Thes have been challenging times for homebuyers and sellers alike.
Mortgage rates have moderated in recent months,but they are still roughly twice were they were before the pandemic. Inventories have begun too grow, but prices are still up 60% sence 2019, according to the Harvard Joint Center for Housing Studies. The U.S. single-family median home price of $412,500 at the end of 2024 was five times the median household income, signaling an affordability crisis that the Harvard researchers deemed “shocking.”
Meanwhile, existing home sales last year hit a 30-year low; homebuilders are slashing prices at the highest rate in years; and they are doing so at a time when nearly one-third of housing markets nationally are experiencing declining prices.
As discouraging as these figures are,there are pockets of strength in a handful of states,as revealed in CNBC’s 2025 America’s Top States for Business study. Because companies looking to attract the best workforce consider the housing market when deciding where to locate, we measure the market as part of the study’s Economy category – the most crucial category under our this year’s methodology.
To identify the healthiest housing markets, we looked for a balance of affordability and value. We considered price appreciation year over year and seller gains, as well as affordability, property taxes, inventory, and housing starts. We also looked for signs of stress, like foreclosure activity and underwater mortgages.
These ten states offer relative stability to homeowners in a turbulent real estate market.
10. Hawaii
houses on Lanikai beach in Oahu, Honolulu, Hawaii.
patrick Baz | Afp | Getty images
With a median sale price roughly 45% higher than the national average, it may be hard to imagine the Aloha state on a list of attractive housing markets. But there are a few things to be said for Hawaii.Inventory is among the best in the country. Price appreciation slowed last year, but sellers can make good money over time. The average gain last year was 86%, according to real estate data firm ATTOM, compared to an average 53.8% profit nationally. and the effective property tax rate – the tax paid as a percentage of the home’s value – is the lowest in the country.
2025 Economy Rank: No. 39 (Top States Grade: D+)
Appreciation (Q4 2023-Q4 2024): 3.98%
Inventory (May 2025): 7 months
Affordability Rank: No. 40
Effective Property tax Rate: 0.33%
median Sale Price (2024): $752,900
7. Tennessee
2025 Economy rank: No. 7 (Top States Grade: B)
Appreciation: 6.52%
Inventory: 3 months
Affordability Rank: No. 31
Effective Property Tax Rate: 0.41%
Median Sale price: $495,400
6. North Carolina
Flat rock, north Carolina, townhouses apartment complex under construction, aerial view with blue Ridge Mountains.
Jeff Greenberg | Worldwide Images Group | Getty Images
Homebuyers are making tracks to the Tar Heel State,and that is keeping home builders busy. Though, inventories are tightening in North Carolina after flooding from Hurricane Helene last fall damaged or destroyed 100,000 homes in the western part of the state. price appreciation statewide is relatively muted,but sellers are still seeing a decent return on their investments.
2025 Economy Rank: No. 3 (top States Grade: A-)
Appreciation: 4.77%
inventory: 3 months
Affordability Rank: No. 14
Effective Property Tax Rate: 0.59%
Median Sale price: $387,700
5. Arizona
An aerial view of homes in the Phoenix suburbs on June 9,2023 in Queen Creek,Arizona. Queen Creek is one of the fastest growing communities in Arizona.
Mario Tama | Getty Images
The Grand Canyon State’s booming growth is helping to fuel a housing construction boom. Arizona ranks fourth in housing starts, according to Census data. That is helping the state maintain a decent amount of inventory, even as new residents pour in.but it may also be dampening seller profits, with price appreciation among the lowest in the country.
2025 Economy Rank: No. 13 (Top States Grade: B-)
Appreciation: 1.22%
Inventory: 4 months
Affordability Rank: no. 48
Effective Property Tax Rate: 0.41%
Median Sale Price: $451,600
4. Nevada
Lake Las Vegas, a grouping of several gated communities (3,500 residents), resorts, water features, and golf courses on 350 acres located between Lake Mead and Las Vegas is viewed on July 13, 2022 in Henderson, Nevada.
George Rose | Getty Images News | Getty images
Homeowners## Vermont: A Quintessential New England Escape
Vermont, often lauded for its picturesque landscapes and strong sense of community, consistently ranks among the most desirable states in the United States. Beyond the postcard-perfect imagery of rolling hills and vibrant fall foliage – as exemplified by the charming red houses nestled amongst the autumn leaves in Bridgewater [[1]] – lies a state rich in history, outdoor recreation, and a burgeoning culinary scene.
### A State Defined by Natural Beauty & Outdoor Adventure
The nickname “Green Mountain State” isn’t merely a moniker; it’s a testament to Vermont’s defining characteristic: its stunning natural habitat. Covering approximately 9,614 square miles, roughly 77% of Vermont is forested, providing a haven for wildlife and a playground for outdoor enthusiasts. Hiking the Long Trail, a 273-mile footpath traversing the state’s spine, is a bucket-list item for many. In recent years, vermont has seen a notable increase in visitors seeking outdoor experiences, with hiking permits up 25% since 2019, according to the Vermont Department of Forests, Parks and Recreation.
Beyond hiking, Vermont offers world-class skiing and snowboarding during the winter months. Resorts like Stowe and Killington attract skiers from across the globe, contributing considerably to the state’s tourism revenue. Though, Vermont’s outdoor appeal extends beyond the traditional winter sports. Kayaking and canoeing on Lake champlain,mountain biking on extensive trail networks,and fly fishing in pristine rivers are just a few of the activities available.
### A Thriving Local Economy & Sustainable Living
vermont’s economy is diverse,though heavily influenced by tourism and agriculture. The state is a leading producer of maple syrup, accounting for over 50% of the world’s supply [[2]]. Beyond maple syrup, Vermont boasts a thriving dairy industry, artisanal cheese production, and a growing craft beer scene. The state’s commitment to local sourcing and sustainable agriculture is evident in the proliferation of farmers’ markets and farm-to-table restaurants.
This dedication to sustainability extends beyond food. Vermont has consistently been a leader in renewable energy initiatives, with a goal of achieving 100% renewable energy by 2030. The state’s progressive policies and emphasis on environmental stewardship attract residents who prioritize a conscious lifestyle.Though, this commitment to sustainability also presents challenges, such as ensuring affordable energy access for all residents, a concern that remains [[3]] addressed through ongoing policy debates.
### A Cultural Hub with Small-Town Charm
Despite its relatively small population (approximately 645,000 as of 2023),Vermont punches above its weight in terms of cultural offerings. From the vibrant arts scene in Burlington to the historic theaters in smaller towns, there’s always something to experience. The state is home to numerous museums, galleries, and music venues, showcasing both local talent and nationally recognized artists.
Vermont’s small-town charm is perhaps its most enduring appeal. Town meetings, where residents directly participate in local governance, are a tradition that continues to thrive. This strong sense of community fosters a welcoming atmosphere and a slower pace of life, attracting those seeking an escape from the hustle and bustle of urban living.Vermont offers a unique blend of natural beauty, economic opportunity, and cultural richness, making it a truly remarkable place to live, work, and visit.