Dating back to the beginning of the COVID-19 pandemic, the prices of homes have fluctuated. Many people within the United States began moving to different parts of the country, as they now no longer had to be near their office. As a result of all of this, various home prices in the United States have either skyrocketed or plummeted, depending on where you’re looking.
From the team at RealEstateAgents.com comes this new infographic that looks at the cities in the United States with the fastest growing and dropping real estate values. The data is specifically based on metro areas of the United States, analyzing either that median sale price increase or decrease from 2021 to 2022. Their team utilized the data from the National Association of Realtors, specifically about single-family homes.
Per their research, it was found that Farmington, New Mexico saw the largest increase in the median sale price of single family homes from 2021 to 2022, seeing a rise of 20.3% (average sale price of $217,100 to $261,200). In fact, it’s the only area featured on this infographic that saw an increase of at least 20%, with North Port-Sarasota-Bradenton, Florida coming in at just under that with an increase of 19.5% during that time.
As for the area with the largest decline in the median sale price of homes from 2021 to 2022 was the metro area of San Francisco-Oakland-Hayward, California, which saw a drop of 6.10% ($1,310,000 down to $1,230,000). The only other area on this infographic that saw a decrease of at least 5% was that of San Jose-Sunnyvale-Santa Clara, California, which dropped 5.80% ($1,675,000 to $1,577,500). Other areas where home values fell more than most include Cumberland, Maryland (down 4.1%) and Boise City-Nampa, Idaho (down 3.4%). Did your home city or the metro area in which you reside make either of these rankings on this new infographic?