diff --git a/types/module/configurator.go b/types/module/configurator.go
index c0b25a82e9..811fb51996 100644
--- a/types/module/configurator.go
+++ b/types/module/configurator.go
@@ -89,8 +89,8 @@ func (c configurator) RegisterMigration(moduleName string, fromVersion uint64, h
 // runModuleMigrations runs all in-place store migrations for one given module from a
 // version to another version.
 func (c configurator) runModuleMigrations(ctx sdk.Context, moduleName string, fromVersion, toVersion uint64) error {
-	// No-op if toVersion is the initial version.
-	if toVersion <= 1 {
+	// No-op if toVersion is the initial version or if the version is unchanged.
+	if toVersion <= 1 || fromVersion == toVersion {
 		return nil
 	}