The U.S. housing market remains deeply fragmented in 2025, with home values rising sharply in some counties while declining in others. Zillow’s updated Home Value Index (ZHVI), which measures typical home values for single-family and condo properties, shows significant regional variation in price trends through April 2025.
Rising mortgage rates, affordability limits, and shifting migration patterns are reshaping the market at the county level. Below is a deep dive into which counties are heating up—and which ones are cooling down.
Top 10 counties with the fastest home price growth in early 2025
These counties posted the largest ZHVI increases from January to April 2025:
| County | State | Price Growth Jan–Apr 2025 | Notable Drivers |
|---|---|---|---|
| Maricopa | Arizona | +3.9% | Phoenix job growth, strong demand |
| Clark | Nevada | +3.7% | Las Vegas recovery, in-migration |
| Travis | Texas | +3.4% | Austin tech rebound, limited supply |
| Palm Beach | Florida | +3.2% | Continued migration from Northeast |
| Salt Lake | Utah | +3.1% | Competitive listings, low inventory |
| Lee | Florida | +2.9% | Retiree migration, Gulf Coast demand |
| Hays | Texas | +2.8% | Suburban growth near Austin |
| Ada | Idaho | +2.6% | High relocation demand |
| Wake | North Carolina | +2.5% | Raleigh metro growth, STEM employers |
| Collin | Texas | +2.5% | Dallas exurbs expansion |
Top counties where home values declined in early 2025
Several large urban markets are experiencing price corrections:
| County | State | Price Change Jan–Apr 2025 | Key Factors |
|---|---|---|---|
| San Francisco | California | -2.8% | Tech layoffs, affordability |
| King | Washington | -2.5% | Higher mortgage costs |
| Cook | Illinois | -2.1% | Weak buyer demand |
| Wayne | Michigan | -1.9% | Long-term stagnation |
| Kings | New York | -1.7% | Oversupply, slow sales |
| Multnomah | Oregon | -1.6% | Market saturation |
| Middlesex | Massachusetts | -1.4% | High prices, softening demand |
| Philadelphia | Pennsylvania | -1.3% | Buyer hesitancy |
| Santa Clara | California | -1.3% | Silicon Valley slowdown |
| Cuyahoga | Ohio | -1.1% | Inventory buildup |
Key national housing trends in 2025
Mortgage rates remain elevated
With 30-year fixed rates hovering around 7.05%, borrowing remains expensive. This is keeping some buyers on the sidelines and putting downward pressure on prices in expensive markets.
The Sun Belt outperforms
Counties in Texas, Florida, Arizona, and the Carolinas continue to dominate home price appreciation. These areas benefit from job growth, population inflows, and lower overall cost of living.
Urban cores cool off
High-priced coastal counties, especially in California, Washington, and New York, are seeing declines. Many buyers are priced out, and pandemic-era migration trends have reversed.
Suburbs and smaller metros shine
Markets like Hays County, TX and Ada County, ID reflect strong demand for affordable suburban living. These counties are growing due to spillover from nearby metro areas.
Interactive housing market tools
Zillow offers several tools to explore local market dynamics:
- ZHVI Tracker: Follow county-level price changes by month.
- Mortgage Calculator: Estimate how today’s rates affect monthly payments.
- Market Comparison Tool: Compare home values across counties and states.
Visit Zillow Research to download or interact with county-level data.
How this data helps buyers and sellers
Whether you’re buying, selling, or just watching the market, understanding local price trends is essential. County-level analysis shows that while national headlines may suggest one trend, the reality is much more nuanced. Timing, location, and borrowing costs all shape real estate decisions.
Key takeaways
- Home prices are up in the South and parts of the West, especially suburban counties near fast-growing metros.
- Urban cores are softening, with home values falling in several major counties.
- Mortgage rates near 7% are reshaping affordability and buyer behavior.
- Local trends matter more than ever—buyers and sellers should look beyond national averages.
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