We all know how rough it is out there for home buyers. But Zillow is shedding some new light on just how crazy the housing market has become during the pandemic. In February 2022, the typical U.S. home was worth 32% more than it was in February 2020. Inventory, on the other hand, was down nearly 48% nationwide. But as eye-popping as those averages are, things are even more extreme in many U.S. cities. Here are the 25 cities where home values have increased the most during the pandemic.
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Cincinnati
Average home value: $246,825
Increase since February 2020: 30.6%
Though Cincinnati remains relatively affordable compared to many cities on the rest of this list, homes are snapped up in a flash. It takes only a median of five days for homes to go from “for sale” to “pending.”
Related: 14 Things Real Estate Agents Don’t Want You to Know
Buffalo, New York
Average home value: $230,368
Increase since February 2020: 31%
Like Cincinnati, Buffalo is one of the more affordable major metros, but it has seen its housing inventory take a huge hit. There were 47.6% fewer homes on the market in February 2022 compared with February 2020.
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Portland, Oregon
Average home value: $558,513
Increase since February 2020: 31.4%
In this famously off-beat Pacific Northwest city, homes go from “for sale” to “pending” in about a week.
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Providence, Rhode Island
Average home value: $426,226
Increase since February 2020: 32.9%
The only East Coast city to make the top 25, Providence has one of the largest inventory deficits of any place on this list. Buyers in February 2022 had a staggering 61.8% fewer homes to choose from than they did in February 2020.
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San Antonio
Average home value: $315,208
Increase since February 2020: 33.5%
San Antonio can breathe a small sigh of relief — after all, it’s not Austin, where prices are truly skyrocketing. Still, housing inventory is down 49.1% from before the pandemic.
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Miami-Fort Lauderdale
Average home value: $410,781
Increase since February 2020: 34.7%
Sun and sand is getting a lot costlier in southern Florida. Housing inventory is also extremely tight here, down 61% from before the pandemic.
Memphis, Tennessee
Average home value: $216,710
Increase since February 2020: 34.9%
The most affordable city on this list, Memphis has still seen a substantial jump in home values.
Indianapolis
Average home value: $254,810
Increase since February 2020: 35.2%
This Midwestern capital has seen growth from buyers looking for a more reasonable cost of living, but you’ll have to be quick on the draw: Homes go into pending status a median of five days after hitting the market.
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Denver
Average home value: $614,138
Increase since February 2020: 35.9%
Long a favorite of outdoorsy souls, Denver also sees its homes go into pending-offer status in about five days. Its housing inventory is also down 58.4% from before the pandemic.
Sacramento, California
Increase since February 2020: 36.7%
One of California’s more affordable metros, Sacramento hasn’t been spared rapidly increasing home values and prices.
Orlando, Florida
Increase since February 2020: 37%
It’s becoming more expensive than ever to live in this tourist paradise, and homes are snapped up in only about a week’s time.
Dallas-Fort Worth
Increase since February 2020: 39.6%
Like San Antonio, Dallas can take some small comfort in not being Austin. But home values are still up nearly 40%, while home inventory is down over 47% from before the pandemic.
Seattle
Average home value: $747,353
Increase since February 2020: 39.9%
Seattle is notorious for its expensive housing market, and the past two years haven’t done a whole lot to help. Despite their high prices, homes tend to linger on the market only for around five days before they’re pending sale.
Las Vegas
Average home value: $416,647
Increase since February 2020: 41.9%
Vegas has not only seen home prices zoom up, but rents, too. Zillow’s rent index in Vegas is at $1,805, up almost 33% since before the pandemic.
Atlanta
Average home value: $353,691
Increase since February 2020: 43.1%
This booming Southern metropolis has seen its housing inventory shrink a whopping 52.1% compared with before the pandemic.
Jacksonville, Florida
Average home value: $334,960
Increase since February 2020: 43.1%
In Jacksonville, homes take just over a week to sell, and there’s 53.2% fewer homes to choose from compared with before the pandemic. The city’s rent index is also up 30.6%
Nashville, Tennessee
Average home value: $416,472
Increase since February 2020: 43.1%
Everyone is ready to snap up a home in Nashville, where houses go from “sale” to “pending” in a median of five days.Riverside, California
Average home value: $555,853.
Increase since February 2020: 43.6%
This Inland Empire city is more affordable than many other spots in Southern California, but it’s becoming less so — and the city’s rent index is up 31% to $2,537.
Charlotte, North Carolina
Average home value: $353,106
Increase since February 2020: 43.7%
Charlotte continues to become a more popular spot for people to put down roots, with homes disappearing after only about five days on the market.
San Diego
Average home value: $880,414
Increase since February 2020: 44%
Homes in Sunny San Diego, the priciest city on this list, disappear in about a week, and inventory is down 47.2% from before the pandemic.
Raleigh, North Carolina
Average home value: $420,228
Increase since February 2020: 46.3%
Raleigh has the dubious distinction of being the city with the biggest inventory deficit on this list: Housing choices are down an insane 69.7% from before the pandemic.
Salt Lake City
Average home value: $575,579
Increase since February 2020: 47.9%
In Salt Lake City, buyers have 57.7% fewer choices than they did pre-pandemic.
Tampa, Florida
Average home value: $341,997
Increase since February 2020: 49.7%
The rise in home values is making buying in Tampa painful, but renting isn’t much better — the city’s rental index is up 37.1% to $1,999.
Phoenix
Average home value: $442,976
Increase since February 2020: 55.3%
This major Sunbelt city has seen home values soar in a big way, and rents, too — they’re up 35.4% from before the pandemic.
Austin, Texas
Average home value: $573,123
Increase since February 2020: 68.6%
Well, it’s a great time to be a seller in Austin. A buyer? Not so much. Home values are up by more than 68% here compared to before the pandemic, the biggest increase among the nation’s major cities by far. The silver lining is that homes take a bit longer to sell, racking up 22 days on the market before they’re pending sale.
