Home values often reach their seasonal nadir in the first quarter of the year, and more than a third of the markets covered in HSH's Home Value Tracker sported lower values to start 2025 than in the fourth quarter of 2024. In addition, 31 markets posted declines in value compared to the first quarter of 2024.
June 5, 2025 - HSH.com released today an updated Home Value Tracker, the firm's quarterly analysis of home values changes in the nation’s top 400 metropolitan housing markets. Developed by HSH, a premier consumer destination for mortgage information and shopping since 1979, HVT reveals the 10 metropolitan areas with the fastest annual home price increases and the 10 with the smallest annual gains -- or largest declines. HSH also offers a custom-time-period lookup tool for value changes in over 400 metropolitan areas.
HSH's recurring evaluation reviews home value changes in more than 400 of the most populous metropolitan areas, displaying home value changes for each compared to the previous quarter and previous two quarters as well as over the last one-, three- and five-year periods. A home value lookup tool allows users to see their local market's changes over these fixed time points.
HSH also makes available a lookup tool called Home Value Tracker-MyHVT that allows users to see how values have changed in any of the 400 metros during any time period from 1995 to now, revealing what's happened to the value of their home during a given ownership period. Visitors enter the purchase price of their home and the quarter in which they purchased it; MyHVT then factors for changes in the home's value from that time, calculating a current price estimate based on changes in home value trends in the selected metro.
Home values typically reach their seasonal bottoms in the first quarter of each year, offering a relative discount to homebuyers willing to brave the late winter months. Even with such seasonal lowering, home prices remain elevated.
On a quarter-to-quarter basis, 156 of the 409 (some 38%) of the metropolitan housing markets tracked in HSH's Home Value Tracker posted lower home values in the first quarter of 2025 compared to the fourth quarter of 2024, an increase of four metro areas compared to the prior period. Twenty-five metros posted consecutive quarterly declines. On a quarterly basis, easing in value ranged from as little as a fraction of a percentage point in the Redding CA and Battle Creek MI metro areas to more than 9% in the Elmira, NY and Victoria, TX housing markets.
However, there were sizable gains in value seen in some markets. Three metros posted increases in excess of 10%, topped by the 13.32% quarterly increase in home values in the Oxnard-Thousand Oaks-Ventura, CA market. On a quarter-to-quarter basis, 83 metros had fractional increases in home values of less than a percentage point, another 72 metros saw increases between one and two percent for the quarter, 41 saw gains between two and three percent, 34 markets posted value bumps between 4 and 5% and the remaining 23 were in excess of 5% for the quarter. Many sizable gains took place in smaller metro areas like Lima OH or Beckley WV, and are likely the result of very few home sales taking place during the period. As such, quarter-to-quarter moves may be exaggerated.
That said, there were also 31 metro areas where home values were lower compared with the same period one year ago, thirteen more than were seen in the fourth quarter. With six markets sporting value declines compared to a year ago, Florida and Louisiana lead the way, California and Georgia had three each and no other state had more than two metros with lower first-quarter home values.
Housing market conditions remain unfavorable, but all indications are that home prices (and hence values) are poised to climb again in this year, possibly to new record highs. The typical seasonal upturn in home prices will be reflected in data from the second quarter later this summer.
| Value changes from a sampling of major metro areas | Percent value increase since 4Q24 |
| Los Angeles-Long Beach-Glendale, CA | 0.36% |
| Charlotte-Concord-Gastonia, NC-SC | 1.10% |
| Spokane-Spokane Valley, WA | 2.39% |
| Racine-Mount Pleasant, WI | 3.58% |
| Farmington, NM | 4.94% |
| Value changes from a sampling of major metro areas | Percent value decrease since 4Q24 |
| Pittsfield, MA | -4.19% |
| San Antonio-New Braunfels, TX | -2.62% |
| Fort Lauderdale-Pompano Beach-Sunrise, FL | -2.82% |
| Yakima, WA | -2.04% |
| San Jose-Sunnyvale-Santa Clara, CA | -0.97% |
See the full set of more than 400 metro areas here: https://www.hsh.com/home-value-tracker.html
HSH.com’s Home Value Tracker uses the Federal Housing Finance Agency's (FHFA) Home Price Index for insight on changes to housing market values. HVT is based on an "all transactions" index involving conforming, conventional mortgages purchased or securitized by Fannie Mae or Freddie Mac and includes both purchase and refinance transactions. The data does not include property transactions backed by FHA, VA, USDA or private-market non-conforming (i.e. jumbo) mortgages.
About HSH.com
Since 1979, HSH.com has been a trusted mortgage resource for consumers seeking independent, objective and expert-level mortgage information, forecasts and data. HSH.com offers unique analysis, calculators, tools and content to help demystify first mortgages, home equity loans and lines of credit, reverse mortgages and more. HSH.com empowers homebuyers and homeowners to fully understand their home financing choices and provide opportunities for them to engage with partners to execute their transactions.
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