The COVID-19 pandemic sent millions of Americans scrambling for the open spaces and cleaner air of suburbia, sending what was already a hot housing market to a boiling point.
Demand for homes was already high before the pandemic in many coveted parts of the country, but the global health crisis interrupted supply chains for building materials and locked down construction activity, making the situation worse for prospective home buyers. Houses in these markets sell in less than 20 days.
There are signs the stratospheric home prices may be beginning to level off. Housing starts (groundbreaking on new residential homes) growth was strong this summer, while homebuilding permits dropped to an eight-month low in June, an indicator that developers sense demand for new homes is cooling. Both indicators have returned to pre-pandemic levels, according to Reuters.
However, one reason for this could be that prices are still so high that potential homebuyers have simply given up for now. Those who have relocated across state lines in 2020 have tended to move Western states — especially to Oregon, Idaho, and Wyoming — and to Southern states, such as the Carolinas, Tennessee, and Florida, according to an annual survey by moving company United Van Lines. These are the cities where home values are rising the fastest.
To identify the 50 most expensive housing markets in the South, 24/7 Wall St. reviewed data from the U.S. Census Bureau’s 2019 American Community Survey five-year estimates, ranking only the 2,352 census-designated places, cities, and towns with at least 5,000 residents in the South. We also calculated the percent of population change using ACS data.
By far, the most represented state is Virginia, with 20 of the 50 most expensive housing markets in the South, although no Virginia markets are in the top three. Florida and Maryland are also well represented with 13 markets each. Texas has five markets, and Alabama, Georgia, Tennessee, and North Carolina have one each.
The median home prices in the most expensive markets in the South range between $627,000 and $1.5 million, while median annual household incomes range between $82,000 and $250,000.
Here are the most expensive housing markets in the South
50. Mount Vernon, Virginia
> Median home value: $627,900
> Homes worth at least $500,000: 76.6% — 37th highest in the South
> Median household income: $146,250 — 63rd highest in the South
> 5-year pop. change: +3.8% — 1,049th highest in the South
> Population: 13,113 — 1,160th highest in the South
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49. Mountain Brook, Alabama
> Median home value: $628,800
> Homes worth at least $500,000: 66.9% — 52nd highest in the South
> Median household income: $152,355 — 51st highest in the South
> 5-year pop. change: -0.4% — 1,680th highest in the South
> Population: 20,436 — 771st highest in the South
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48. Oakton, Virginia
> Median home value: $631,700
> Homes worth at least $500,000: 64.9% — 58th highest in the South
> Median household income: $132,256 — 92nd highest in the South
> 5-year pop. change: +0.7% — 1,495th highest in the South
> Population: 36,997 — 402nd highest in the South
47. Wakefield, Virginia
> Median home value: $632,600
> Homes worth at least $500,000: 90.6% — 15th highest in the South
> Median household income: $155,729 — 46th highest in the South
> 5-year pop. change: -11.7% — 2,324th highest in the South
> Population: 11,554 — 1,300th highest in the South
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46. Franklin Farm, Virginia
> Median home value: $633,600
> Homes worth at least $500,000: 82.4% — 28th highest in the South
> Median household income: $183,247 — 21st highest in the South
> 5-year pop. change: -7.4% — 2,280th highest in the South
> Population: 18,321 — 839th highest in the South
45. Pimmit Hills, Virginia
> Median home value: $635,900
> Homes worth at least $500,000: 76.1% — 38th highest in the South
> Median household income: $128,450 — 107th highest in the South
> 5-year pop. change: -6.4% — 2,259th highest in the South
> Population: 6,223 — 2,066th highest in the South
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44. Southwest Ranches, Florida
> Median home value: $641,800
> Homes worth at least $500,000: 72.7% — 42nd highest in the South
> Median household income: $124,591 — 132nd highest in the South
> 5-year pop. change: +3.2% — 1,120th highest in the South
> Population: 7,921 — 1,756th highest in the South
43. Lake Butler, Florida
> Median home value: $642,300
