The U.S. housing market has been surging ever since the pandemic started. In 2020, borrowers were offered low mortgage rates, leading to an influx of people buying homes, which began to drive up the cost of the typical home in cities across the country. The research team at Decorative Ceiling Tiles wanted to know which cities were getting hit the hardest with rising home prices. Using the Zillow Home Value Index, we found the typical value of homes in each of the 300 biggest cities in the U.S. before the pandemic began (January 2020) and compared them to the typical home values in July 2022. Through our analysis of this housing price index, we found the 50 cities that had the biggest increases in home value. Zillow’s Home Value Index is seasonally adjusted and only includes the middle price tier of homes.
Our analysis determined that one coastal city in Florida has had a whopping 86% increase in the value of a typical home since the pandemic began! In fact, Florida cities dominated the list of 50 cities, with five in the top ten alone. Florida was found to be the top state that people moved to in both 2020 and 2021, leading to a massive demand for homes. With so many people moving to Florida and a limited housing inventory, the values of homes there have since skyrocketed.
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What Is a Typical Home Value in the United States?
According to the Zillow Home Value Index, the typical value of homes in the U.S. was $251,000 in January 2020 and had risen to $355,000 as of July 2022. Home prices continue to climb across the United States, some by staggering amounts. But how much has the average home price in U.S. increased for the country as a whole? U.S. housing prices have risen 41.45% in just two and half years.
Where Have Home Prices Risen the Most in the U.S.?
The city where house prices have risen the most since the start of the pandemic is Cape Coral, Florida, where the typical home value was $235,000 in January 2020 and has since risen a whopping 85.96% to $437,000 in July 2022. Florida cities account for half of the top ten cities where the average home’s value has increased the most throughout the pandemic.
Florida isn’t the only state that dominated the list with multiple cities, though. Texas and Arizona also had a good number of cities make the full list of 50. In fact, just more than half of the cities on the list are in one of these three states. In Texas, Round Rock has the biggest increase in the typical home value, 80.94%, and ranked second on the list. Surprise was the city in Arizona that saw the biggest increase in home prices, with an increase of 69.93%, the sixth largest in the nation.
The 10 Cities Where Home Prices Have Risen the Most
- Cape Coral, FL: 85.96%
- Round Rock, TX: 80.94%
- St. Petersburg, FL: 76.92%
- Port St. Lucie, FL: 72.88%
- Clearwater, FL: 71.09%
- Surprise, AZ: 69.93%
- Nampa, ID: 69.69%
- Tampa, FL: 69.35%
- Austin, TX: 69.05%
- Gilbert, AZ: 68.54%
Where Have Home Prices Risen the Least in the U.S.?
Which U.S. cities have had their typical home values rise the least since the start of the pandemic? It’s not often you see home prices dropping, but one city in Texas’s average house price has dropped slightly since the start of the pandemic. Odessa, Texas, was the only city to see a decrease in the typical home value between January 2020 and July 2022. The average home price in Odessa dropped 1.98%, from $202,000 to $198,000.
Midland, Texas, has had the smallest home value increase in the U.S. during this time. Here, the average home price increased just 6.27%, from $271,000 to $288,000.
The 10 Cities Where Home Prices Have Risen the Least
- Odessa, TX: -1.98%
- Midland, TX: 6.27%
- Washington, DC: 10.47%
- San Francisco, CA: 11.27%
- Las Cruces, NM: 11.35%
- New York, NY: 12.95%
- Laredo, TX: 15.85%
- Boston, MA: 15.91%
- Minneapolis, MN: 16.72%
- Shreveport, LA: 16.96%
Wondering how to increase home value when it comes time to sell your home? Decorative upgrades, like adding decorative ceiling tiles, crown molding or giving your home a more rustic feel with faux wood beams, can help to elevate the value of your home.
The 50 U.S. Cities Where the Average House Price Has Increased the Most
|City||Typical Home Value
in January 2020
|Typical Home Value
in July 2022
|Increase in Home Value|
|1||Cape Coral, FL||$235,000||$437,000||85.96%|
|2||Round Rock, TX||$299,000||$541,000||80.94%|
|3||St. Petersburg, FL||$208,000||$368,000||76.92%|
|4||Port St. Lucie, FL||$236,000||$408,000||72.88%|
|14||Palm Bay, FL||$186,000||$312,000||67.74%|
|22||West Palm Beach, FL||$257,000||$422,000||64.20%|
|29||Spokane Valley, WA||$272,000||$442,000||62.50%|
|40||West Jordan, UT||$370,000||$587,000||58.65%|
|41||West Valley City, UT||$307,000||$487,000||58.63%|
|50||North Las Vegas, NV||$274,000||$430,000||56.93%|