This Is The City Home Prices Are Rising Fastest

By Douglas A. McIntyre Published May 1, 11:23AM EDT

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This Is The City Home Prices Are Rising Fastest — © library_of_congress / Flickr

In the early months of the COVID-19 pandemic, U.S. home sales slumped. Since then, however, the market has come roaring back — and rising demand, in conjunction with a relatively low supply of housing, has caused home values to surge.

According to estimates from Zillow, a Seattle-based real estate data company, between March 2020 and March 2021, the typical single-family American home appreciated in value from $250,179 to $276,717, a 10.6% increase. Of course, housing markets also respond to local forces, and in some parts of the country, home values have appreciated at more than double the national rate.

In 50 cities and towns with populations of 35,000 or more, home values have appreciated by at least 18.7% over the past year. In some of them, the value of a typical family home has surged by more than 30%. Though these communities span the country, they tend to be concentrated in the Western United States.

One factor that can contribute to rapidly climbing home prices at a local level is demand. And demand for housing is often precipitated by a growing population. According to the most recent available Census data, 34 of the 50 cities and towns on this list of finalists for the market with the fastest rising home prices reported population growth over the last one-year period.

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Home prices are also largely dictated by what local residents can afford, and rising home values can often be the result of rising incomes. Of the 50 places on this finalist list for which income data is available, 47 reported year-over-year growth in median household income, based on the most recent available data Census data.

Nampa, Idaho is the market where home prices are rising fastest. Here are the details:

> 1-yr. change in median home value: +31.0% (+$80,090)
> Median home value; March 2021: $338,654
> 1-yr. population change: +2.5% (+2,289)
> Population: 93,952
> 1-yr. change in median household income: +9.3% (+ $4,155)
> Median household income: $48,846

Click here to read Cities Where Home Values Are Rising the Fastest

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.