Year in review · 2025
Where US home values moved most over the past year
A 12-month look at the standout ZIP codes — biggest gains, biggest declines, what those moves tell us about where 2026 is heading. The window is the most recent year of Zillow Home Value Index data, filtered to ZIPs with at least 5,000 residents to keep the ranking out of noisy thin-data territory.[1]
What rose
The standout gainers
The top of the gainers list is, predictably, a mix of resort economies (ski towns, beach towns), late-cycle Sunbelt growth magnets, and a few smaller markets responding to specific employer or infrastructure shifts. Climate plays a quiet role at the margins — some of the biggest gainers are exactly the inland markets people have been moving to FROM the coastal-flood and wildfire-exposed areas at the bottom of the table.
For context, the typical home value in the top-10 gainer set spans $88.1K – $1.5M— these aren't cheap markets, but they aren't the trophy coasts either. The year-over-year moves were strong enough to make them feel like their own category: the "something is happening here" tier.
- #183340· Ketchum, ID$1,544,308+24.2%
- #223930· Crewe, VA$199,222+19.6%
- #362049· Hillsboro, IL$142,561+19.2%
- #478839· Crystal City, TX$88,101+18.3%
- #579201· Childress, TX$131,848+17.8%
- #660096· Winthrop Harbor, IL$303,661+17.6%
- #792008· Carlsbad, CA$1,200,791+17.1%
- #839451· Leakesville, MS$149,612+16.8%
- #962278· Red Bud, IL$254,909+15.8%
- #1038855· Mantachie, MS$168,469+15.7%
What unwound
The standout decliners
The decliners tell a different story. Some of these ZIPs are former boom markets correcting after extraordinary run-ups; others are smaller, lower-priced communities where a single big-employer shift moves the index measurably. Distance from the previous year's peak matters: the loss numbers look severe partly because the prior year's gains were so extreme.
Look at the typical-value column carefully. A −20% move on a $200K market is materially different from a −20% move on a $2M market — both in dollar impact for households and in what it implies about future demand. The same percent decline reads as different stories depending on the price level it's coming from.
- #140977· Pineville, KY$83,340-30.5%
- #215902· Johnstown, PA$52,104-25.3%
- #371254· Lake Providence, LA$52,870-23.4%
- #438756· Leland, MS$66,641-22.9%
- #538701· Greenville, MS$61,469-21.9%
- #642211· Cadiz, KY$148,416-20.1%
- #740312· Clay City, KY$130,375-20.0%
- #841339· Jackson, KY$94,163-18.9%
- #963107· St. Louis, MO$44,367-18.0%
- #1048214· Detroit, MI$89,148-17.3%
Methodology
How to read this
We're showing 12-month change in typical home value (Zillow ZHVI) — the modeled middle-of-the-market home, not the average sale. That distinction matters: sale-mix can swing dramatically from quarter to quarter (luxury sales pause, then surge), and a sale-based index would whip around accordingly. ZHVI smooths that by tracking the typical home itself.
Population filter (5,000+) is there to keep the table out of statistical noise. ZIPs with a few hundred residents can swing 30% on a handful of sales without telling us anything about the broader market.
For the underlying methodology, see methodology; for the full source list, see data sources; for one-line definitions, see the glossary.
Where to next
Go deeper
The full Top Movers list → — extends to 25 ZIPs each side, with home-value alongside the YoY.
Build your own screen → — filter all 26K+ ZIPs by yield, price, climate risk, and appreciation. Slice the year-in-review your way.
Rankings index → — pre-computed top-100 national and top-25 state lists across six dimensions (yield, appreciation, tax, growth, population).