Ever since the pandemic began, the housing market in the United States has undoubtedly surged. In 2020, borrowers were being offered lower mortgage rates, which caused an influx of people purchasing homes, which then in turn drove up the costs of a typical home in various cities across the United States.
With this new infographic from the team at Decorative Ceiling Tiles, you’ll learn all about which 50 U.S. cities have seen home prices rise the most since the pandemic began.
For this infographic, the team at Decorative Ceiling Tiles used Zillow’s Home Value Index for the data, which is seasonally adjusted and only includes the middle priced tier of homes. The data specifically compares home values from January 2020, which is right before the pandemic began, versus the home values in those same places in July of 2022.
According to the data and research, it was found that the typical home value in the United States was $251,000, a number that rose to $355,000 by January of 0222. That’s a 41.45% increase in just two and a half years!
U.S. Cities Where House Prices have Risen The Most
It was found that the typical home prices rose the most in Cape Coral, Florida, where average home values increased by 85.96%. In fact, five of the ten cities where typical home prices increased the most were in Florida, with Cape Coral, third-ranked St. Petersburg (76.92% increase), fourth-ranked Port St. Lucie (72.88% increase), fifth-ranked Clearwater (71.09% increase), and eighth-ranked Tampa (69.35% increase).
Other cities in the top ten, per the research, where Round Rock, Texas (80.94% increase), Surprise, Arizona (69.93% increase), Nampa, Idaho (69.69% increase), Austin, Texas (69.05% increase), Gilbert (68.54%).
As for where home values rose the least, it was Odessa, Texas in the worst spot. Since the pandemic began, home values in Odessa actually decreased, for a change of -1.98%.