Does the hippocampus encode the values associated with locations? It is widely held that the hippocampus provides a cognitive map in which event-related information, such as objects, locations, and their significance, is organized. However, how the hippocampus encodes values associated with locations is not well understood. It is known that the hippocampus consists of three subregions: dorsal, intermediate, and ventral, along its dorsoventral axis. Place cells in each subregion have different properties, such as broader place field sizes from dorsal to ventral hippocampus. We investigated whether the dorsal and intermediate regions of the hippocampus are differentially involved in representing changes in the values of places. Rats were run in tasks where high and low-value rewards were associated with the same locations while single units were simultaneously recorded in the dorsal and intermediate hippocampus. Place cells in the intermediate hippocampus changed their place fields toward new high-value locations immediately after the value decreased in previous high-value locations. In contrast, place cells in the dorsal hippocampus were mostly unresponsive to the same value change. Our results show that the dorsal and intermediate hippocampus encode the association of value and place differently, suggesting that value associated with place information is processed in the hippocampus, especially in the intermediate hippocampus.