Updated July 22, 2026. We pulled Zillow's Home Value Index for every state, found each state's highest monthly reading from January 2021 through June 2026, and compared that peak with the June 2026 value.
Fifteen states are still at least 1% below that peak. If you bought near the top in those markets, the typical home is still worth less than it was at the high — even after years of waiting for a rebound.
This is not the same as "home prices fell since 2019." Most of these markets are still far above 2019. The stuck-buyer question is narrower: have prices gotten back to the pandemic-era high?
For metro detail, see the top 25 major metros still below peak. Start here if you want the plain-English version: Are home prices still below peak in 2026? Deep dives: Austin, Florida, Phoenix. Maps: Home Prices by State and Home Prices by Metro.
The ranking: states still below their post-2021 peak
| # | State | Peak month | Peak ZHVI | June 2026 | $ below peak | % from peak |
|---|---|---|---|---|---|---|
| 1 | District of Columbia | 2022-06 | $666,588 | $579,332 | $87,256 | -13.1% |
| 2 | Arizona | 2022-07 | $466,501 | $422,822 | $43,679 | -9.4% |
| 3 | Florida | 2024-05 | $407,371 | $378,126 | $29,245 | -7.2% |
| 4 | Colorado | 2022-07 | $585,816 | $543,435 | $42,382 | -7.2% |
| 5 | Texas | 2022-08 | $321,557 | $302,999 | $18,558 | -5.8% |
| 6 | Idaho | 2022-06 | $510,469 | $482,199 | $28,270 | -5.5% |
| 7 | Louisiana | 2022-07 | $229,369 | $217,968 | $11,400 | -5.0% |
| 8 | Nevada | 2022-07 | $466,313 | $448,215 | $18,098 | -3.9% |
| 9 | Oregon | 2022-06 | $524,163 | $504,432 | $19,731 | -3.8% |
| 10 | Hawaii | 2022-07 | $861,125 | $836,741 | $24,384 | -2.8% |
| 11 | Georgia | 2024-09 | $344,703 | $335,358 | $9,344 | -2.7% |
| 12 | Washington | 2022-06 | $619,670 | $603,303 | $16,367 | -2.6% |
| 13 | Utah | 2022-06 | $556,305 | $541,692 | $14,613 | -2.6% |
| 14 | California | 2025-01 | $795,046 | $775,549 | $19,498 | -2.5% |
| 15 | Kentucky | 2025-06 | $237,640 | $235,363 | $2,277 | -1.0% |
What the list shows
D.C., Arizona, Florida, Colorado, and Texas lead. Most of the deeper drops peaked in mid-2022, when mortgage rates spiked and the hottest pandemic markets reversed. Florida and Georgia are different: their peaks came later (2024), so those "stuck" buyers are more recent.
California is on the list, but its peak was January 2025 — only about 2.5% above June 2026. That is a soft pullback, not an Austin-style reset.
Most states are not on this list. In 36 states (and many metros), June 2026 was at or within 1% of the highest reading since 2021. Peak buyers there are roughly even or ahead on paper for the typical home.
How to read "stuck"
- These are typical home values (ZHVI), not your exact address or sale price.
- A house can be below the metro/state peak and still worth more than you paid in 2019 or early 2020.
- Mortgage rates matter as much as price: even a flat home value can leave a 2021–2022 buyer with a payment advantage (or lock-in) that new buyers do not have.
- Peak month is the single highest month in the Jan 2021–June 2026 window — not an annual average.
Method
Source: Zillow Home Value Index (ZHVI), all homes, middle tier, seasonally adjusted, state level. For each state we take the maximum monthly value from January 2021 through June 2026 and compare it with June 2026. States are ranked by percent below peak. We only list states at least 1% below peak to ignore rounding noise.
Data through June 2026. Related: Home Price Index, Rent vs Buy by State, Top 25 metros still below peak.