Is the value of a house in your city skyrocketing in 2020?

In these cities, a typical home value saw great heights in 2020.

It would make sense to say that 2020 has given us a lot to look back on. This year’s unique circumstances, shaped primarily by the coronovirus epidemic and resulting changes in our everyday lives, have had an interesting and somewhat surprising impact on real estate markets across the nation.

Our relationships at home certainly intensified in 2020, as shelter-in-order has kept us inside more than ever. Similarly, across the country, housing markets have seen the effects of these policies: analyzing on Largest pandemic real estate city It was found that between April and July 2020 in metropolitan areas in the United States, the average rate for home sales for the month was 14.89 percent, up from the previous year’s rate of 66 percent (the month-to-month average rate of home sales) Was more. Was 5.21 percent in 2019). More and more potential homeowners are relocating to the suburbs in an unprecedented draw, as having a larger living space rather than being close to the center of action in a city has become a high priority for many during the epidemic.

In 2020 the housing market has shown that despite severe economic conditions, people have shown interest in investing in a house, especially in more affordable areas. To understand how home buyers’ shifting preferences have shaped the real estate market this year, the Insalys research team examined Zillow’s data to identify cities with the most significant increases in home values ​​in 2020. Of.

Icons showing cities whose home values ​​have risen the most in 2020.

Insights

  • National average. In metropolitan areas of the US, home values ​​increased on average 6.46 percent In 2020. At the broader state level, domestic prices increased 3.82 percent. The average home price in the United States is until October 2020 $ 379,298.
  • Jersey Strong. The state with the most cities in the list is New jersey With four cities, cities made up the fifth with the largest house price increases in 2020. Idaho And Ohio The two cities rank second in this list, three of which rank.
  • Rising home prices in less expensive cities. Most cities with the largest house price increases in 2020 have home values, which are below the national average, with significant increases in the year. In addition to the two Washington cities on the list, the remaining eighteen cities have median home values ​​of between .04 and 92 percent below the national average. Prior analysis of cities with the largest epidemic real estate boom found a similar trend, with median sales prices in those cities being below the national average. The current study finds that new homebuyers tend to move toward homes in communities with lower market values.
  • Some changes between city and state levels. Of the 20 states represented in the 20 cities on the list, nine have a statewide home price increase that is higher than the national average. Indiana, whose state-level home price increase is 29th in the country, is the only exception.

Mechanism

Comparison of Home Insurance The research team at the site Insurys examined Zillow’s public data to identify cities with the largest increases in home values ​​in 2020. Zillow published monthly estimates, called Smoothie’s Zillow Home Value Index (ZHHI). Weather-adjusted measures of specific household values ​​(in the 35 to 65th percentile range) in a specific area and type of housing. Insurers’ analysts examined city-level ZHVI estimates for all available months in 2020 and calculated percentage changes between January and October 2020 for each city included in the data.

Using city-level population estimates from City-Data.com, analysts at Insurify selected all regions in the Zillow database that, according to the US Census Bureau’s definition of urban area, have a population of at least 50,000. Within this subset, regions with the largest increases in house value between January and October 2020 were identified as the cities with the largest home value increases of this year.

Cities with greatest house price increase in 2020

20. Bridgeport, CT

  • Relative increase in home prices in 2020: + 12.19% (1.89 times the national average)
  • Zillow Home Value Index (October 2020): $ 231,198
  • Statewide Relative Home Price Growth: + 7.28% (third in the country)

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19. Birmingham, AL

  • Relative increase in home prices in 2020: + 12.21% (1.89 times the national average)
  • Zillow Home Value Index (October 2020): $ 73,467
  • Statewide Relative Home Price Growth: + 4.32% (17th in the nation)

18. Waterbury, CT

  • Relative increase in home prices in 2020: + 12.27% (1.90 times the national average)
  • Zillow Home Value Index (October 2020): $ 151,875
  • Statewide Relative Home Price Growth: + 7.28% (third in the country)

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17. Federal Way, WA

  • Relative increase in home prices in 2020: + 12.46% (1.93 times the national average)
  • Zillow Home Value Index (October 2020): $ 441,668
  • Statewide Relative Home Price Growth: + 7.34% (second in nation)

16. Camden, NJ

  • Relative increase in home prices in 2020: + 12.49% (1.93 times the national average)
  • Zillow Home Value Index (October 2020): $ 71,311
  • Statewide Relative Home Price Growth: + 6.52% (7th in the nation)

