Even though the U.S. real estate market has posed significant challenges for potential buyers, there are some parts of the country where home values have actually increased.
Notably, 10 cities across the South and Northeast have experienced the most significant home value increases across the top 100 U.S. metros since the COVID-19 pandemic, according to an analysis conducted by economists at Realtor.com.
Realtor.com senior economist Joel Berner said when there is a high volume of sales, the expectation is for the value to rise, especially in areas where supply can’t match the current demand.
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The cities in the report are evenly split between the South and Northeast and include places like Knoxville and Chattanooga, Tennessee, to Syracuse and Rochester, New York.
The report comes shortly after an analysis from Zillow indicated that more than half of homes in the U.S. lost value over the past year, marking the highest share of properties to depreciate in more than a decade.
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However, while there has been a rise in devalued homes, only “relatively few” are selling at a loss, according to Zillow senior economic researcher Treh Manhertz. A home’s value between sales matters more than losing value overall, according to Zillow.
“Home values surged over the past six years, and the vast majority of homeowners still have significant equity. What we’re seeing now is a normalization, not a crash,” Manhertz said.
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Still, some metros are benefiting due to the migration of new residents during and after the pandemic.
For instance, Knoxville saw the biggest increase in home values, with the average home in the city seeing its value soar nearly 86%, or roughly $190,000, between October 2019 and October 2025, according to the Realtor.com analysis. Meanwhile, Fayetteville, Arkansas, followed close behind with homes appreciating 84.5% over the past six years, with its value rising more than $195,000.
Top 10 cities and how much the value of their homes increased since 2019:
- Knoxville, Tennessee – +86%
- Fayetteville, Arkansas – +84.5%
- Charleston, South Carolina – +81.3%
- Scranton, Pennsylvania – +78.4%
- Syracuse, New York – +77.6%
- Portland, Maine – +75.7%
- Rochester, New York – +75.2%
- New Haven, Connecticut – +73.8%
- Charlotte, North Carolina – +73.1%
- Chattanooga, Tennessee – +72.9%
