Where Home Values Are Rising Fastest — and Why Homeowners Are Turning to HELOCs​

The past couple of years have seen home values rising quickly across the nation with no stopping or slowing down. The National Association of REALTORS® (NAR) predicts that 2026 will see a 4% increase in home prices.

With these increases in home prices, many homeowners are turning to HELOCs as a way to tap into their new home values.

A HELOC, or home equity line of credit, lets homeowners access funds based on the amount of their home they own outright, or equity you have in your home. The equity you own can be determined by subtracting the amount you have left on your mortgage from your home’s current value.

HELOCs are a popular way for homeowners to access their increased property values.

To take advantage of your home’s increased value, start your HELOC application today!

While home values are rising all over the country, some markets have seen greater increases. These are a few places where you can see the largest rise in home values between May 2025 and a year earlier.

Homes in New York City have seen a 7.37% rise in value in the past year.

New York City is the largest city by population in the United States with more than 8.8 million residents, leading the nation with a competitive housing market. While a competitive market may make things a little harder when looking to buy a home here, it is a big plus if you already own a home. Competitive housing markets are one of the major factors that contribute to the value of a home.

As of October 2025, the median sale price of homes in New York City is $854,000.

Chicago homes have noticed a 6.09% increase in value from the previous year.

The largest city in the Midwest with a population of over 2.7 million people, Chicago is home to many desirable neighborhoods. Properties for sale in these areas do not stay vacant for long. Due to the low inventory in these areas, home values have risen for any current homeowners there.

As of October 2025, the median sale price of homes in Chicago is $380,000.

In the past year, Detroit has seen a 4.87% increase in home values.

Neighborhoods all over Detroit’s 139 square miles have seen a major increase in property values. The increase in home values is being attributed to people investing in the city of Detroit. This can be seen through the revitalization projects and new home construction happening around the city. Current homeowners are benefiting from all of this as their home values and equity increase through investments.

As of October 2025, the median sale price of homes in Detroit is $95,000.

There has been a 4.82% increase in home values in Cleveland since May 2024.

Cleveland has recently seen a major increase in housing inventory due to the demand of people moving to the area. With the new influx of residents, home values across the city are rising, giving current homeowners an increased equity in their properties.

As of October 2025, the median sale price of homes in Cleveland is $134,500.

Boston has seen a 4.64% increase in home values during the previous year.

The current median home price in Boston has risen to just below that of New York City. Many attribute Boston’s rise in home values to the city’s job market and current housing inventory. With a booming job market, more people are making the move to Boston, which is making it harder to find a house and raising the value of homes in the process.

As of October 2025, the median sale price of homes in Boston is $835,000.

Homeowners are taking advantage of rising home values through loans that allow them to access their increased value, such as HELOCs.

Since home equity is determined by the current value of your home, rising home prices are giving homeowners greater equity. A HELOC allows you to tap into your new home equity, allowing homeowners to access larger funds. The funds from a HELOC can be used for anything from investments to home renovations and improvements, which could increase your home equity.

But remember, the housing market is constantly changing. So don’t wait before beginning to take advantage of rising home values and start your HELOC application today!

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_{Information provided is for educational purposes only. It should not be construed as financial or legal advice or instruction. Rate does not guarantee or assume liability for the accuracy, completeness or timelines of the information. You should conduct additional research before making any mortgage related decisions.}