At the end of 2025, home prices had risen from a year earlier in 16,500 ZIP codes (63%). Prices were lower than a year earlier in 9,800 ZIP codes. Gains were concentrated in the Midwest and Northeast—with over 85% of ZIP codes in states like Wisconsin, Indiana, Connecticut, and Illinois seeing appreciation. Losses were predominant in the Sunbelt, where …
Around Zero, Noise Looks like Signal
Home prices are rising in some ZIPs and falling in others. This is normal in stagnant markets.
