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.
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 actually declined.
In 15 cities and towns with populations of 15,000 or more, home values have depreciated by at least 2.6% over the past year. In some of them, the value of a typical family home has plummeted by over 7.8%. Though these communities span the country, they tend to be concentrated in the Southern 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, nine of the 15 cities and towns on this list reported population decline over the last one-year period.
15. San Francisco, California
> 1-yr. change in median home value: –2.6%
> Median home value; March 2021: $1,425,867
> 1-yr. population change: +0.6%
> Population: 874,961
> Median household income: $112,449
This is How Much Home You Can Buy For 200K in Every State
14. Millbrae, California
> 1-yr. change in median home value: –2.7%
> Median home value; March 2021: $1,789,642
> 1-yr. population change: -0.3%
> Population: 22,625
> Median household income: $128,494
This is How Much Home You Can Buy For 200K in Every State
13. Liberal, Kansas
> 1-yr. change in median home value: –2.8%
> Median home value; March 2021: $125,923
> 1-yr. population change: -2.6%
> Population: 19,731
> Median household income: $48,629
This is How Much Home You Can Buy For 200K in Every State
12. Jamestown, North Dakota
> 1-yr. change in median home value: –2.9%
> Median home value; March 2021: $171,650
> 1-yr. population change: -0.5%
> Population: 15,289
> Median household income: $51,789
This is How Much Home You Can Buy For 200K in Every State
11. Midland, Texas
> 1-yr. change in median home value: –3.3%
> Median home value; March 2021: $259,098
> 1-yr. population change: +2.5%
> Population: 138,549
> Median household income: $79,329
This is How Much Home You Can Buy For 200K in Every State
10. Fort Leonard Wood, Missouri
> 1-yr. change in median home value: –4.3%
> Median home value; March 2021: $134,717
> 1-yr. population change: +0.9%
> Population: 16,026
> Median household income: $51,364
This is How Much Home You Can Buy For 200K in Every State
9. Clinton, Iowa
> 1-yr. change in median home value: –4.6%
> Median home value; March 2021: $89,884
> 1-yr. population change: -0.9%
> Population: 25,416
> Median household income: $44,094
This is How Much Home You Can Buy For 200K in Every State
8. Sienna Plantation, Texas
> 1-yr. change in median home value: –5.2%
> Median home value; March 2021: $224,296
> 1-yr. population change: +14.7%
> Population: 19,486
> Median household income: $149,018
This is How Much Home You Can Buy For 200K in Every State
7. Sulphur, Louisiana
> 1-yr. change in median home value: –5.3%
> Median home value; March 2021: $176,824
> 1-yr. population change: -0.6%
> Population: 20,113
> Median household income: $53,287
This is How Much Home You Can Buy For 200K in Every State
6. Laredo, Texas
> 1-yr. change in median home value: –6.0%
> Median home value; March 2021: $162,235
> 1-yr. population change: +0.6%
> Population: 259,151
> Median household income: $47,593
This is How Much Home You Can Buy For 200K in Every State
5. Warrensburg, Missouri
> 1-yr. change in median home value: –6.6%
> Median home value; March 2021: $188,124
> 1-yr. population change: +0.6%
> Population: 20,139
> Median household income: $46,315
This is How Much Home You Can Buy For 200K in Every State
4. East Palo Alto, California
> 1-yr. change in median home value: –7.1%
> Median home value; March 2021: $937,175
> 1-yr. population change: -0.1%
> Population: 29,593
> Median household income: $67,087
This is How Much Home You Can Buy For 200K in Every State
3. Longview, Texas
> 1-yr. change in median home value: –7.8%
> Median home value; March 2021: $165,770
> 1-yr. population change: -0.7%
> Population: 81,653
> Median household income: $49,086
This is How Much Home You Can Buy For 200K in Every State
2. Prichard, Alabama
> 1-yr. change in median home value: –8.3%
> Median home value; March 2021: $33,098
> 1-yr. population change: -0.7%
> Population: 21,773
> Median household income: $29,009
This is How Much Home You Can Buy For 200K in Every State
1. Laguna Woods, California
> 1-yr. change in median home value: –10.2%
> Median home value; March 2021: $343,463
> 1-yr. population change: -1.1%
> Population: 16,053
> Median household income: $44,020
This is How Much Home You Can Buy For 200K in Every State
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