The City Where Home Prices Have Risen Most in the Past 10 Years

By Douglas A. McIntyre Published Sep 19, 10:35AM EDT

Follow 24/7 Wall St. on Google

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

The City Where Home Prices Have Risen Most in the Past 10 Years — © peeterv / iStock via Getty Images

The U.S. home market has been through brutal lows and record highs since the collapse of the market in 2008 and 2009. The financial meltdown-driven recession coupled with high-risk adjustable interest rate mortgages dropped home prices in some markets by over 30% in a short period. Foreclosures reached an all-time high well into the hundreds of thousands. The market took much more than a decade to recover.

The blood bath was followed much more recently by a record run-up in home prices, which may have peaked earlier this year. According to the carefully followed S&P Case Shiller home price index, nationwide home prices in the United States rose by 20% year over year most months in 2022. In several markets, the increase was above 30%.

The recent run-up was driven by low mortgage rates and the fact that people could work from home. Mortgage interest rates fell to under 3% for a 30-year fixed rate mortgage.

Millions of Americans also had a chance to relocate after the start of the COVID-19 pandemic. Almost every company in America had to shut its offices. This allowed people to move to what they considered desirable places with a good quality of living. In these markets, prices were pressured up substantially.
[nativounit]
The picture of home prices over the period of a decade is much different from the two-year surge the market has just posted.

Point2 has put together an analysis of the U.S. market based on prices in 2011 and 2021. This data, which covered 190 cities, came from the National Association of Realtors.
[wallst_email_signup]
The markets that had the largest increase in home prices have little in common. Some were markets that traditionally have very low home prices. Others are markets where prices have surged in just the past few months. Some of these are the largest metros in the country. Others are fairly small as measured by population.

Over the 10 years, the median price of a home in America has risen 112% to $353,600. In the second quarter of 2022, the figure reached $414,000.
[recirclink id=1169549]
The city with the highest percentage increase is among the poorest, in both income and home values. The median price for a home in Detroit rose 357% to $245,700. This price remains well below the national median figure, and the income situation in the city has not improved much over the decade.

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.