U.S. home prices have been on an upward trend for decades, but in the wake of the COVID-19 pandemic, prices have soared even more, especially in select places.
The median home price in the U.S. was $329,000 in the first quarter of 2020 and soared to $428,700 in the first quarter of 2022 as The COVID-19 pandemic has swept the country.
Home prices are now more than 30% higher than in 2020 and up nearly 16% since 2021.
With record inflation soaring across the country, here are the cities with the highest median list prices.
San Jose
According to from Zillo.
Of the nearly 100 cities Zillow analyzed, San Jose was the only one with an average home price of more than $1 million, with a median list price of $1,390,000.
Los Angeles
The Los Angeles area, which also includes Long Beach and Anaheim, California, came in second, with a median list price of $998,330.
San Francisco
San Francisco is close behind the City of Angels, with a median list price of $978,478.
Ventura
The median list price in Pacific Rim cities north of Los Angeles is $943,967, about $35,000 less than the three most expensive cities in California.
San Diego
The median list price in San Diego remains at $921,000, according to Zillow.
Home prices are even higher elsewhere in the state, experts say, leading to a hot market in the city.
“What I’m seeing is a lot of people from the Los Angeles, San Francisco, San Jose area starting to leave their markets because of the high prices and turning their attention to San Diego because of the location, while many other markets are appreciating much faster A lot, we’re seeing a lot of people coming here,” San Diego real estate agent Destiny Roxas said. NBC 7a local news station.
Stanford
Outside of California, Stamford, Connecticut, leads the nation with a median price of just under $900,000.
Just 40 miles from New York City, the city has the country’s High-income households have the highest density.
Seattle
Back on the West Coast, Seattle was seventh with a median list price of $782,997.
However, rising mortgage rates and other factors have reportedly led experts to say the market cannot continue to grow at the rapid pace it has seen during the pandemic. Seattle Times.
“Things seem to be leveling off,” Christina Loper, the area’s Kyler Williams agent, told The New York Times.
Boston
Boston followed with $746,000. The city’s real estate market is reportedly ‘overvalued’ Boston Netciting a CoreLogic report published earlier this month.
Melvin Vieira Jr., chairman of the Real Estate Board of Greater Boston, told the outlet that he has seen less tension in the market over the past few months.
“We will reduce bidding wars for properties under $1 million,” he said. “You’re really going to see prices leveling off, or even price corrections. We’re not going to see multiple offers for so many homes in this price range.”
Honolulu
Urban Honolulu is a close second, with a median list price of $721,667. Home prices in the area hit record highs this year, a trend the Honolulu Board of Realtors attributes to supply and demand.
“What everyone is asking is when will it normalize the market,” board chairman Chad Takesue told hawaii newsa local news station.
“We continue to expect to see a competitive market until inventory levels reach the point where they are satisfied,” Takesue added.
New York City
Rounding out the top ten is New York City, with a median list price of $692,333.
Despite the high prices, the city is emerging from a recent surge in condo sales. In the third quarter of 2021, there were more condo sales in the city than at any time in the past 32 years, according to the data. New York Times.
what’s next
Soaring house prices also rental market Competition is fiercer as more people who once considered buying a home are opting to rent instead.
But Doug Duncan, senior vice president and chief economist at government-backed mortgage giant Fannie Mae, said he expects home sales, home prices and the number of mortgages to fall over the next two years.
“In particular, we expect house price growth to decelerate to a pace more in line with income growth and interest rates,” Duncan said in his team’s prediction that inflation and other economic factors could lead to “Moderate Decline” in 2023.