> Homes worth at least $500,000: 66.7% — 53rd highest in the South
> Median household income: $128,695 — 104th highest in the South
> 5-year pop. change: +15.6% — 223rd highest in the South
> Population: 19,499 — 800th highest in the South
42. Druid Hills, Georgia
> Median home value: $645,600
> Homes worth at least $500,000: 63.9% — 61st highest in the South
> Median household income: $129,740 — 103rd highest in the South
> 5-year pop. change: -39.9% — 2,349th highest in the South
> Population: 8,365 — 1,678th highest in the South
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41. Islamorada, Florida
> Median home value: $650,100
> Homes worth at least $500,000: 61.4% — 67th highest in the South
> Median household income: $82,500 — 458th highest in the South
> 5-year pop. change: +0.7% — 1,490th highest in the South
> Population: 6,433 — 2,019th highest in the South
40. Ashton-Sandy Spring, Maryland
> Median home value: $653,900
> Homes worth at least $500,000: 65.9% — 55th highest in the South
> Median household income: $127,813 — 110th highest in the South
> 5-year pop. change: +5.5% — 795th highest in the South
> Population: 5,997 — 2,102nd highest in the South
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39. Brentwood, Tennessee
> Median home value: $655,400
> Homes worth at least $500,000: 75.6% — 39th highest in the South
> Median household income: $168,688 — 34th highest in the South
> 5-year pop. change: +6.1% — 722nd highest in the South
> Population: 42,407 — 333rd highest in the South
38. Fairfax Station, Virginia
> Median home value: $662,400
> Homes worth at least $500,000: 83.6% — 27th highest in the South
> Median household income: $177,600 — 29th highest in the South
> 5-year pop. change: +6.7% — 661st highest in the South
> Population: 12,046 — 1,264th highest in the South
37. Lake Barcroft, Virginia
> Median home value: $671,400
> Homes worth at least $500,000: 77.4% — 36th highest in the South
> Median household income: $119,682 — 149th highest in the South
> 5-year pop. change: -0.1% — 1,623rd highest in the South
> Population: 9,823 — 1,477th highest in the South
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36. North Potomac, Maryland
> Median home value: $672,900
> Homes worth at least $500,000: 80.2% — 31st highest in the South
> Median household income: $171,066 — 33rd highest in the South
> 5-year pop. change: -0.7% — 1,720th highest in the South
> Population: 23,914 — 659th highest in the South
35. Southlake, Texas
> Median home value: $676,900
> Homes worth at least $500,000: 80.1% — 32nd highest in the South
> Median household income: $240,248 — 3rd highest in the South
> 5-year pop. change: +10.3% — 404th highest in the South
> Population: 31,292 — 485th highest in the South
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34. Marvin, North Carolina
> Median home value: $677,800
> Homes worth at least $500,000: 80.3% — 30th highest in the South
> Median household income: $206,469 — 13th highest in the South
> 5-year pop. change: +10.4% — 401st highest in the South
> Population: 6,553 — 1,989th highest in the South
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33. Marco Island, Florida
> Median home value: $678,900
> Homes worth at least $500,000: 63.8% — 62nd highest in the South
> Median household income: $86,215 — 409th highest in the South
> 5-year pop. change: +4.0% — 1,004th highest in the South
> Population: 17,834 — 863rd highest in the South
32. Floris, Virginia
> Median home value: $700,900
> Homes worth at least $500,000: 93.3% — 7th highest in the South
> Median household income: $197,143 — 14th highest in the South
> 5-year pop. change: -0.8% — 1,728th highest in the South
> Population: 8,291 — 1,694th highest in the South
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31. Fort Hunt, Virginia
> Median home value: $702,200
> Homes worth at least $500,000: 91.4% — 13th highest in the South
> Median household income: $188,142 — 18th highest in the South
> 5-year pop. change: -1.7% — 1,877th highest in the South
> Population: 16,973 — 910th highest in the South
30. Arlington, Virginia
> Median home value: $705,400
> Homes worth at least $500,000: 69.2% — 49th highest in the South
> Median household income: $120,071 — 147th highest in the South
> 5-year pop. change: +4.3% — 972nd highest in the South
> Population: 233,464 — 38th highest in the South
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29. Belmont, Virginia
> Median home value: $711,400
> Homes worth at least $500,000: 85.1% — 24th highest in the South
