa
> Size of home: 9,246 sq. feet
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Source: libre de droit / iStock via Getty Images
Oregon
> Price: $65,000,000 (6th most expensive on this list)
> Address: 27280 NE Old Wolf Creek Road, Prineville
> Size of home: 2,832 sq. feet
Source: Pgiam / E+ via Getty Images
Pennsylvania
> Price: $27,000,000 (20th most expensive on this list)
> Address: 500 Walnut Street, Unit 2500-2600 Philadelphia
> Size of home: 8,400 sq. feet
Source: DenisTangneyJr / iStock via Getty Images
Rhode Island
> Price: $18,500,000 (22nd least expensive on this list)
> Address: 2 Kidds Way, Westerly
> Size of home: 8,086 sq. feet
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Source: FangXiaNuo / iStock via Getty Images
South Carolina
> Price: $20,000,000 (24th most expensive on this list)
> Address: 133 Flyway Drive, Kiawah Island
> Size of home: 10,500 sq. feet
Source: Courtesy of Hayden Outdoors Real Estate via Point2Homes.com
South Dakota
> Price: $6,900,000 (5th least expensive on this list)
> Address: 13911 Cobb Road, Hermosa
> Size of home: 5,325 sq. feet
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Source: Kruck20 / iStock via Getty Images
Tennessee
> Price: $50,000,000 (10th most expensive on this list)
> Address: 1304 Chickering Rd, Nashville
> Size of home: 19,811 sq. feet
Source: Susan Vineyard / iStock via Getty Images
Texas
> Price: $45,000,000 (13th most expensive on this list)
> Address: 12400 Cedar Street, Lake Travis
> Size of home: 15,400 sq. feet
Source: Sean Pavone / iStock via Getty Images
Utah
> Price: $48,000,000 (11th most expensive on this list)
> Address: 533 N Left Fork Hobble Creek Rd, Springville
> Size of home: 17,493 sq. feet
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Source: Courtesy of Pall Spera Company Realtors-Stowe via Point2Homes.com
Vermont
> Price: $16,000,000 (20th least expensive on this list)
> Address: 506 North Hill Road, Stowe
> Size of home: 18,055 sq. feet
Source: Geoffrey Thiel / iStock via Getty Images
Virginia
> Price: $39,000,000 (16th most expensive on this list)
> Address: 700 Bulls Neck Rd, McLean
> Size of home: 39,000 sq. feet
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Source: MarkHatfield / iStock via Getty Images
Washington
> Price: $85,000,000 (5th most expensive on this list)
> Address: 3858 Hunts Point Rd, Hunts Point
> Size of home: 17,599 sq. feet
Source: Courtesy of Coldwell Banker Realty via Point2Homes.com
West Virginia
> Price: $19,500,000 (24th least expensive on this list)
> Address: 4428 Irish Heights Dr, Summersville
> Size of home: 9,846 sq. feet
Source: Courtesy of Diane Taillon with Arbor Crowne Properties via Point2Homes.com
Wisconsin
> Price: $11,900,000 (12th least expensive on this list)
> Address: 9095 Cottage Row Rd, Fish Creek
> Size of home: 3,102 sq. feet
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Source: Courtesy of Compass Real Estate via Point2Homes.com
Wyoming
> Price: $19,500,000 (23rd least expensive on this list)
> Address: 6160 W Lazy H Rd, Wilson
> Size of home: 10,242 sq. feet
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