Thanks to the effects of the Covid-19 pandemic, the US housing market has had to grapple with an absolutely unprecedented situation (or at least after the 1918 Spanish flu). Most housing markets experienced a decline in initial activity, but over the past year many housing markets experienced significant increases, particularly in prices. Data usage from Redfin
, average selling price, annual change from September 2019 to September 2020, and other factors such as available stock, month of housing availability, number of new listings, etc. House prices grew the most in the last two years, both in absolute dollar terms and in terms of growth rates. Find out which cities will see house price increases in 2021.
Bellevue is a large suburb of Seattle and the housing market has been very hot in recent years. Due to intense home buying, Bellevue will be one of the cities with the lowest housing stocks in the US by 2021. Real estate prices in Bellevue are rising, possibly due to falling stocks. Bellevue’s average retail price was $8.87,500 in September 2019, but rose 23.4% over the next 12 months to $1,096,000 in September 2020. As if that weren’t enough, Bellevue’s average retail price increased from September 2020 to September 2020 by an additional 18.2% to a staggering $1.295 million (which it actually is). Slightly lower than the record high of $1.3 million hit in July 2021.
Fremont is in the San Francisco Bay Area, so it’s not particularly cheap in terms of housing. However, property prices in Fremont remain much higher. As of September 2019, Fremont’s average retail price was $992,500. Over the next 12 months, inventory decreased 47.8%, the number of homes for sale was halved, and the median selling price increased to $1.19 million. With home construction not stagnating, the available inventory in Fremont fell another 23.9%, making buying a home much more difficult and expensive than before. During the same period, the average retail price continued to climb to a record $1.35 million through September 2021.
Home buying activity has increased since last year. Scottsdale’s inventory fell 3.5% year-on-year, from a whopping 2,271 homes for sale in September 2019 and September 2020 to 2,191 homes for sale. Home prices fell 46.6% and only 1,171 homes were sold through September 2021. Property prices responded well as supply fell, increasing 22.1% from September 2019 (median selling price $477,000) to September 2020 ($582,500) . With new seller listings down 27.3% from September last year, supply continues to be limited and the Scottsdale average selling price hit an all-time high of $715,000 in August 2021.
San Jose, California
San Jose, the heart of Silicon Valley, transitioned from an already expensive housing market to a more expensive housing market between 2019 and 2021. San Jose supply fell 43.5% from 2.3 months supply in September 2019. September 2020 supply was 1 ,3 months. A year later, this figure fell by 53.8%, with housing supply only 0.6 months until September 2021 and available stock of 537 apartments. -Sale. As a result, house prices rose in San Jose, with median selling prices increasing by more than 31% from $946,000 in September 2019 to $1.24 million in September 2021.
Rochester managed to make the list and saw a serious spike in home prices from 2019 to 2020 but it worked out in the end. Rochester’s average retail price even fell 21.8% from $167,950 in September 2019 to $121,296 in September 2020. However, inventory levels fell 46.8% in September 2021 compared to the previous September, and the month housing supply fell in September 2021 compared to September at 20%. In 2020 Rochester home prices are up in 2021. From $121,296 in September 2020, the average Rochester retail price jumped nearly 170% to $285,000 in September 2021. However, keep in mind that Rochester property prices are for the skeptics. For example, after hitting a low of $1121,296 in September 2020, the average selling price rose to a record $368,000 in November 2020 and then fell sharply. And in August 2021, Rochester’s median selling price hit $356,000, its 2021 high.
Pembroke Pines, Florida
Pembroke Pines real estate doesn’t surprise the housing market’s ups and downs, especially when it comes to how crazy the Florida housing market is. However, property prices in Pembroke Pines have strengthened over the past two years. As of September 2019, the average retail price of Pembroke Pines is only $265,000. However, a year later, property prices in Pembroke Pines soared despite the impact of the pandemic in the United States, reaching $324,450 in September 2020, up 22.4% year-on-year. Those price increases continued through 2021 as home purchases accelerated and Pembroke Pines inventory for sale fell 35.7%. That number fell from 691 units in September 2020 to 444 units in September 2021. Average retail price rose another 22% from $324,450 in September 2021 to $395,750, an increase of $71,300 in just one year.
The Glendale housing market has done well to offset the effects of the pandemic. Property purchases in Glendale have become more active, with 291 homes in September 2019 and a 45.4% decline in available inventory to 159 in September 2021. Glendale’s median selling price is $810,000. In September 2019, but over the next 12 months, it rose by $126,000 to reach $936,000 in September 2020. And a year later, Glendale’s average retail price in September 2021 was $1.05 million and the median home price would be $114,000.
In Worcester, west of Boston, house prices have skyrocketed in the past two years. Home sales are up 8.3% since September last year, with more homes being sold than listed. For example, the average selling price in September 2021 is 103.8%. The selling price is 3.8% above the house price. Worcester’s average retail price, meanwhile, began to decline, rising nearly 25 percent from $252,500 in September 2019 to $315,000 in September 2020. Since then, it’s been up again, up 17.5 percent year-on-year to a record high. in September 2021.
Boise has become an avid population and economic growth hotspot in recent years. In 2021, Boise is emerging as one of the most popular housing markets in the United States. Massive home buying has heavily impacted the stock, 49.3% lower than September 2019 when 756 homes were sold in September 2020 – a sale. As of September 2021, inventory has recovered to some extent, especially since the new listings have gone online. However, property prices in Boise continued to rise. From $326,500 in September 2019, Boise’s average retail price jumped 18.6% to $387,270, then rose another 23.9% year-on-year to $480,000, the lowest in September 2021.