> Median household income: $220,750 — 7th highest in the South
> 5-year pop. change: +4.3% — 964th highest in the South
> Population: 6,632 — 1,969th highest in the South
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28. Siesta Key, Florida
> Median home value: $715,000
> Homes worth at least $500,000: 70.2% — 45th highest in the South
> Median household income: $102,143 — 259th highest in the South
> 5-year pop. change: -8.0% — 2,293rd highest in the South
> Population: 5,573 — 2,198th highest in the South
27. Sanibel, Florida
> Median home value: $721,200
> Homes worth at least $500,000: 77.5% — 35th highest in the South
> Median household income: $108,081 — 208th highest in the South
> 5-year pop. change: +6.1% — 721st highest in the South
> Population: 7,319 — 1,838th highest in the South
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26. Longboat Key, Florida
> Median home value: $740,500
> Homes worth at least $500,000: 73.6% — 40th highest in the South
> Median household income: $114,762 — 166th highest in the South
> 5-year pop. change: +3.0% — 1,154th highest in the South
> Population: 7,283 — 1,844th highest in the South
25. Dunn Loring, Virginia
> Median home value: $741,600
> Homes worth at least $500,000: 94.8% — 5th highest in the South
> Median household income: $190,694 — 17th highest in the South
> 5-year pop. change: -2.5% — 1,982nd highest in the South
> Population: 9,158 — 1,563rd highest in the South
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24. Vienna, Virginia
> Median home value: $743,500
> Homes worth at least $500,000: 91.9% — 11th highest in the South
> Median household income: $161,196 — 40th highest in the South
> 5-year pop. change: +0.9% — 1,462nd highest in the South
> Population: 16,489 — 936th highest in the South
23. Darnestown, Maryland
> Median home value: $744,500
> Homes worth at least $500,000: 92.0% — 10th highest in the South
> Median household income: $216,250 — 8th highest in the South
> 5-year pop. change: -4.7% — 2,192nd highest in the South
> Population: 6,462 — 2,009th highest in the South
22. South Kensington, Maryland
> Median home value: $754,200
> Homes worth at least $500,000: 86.0% — 23rd highest in the South
> Median household income: $180,000 — 27th highest in the South
> 5-year pop. change: +4.4% — 948th highest in the South
> Population: 8,763 — 1,614th highest in the South
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21. South Run, Virginia
> Median home value: $763,900
> Homes worth at least $500,000: 93.4% — 6th highest in the South
> Median household income: $208,272 — 10th highest in the South
> 5-year pop. change: -4.0% — 2,137th highest in the South
> Population: 6,243 — 2,061st highest in the South
20. Mantua, Virginia
> Median home value: $780,000
> Homes worth at least $500,000: 86.6% — 21st highest in the South
> Median household income: $172,357 — 32nd highest in the South
> 5-year pop. change: -2.5% — 1,984th highest in the South
> Population: 7,342 — 1,829th highest in the South
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19. Crosspointe, Virginia
> Median home value: $781,600
> Homes worth at least $500,000: 97.0% — 3rd highest in the South
> Median household income: $193,472 — 16th highest in the South
> 5-year pop. change: -7.6% — 2,286th highest in the South
> Population: 5,727 — 2,170th highest in the South
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18. Falls Church, Virginia
> Median home value: $789,300
> Homes worth at least $500,000: 83.7% — 26th highest in the South
> Median household income: $127,610 — 112th highest in the South
> 5-year pop. change: +6.2% — 712th highest in the South
> Population: 14,128 — 1,086th highest in the South
17. Bellaire, Texas
> Median home value: $842,700
> Homes worth at least $500,000: 80.8% — 29th highest in the South
> Median household income: $206,734 — 12th highest in the South
> 5-year pop. change: +5.3% — 817th highest in the South
> Population: 18,815 — 817th highest in the South
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16. Coral Gables, Florida
> Median home value: $846,100
> Homes worth at least $500,000: 77.9% — 34th highest in the South
> Median household income: $100,843 — 273rd highest in the South
> 5-year pop. change: +0.3% — 1,556th highest in the South
> Population: 50,226 — 279th highest in the South
15. Potomac, Maryland
> Median home value: $893,800
> Homes worth at least $500,000: 90.9% — 14th highest in the South
> Median household income: $195,884 — 15th highest in the South