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15. Huntsville, AL

  • Relative increase in home prices in 2020: + 12.57% (1.95 times the national average)
  • Zillow Home Value Index (October 2020): $ 200,455
  • Statewide relative house price increase: + 4.32% (17th in the country)

14. Newark, NJ

  • Relative increase in home prices in 2020: + 12.66% (1.96 times the national average)
  • Zillow Home Value Index (October 2020): $ 329,750
  • Statewide Relative Home Price Growth: + 6.52% (7th in the nation)

13. Dayton, oh

  • Relative increase in home prices in 2020: + 12.74% (1.97 times the national average)
  • Zillow Home Value Index (October 2020): $ 68,451
  • Statewide Relative Home Price Growth: + 4.31% (8th in the nation)

12. Tacoma, WA

  • Relative increase in home prices in 2020: + 12.81% (1.98 times the national average)
  • Zillow Home Value Index (October 2020): $ 384,217
  • Statewide Relative Home Price Growth: + 7.34% (second in nation)

11. Caldwell, ID

  • Relative increase in home prices in 2020: + 12.83% (1.99 times the national average)
  • Zillow Home Value Index (October 2020): $ 274,306
  • Statewide Relative Home Price Growth: + 5.61% (11th in the nation)

10. Anderson, in

  • Relative increase in home prices in 2020: + 12.95% (2.00 times the national average)
  • Zillow Home Value Index (October 2020): $ 78,036
  • Statewide Relative Home Price Growth: + 3.39% (29th in the nation)

9. NAPA, ID

  • Relative increase in home prices in 2020: + 13.02% (2.02 times the national average)
  • Zillow Home Value Index (October 2020): $ 287,186
  • Statewide Relative Home Price Growth: + 5.61% (11th in the nation)

8. Boise, ID

  • Relative increase in home prices in 2020: + 13.17% (2.04 times the national average)
  • Zillow Home Value Index (October 2020): $ 379,161
  • Statewide Relative Home Price Growth: + 5.61% (11th in the nation)

7. Irvington, NJ

  • Relative increase in home prices in 2020: + 13.35% (2.07 times the national average)
  • Zillow Home Value Index (October 2020): $ 238,003
  • Statewide Relative Home Price Growth: + 6.52% (7th in the nation)

6. East Orange, NJ

  • Relative increase in home prices in 2020: + 14.05% (2.17 times the national average)
  • Zillow Home Value Index (October 2020): $ 299,513
  • Statewide Relative Home Price Growth: + 6.52% (7th in the nation)

5. Flint, MI

  • Relative increase in home prices in 2020: + 14.30% (2.21 times the national average)
  • Zillow Home Value Index (October 2020): $ 31,548
  • Statewide Relative Home Price Growth: + 4.23% (19th in the nation)

4. Youngstown, oh

  • Relative increase in home prices in 2020: + 14.46% (2.24 times the national average)
  • Zillow Home Value Index (October 2020): $ 31,015
  • Statewide Relative Home Price Growth: + 4.31% (8th in the nation)

3. Cleveland, Oh

  • Relative increase in home prices in 2020: + 14.92% (2.31 times the national average)
  • Zillow Home Value Index (October 2020): $ 75,831
  • Statewide Relative Home Price Growth: + 4.31% (8th in the nation)

2. Arivaka, Az

  • Relative increase in home prices in 2020: + 16.75% (2.59 times the national average)
  • Zillow Home Value Index (October 2020): $ 121,751
  • Statewide Relative Home Price Growth: + 7.59% (First in the nation)

1. Rock Hill, SC

  • Relative increase in home prices in 2020: + 18.04% (2.79 times the national average)
  • Zillow Home Value Index (October 2020): $ 215,343
  • Statewide Relative Home Price Growth: + 4.18% (22nd in the nation)

If you have any questions or comments about this article or would like to request data, please contact insights@insurify.com.

Updated 23 December 2020




Insight Insights

Insurys’ team of data scientists and materials experts presents Insurite Insights, a series of automotive, home, and health studies focusing on topics affecting all of us. Through expert analysis of over 2.5 million car insurance applications and an array of top data sources, the Insurify Insights team produces new data-driven articles, trend analysis, regional exaggeration and national rankings every week. Check out Insight as shown in Forbes, Fox News, USA Today, NPR and more.

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