Oct 27

Markets Where Home Prices Are Surging Most

Markets Where Home Prices Are Surging Most

 

Housing demand has been on fire amid the pandemic, and home prices have skyrocketed in response. Many markets have seen double-digit percentage price growth since the pandemic began.

For example, in Rochester, N.Y., where home prices have been particularly volatile, the median sales price has surged by nearly 170% from September 2020 to September 2021.

The National Association of REALTORS® reports that the median existing-home price for all housing types in September was $352,800, a jump of 13.3% compared to September 2020.

Forbes.com recently identified the markets that have seen their home prices surge the most in 2021, culling housing data from Redfin. They factored in median sales price and year-over-year changes from September 2019 to 2020, inventory, months of homes supply, and the number of new listings. The following markets have posted the largest home price increases from 2019 to 2021.

Bellevue, Wash.

  • Median sale price in September 2019: $887,500
  • Median sale price in September 2020: $1.096 million
  • Median sale price in 2021: $1.295 million

Fremont, Calif.

  • Median sale price in September 2019: $992,500
  • Median sale price in September 2020: $1.19 million
  • Median sale price in September 2021: $1.35 million (a record high)

Scottsdale, Ariz.

  • Median sale price in September 2019: $477,000
  • Median sale price in September 2020: $582,500
  • Median sale price in September 2021: $695,000

San Jose, Calif.

  • Median sale price in September 2019: $946,000
  • Median sale price in September 2020: $1.094 million
  • Median sale price in September 2021: $1.24 million

Rochester, N.Y.

  • Median sale price in September 2019: $167,950
  • Median sale price in September 2020: $121,296
  • Median sale price in September 2021: $285,000

Pembroke Pines, Fla.

  • Median sale price in September 2019: $265,000
  • Median sale price in September 2020: $324,450
  • Median sale price in September 2021: $395,750

Glendale, Calif.

  • Median sale price in September 2019: $810,000
  • Median sale price in September 2020: $936,000
  • Median sale price in September 2021: $1.05 million

Worcester, Mass.

  • Median sale price in September 2019: $252,500
  • Median sale price in September 2020: $315,000
  • Median sale price in September 2021: $370,000

Boise, Idaho

  • Median sale price in September 2019: $326,500
  • Median sale price in September 2020: $387,270
  • Median sale price in September 2021: $480,000

Palmdale, Calif.

  • Median sale price in September 2019: $333,000
  • Median sale price in September 2020: $410,000
  • Median sale price in September 2021: $470,000

View the full list at Forbes.com.

Source:
“10 Cities With the Biggest Jump in Home Prices of 2021,” Forbes.com (Oct. 25, 2021)
©National Association of REALTORS®
Reprinted with permission

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