> 5-year pop. change: -0.0% — 1,610th highest in the South
> Population: 45,940 — 307th highest in the South
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14. Bethesda, Maryland
> Median home value: $911,000
> Homes worth at least $500,000: 84.8% — 25th highest in the South
> Median household income: $164,142 — 36th highest in the South
> 5-year pop. change: +1.8% — 1,326th highest in the South
> Population: 63,195 — 218th highest in the South
13. Wolf Trap, Virginia
> Median home value: $912,900
> Homes worth at least $500,000: 98.6% — 1st highest in the South
> Median household income: $227,022 — 5th highest in the South
> 5-year pop. change: -1.2% — 1,785th highest in the South
> Population: 16,436 — 945th highest in the South
12. Chevy Chase, Maryland
> Median home value: $944,700
> Homes worth at least $500,000: 93.3% — 8th highest in the South
> Median household income: $181,929 — 24th highest in the South
> 5-year pop. change: +1.8% — 1,316th highest in the South
> Population: 9,622 — 1,500th highest in the South
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11. Pinecrest, Florida
> Median home value: $949,400
> Homes worth at least $500,000: 88.9% — 17th highest in the South
> Median household income: $156,875 — 44th highest in the South
> 5-year pop. change: +0.4% — 1,550th highest in the South
> Population: 19,244 — 807th highest in the South
10. Pelican Bay, Florida
> Median home value: $983,600
> Homes worth at least $500,000: 86.6% — 20th highest in the South
> Median household income: $141,856 — 71st highest in the South
> 5-year pop. change: +17.4% — 185th highest in the South
> Population: 6,140 — 2,074th highest in the South
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9. Naples, Florida
> Median home value: $988,500
> Homes worth at least $500,000: 72.6% — 43rd highest in the South
> Median household income: $107,013 — 218th highest in the South
> 5-year pop. change: +5.9% — 751st highest in the South
> Population: 21,812 — 720th highest in the South
8. McLean, Virginia
> Median home value: $1,031,200
> Homes worth at least $500,000: 96.9% — 4th highest in the South
> Median household income: $207,184 — 11th highest in the South
> 5-year pop. change: -0.2% — 1,652nd highest in the South
> Population: 47,682 — 299th highest in the South
7. Travilah, Maryland
> Median home value: $1,081,200
> Homes worth at least $500,000: 91.9% — 12th highest in the South
> Median household income: $241,369 — 2nd highest in the South
> 5-year pop. change: -6.6% — 2,265th highest in the South
> Population: 11,301 — 1,325th highest in the South
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6. West University Place, Texas
> Median home value: $1,113,500
> Homes worth at least $500,000: 87.5% — 19th highest in the South
> Median household income: $250,000+ — highest in the South
> 5-year pop. change: +1.2% — 1,406th highest in the South
> Population: 15,603 — 994th highest in the South
5. Great Falls, Virginia
> Median home value: $1,142,000
> Homes worth at least $500,000: 98.0% — 2nd highest in the South
> Median household income: $238,125 — 4th highest in the South
> 5-year pop. change: -5.7% — 2,235th highest in the South
> Population: 14,872 — 1,043rd highest in the South
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4. Palm Beach, Florida
> Median home value: $1,177,100
> Homes worth at least $500,000: 79.3% — 33rd highest in the South
> Median household income: $141,348 — 77th highest in the South
> 5-year pop. change: +3.6% — 1,068th highest in the South
> Population: 8,723 — 1,623rd highest in the South
3. Key Biscayne, Florida
> Median home value: $1,211,000
> Homes worth at least $500,000: 88.3% — 18th highest in the South
> Median household income: $151,310 — 55th highest in the South
> 5-year pop. change: +0.2% — 1,572nd highest in the South
> Population: 12,915 — 1,177th highest in the South
2. University Park, Texas
> Median home value: $1,295,500
> Homes worth at least $500,000: 92.6% — 9th highest in the South
> Median household income: $224,485 — 6th highest in the South
> 5-year pop. change: +3.9% — 1,032nd highest in the South
> Population: 25,036 — 616th highest in the South
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1. Highland Park, Texas
> Median home value: $1,508,900
> Homes worth at least $500,000: 90.5% — 16th highest in the South
> Median household income: $211,136 — 9th highest in the South
> 5-year pop. change: +2.8% — 1,168th highest in the South
> Population: 9,168 — 1,561st highest in the South
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