Cities Where Home Values Have Grown the Most Over the Last 20 Years- Carbondale, Colorado is 1st in the Nation | Avant Garde Aspen Luxury Real Estate
Stephanie Kroll
Stephanie Kroll
The housing market has taken quite a journey over the last few decades, with significant price surges in recent years, particularly from late 2021 through 2022. During this period, the market was characterized by soaring demand and low interest rates, until rising rates eventually cooled the frenzy. While recent trends are interesting, we’re here to zoom out and take a broader view, looking at home value appreciation over the last 20 years.
2004 stands as a pivotal year in U.S. housing history. It marked the beginning of the subprime mortgage boom, which led to inflated home prices and culminated in the 2008 financial crisis. By examining the time frame from 2004 to 2024, we gain insights into long-term trends that show which cities have experienced the most significant home value growth over this period.
We’ve analyzed Zillow’s Home Value Index to identify the top 20 cities where single-family home values have grown the most between August 2004 and August 2024. You’ll find that many cities on this list are known for their desirability, amenities, and proximity to growing economic centers.
The following list includes cities that have outpaced the national growth rate in home values. While the U.S. median home value increased by 111.7%—from $170,603 in 2004 to $361,676 in 2024—the cities listed below saw home values soar far beyond that rate.
Carbondale, a charming town nestled in the Roaring Fork Valley, just outside of Aspen, has experienced dramatic home value growth. Originally an agricultural hub, the town saw its property values increase steadily as Aspen’s real estate market flourished, transforming Carbondale into a desirable bedroom community and second-home destination. The town became known for its upscale services and proximity to Aspen's elite tourism industry.
In 2004, the median home value in Carbondale stood at $256,998. Over the past 20 years, this number has skyrocketed by more than 460%, reaching over $1.44 million in 2024. Interestingly, while the home values reflect a wealthy population, the median household income of $92,083 in Carbondale doesn’t fully align with the elevated property prices. Owner-occupied homes tend to reflect higher incomes, averaging $133,333, indicating the presence of affluent homeowners.
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