The housing market has been on a ride over the last few years, beginning in late 2021 and extending through 2022 until rising interest rates quieted the frenzy a bit. Home values have grown by leaps and bounds since the onset of the pandemic back in 2020.
However, our interest here is not the home value appreciation of recent years, but the home value growth over a much longer time. The year 2004 is important in the history of the housing bubble, because this was when the mortgage machine began churning out subprime loans; in the years 2005 to 2007, generous lending standards and inherent features of the originate-to-distribute model of mortgage lending inflated a massive housing bubble, whose bursting in 2008 would lead to economic desolation.
Here, we’re looking at the cities where home values have increased the most over the last 20 years, from 2004 to 2024. Based on data sourced from Zillow’s home value index, we analyzed and identified the top 20 cities where home values grew the most. Read on to find out which cities made the list.
Cities Where Home Values Have Grown the Most: 2004-2024
We specifically examined single-family residences, thus excluding condos, co-ops, and the like. For the United States overall, the median home value more than doubled, from $170,603 in August 2004 to $361,676 in August 2024. The rates of home value appreciation for these 20 cities are far above the 111.7% increase experienced by the U.S. overall.
Below is a table of 20 cities ranked in order by largest growth rate:
Carbondale, Colorado
This city is part of the greater Glenwood Springs micropolitan area, in the Roaring Fork Valley. Originally an agricultural and mining town, Carbondale began to have its home values pulled more and more upward by nearby Aspen, eventually becoming a bedroom community to Aspen. Then, Carbondale become a center of second-home construction, along with the consequent build up in services, tourism, and amenities.
According to Zillow, the median home value in Carbondale was $256,998 in August 2004, which was higher than average for the time. But over the last two decades, that median increased five and a half times, to over $1.44 million. While Carbondale is wealthier than the average American city, its median household income of $92,083 is lower than one might expect for a city with such a high median home value. Owner-occupied households in Carbondale have a median household income of $133,333.
Tangelo Park, Florida
Tangelo Park is a Census-designated place (CDP) — a geographical unit used by the Census Bureau and common in Florida — about nine miles southwest of Orlando. Tangelo Park has 908 households and a median household income of $55,227; its population is also on the older side, with 44.6% of householders aged 65 years or more. Back in August 2004, the median home value in Tangelo Park was $51,499. Over the next 20 years, home values increased fivefold, reaching $262,264 in August 2024.
Irwin, Idaho
Part of the Idaho Falls metro area, Irwin is a small town of around 107 households. The median household income here is $62,188. Over 70% of housing units are standalone single-family residences, with only 3.9% being attached single-family units. Another quarter of housing units are mobile homes. In terms of how old these structures are, 23.8% of homes were built between 1970 and 1979, followed by 15.5% for those built 1990 to 1999, and 14.9% for those built 1980 to 1989.
The median home value in Irwin was $73,176 in August 2004. It then increased fivefold, surpassing $365,000 in August 2024. According to Data USA, the top three industries by employment are Finance & Insurance with 14.3% of the workforce, Construction with 11.1% of the workforce, and Retail Trade with 9.52% of the workforce.
Gun Club Estates, Florida
The second city in Florida to make this list, Gun Club Estates is another CDP, with only 273 households. This place is right across the highway from Palm Beach International Airport. The homes here are classics, with 100% of them being built 1950 to 1959. Unlike the first three cities on our list, in Gun Club Estates, the majority — 76.9% of housing units — are renter-occupied, while only 23.1% are owner-occupied.
Home values here saw a massive surge, the fourth largest in this list. From $76,479 in August 2004, the median home value rose by 384.4%, to $370,459 by August 2024. The median household income in Gun Club Estates is $83,304, which is higher than the national median and Florida’s median.
Wolfforth, Texas
Located in western Texas, outside Lubbock, Wolfforth is a fast-growing suburb, whose population increased by 50.4% from 2010 to 2020. The median household income in Wolfforth is high, at $100,703. The housing units in Wolfforth are young, with 21.8% of them built during those bubble years, 2000 to 2009 (though Texas housing markets managed the housing crisis quite well); another 20.8% were built 2010 to 2019; and just under a fifth were built 1970 to 1979. The median home value in Wolfforth also rose by nearly fivefold, experiencing a 373.9%. The median home value went from $56,601 in August 2004 to $268,228 in August 2024.