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Key takeaways
- Boise, Idaho, experienced the largest percentage change in median home prices among all U.S. metro areas at 12.99%, jumping from $410,100 in December 2020 to $463,383 in June 2021.
- All but two of the metro areas listed are based in either the Southern or Western U.S.
- More individuals appear to be favoring lower-cost areas over higher-priced employment hubs.
This is especially true in California. Of the six California metro areas on the list, all are located in either the state’s Central Valley or Inland Empire.
- Of the 25 metro areas, those with the three highest median home prices are located in California: Sacramento, $540,983; Stockton, $496,403; Riverside, $474,390.
- Boise also saw the largest median home price change by dollar amount at $53,283.
Boise, Idaho, saw the largest jump in median home price
It’s no secret: Home prices in the U.S. have soared this year. Driven largely by a deep inventory shortage, historically low mortgage rates, and intense homebuyer demand, homes are now more expensive than they were at the end of last year.
Real estate brokerage HouseCanary, known for its gold standard valuation tools, found the top 25 metropolitan areas in the U.S. with the highest median home price change from December 2020 to June 2021. According to its data, the top 25 metro areas experienced a cumulative increase of 9.32% during that timespan.
Boise, Idaho, saw the largest median home price increase of all metro areas at nearly 13%.
Buyers are favoring the South and West
“Looking at the markets experiencing the highest price growth, we have seen large migration to states with no income tax, including Florida, Washington, Nevada and Texas,” said Chris Stroud, co-founder and chief of research at HouseCanary. Of the 25 metro areas on the list, 10 are based in Florida.
“There is a general migration pattern toward southern, southwestern and mountain states,” Stroud said. “While these themes were present before COVID-19 hit the U.S. in spring 2020, they have significantly accelerated as the pandemic has altered the way many Americans work and live.”
Only two metro areas on the list — Atlantic City, New Jersey, and Lebanon, New Hampshire — are located outside of the Southern and Western U.S.
Stroud added that more flexibility among employers and an increase in remote work spurred by the COVID-19 pandemic has led to a migration out of high-cost employment hubs. This is especially true in California, where individuals are leaving expensive coastal cities like Los Angeles and San Francisco and flocking to lower-cost regions like the Central Valley and Inland Empire.
Six California metro areas made the list — and all of them are based in either the Central Valley or Inland Empire. Sacramento ($540,983) finished with the highest median home price of all metro areas on the list, followed by Stockton ($496,403), and Riverside ($474,390).
Here are the top 25 metro areas that saw the biggest jump in median home prices from December 2020 to June 2021:
Metro areaPercent changeMedian price(Dec. 1, 2020)Median price
(June 1, 2021) 1Boise, Idaho12.99$410,100$463,383 2Provo-Orem, Utah12.22$406,509$456,187 3Ocala, Fla.12.1$189,639$212,592 4Modesto, Calif.10.92$387,432$429,732 5Cape Coral-Fort Myers, Fla.10.31$287,073$316,659 6Atlantic City-Hammonton, N.J.9.51$246,709$270,166 7Stockton, Calif.9.47$453,471$496,403 8Phoenix-Mesa-Chandler, Ariz.9.43$344,770$377,267 9Visalia, Calif.9.21$281,766$307,717 10Deltona-Daytona Beach-Ormond Beach, Fla.9.07$259,963$283,546 11Lake Havasu City-Kingman, Ariz.9.02$236,867$258,233 12Sacramento-Roseville-Folsom, Calif.8.83$497,086$540,983 13Punta Gorda, Fla.8.75$256,357$278,792 14Spokane-Spokane Valley, Wash.8.73$322,886$351,064 15Riverside-San Bernardino-Ontario, Calif.8.72$436,351$474,390 16North Port-Sarasota-Bradenton, Fla.8.7$325,616$353,953 17Las Vegas-Henderson-Paradise, Nev.8.68$334,999$364,076 18Panama City, Fla.8.64$277,776$301,776 19Fresno, Calif.8.44$328,887$356,643 20Tucson, Ariz.8.4$262,984$285,063 21Tampa-St.
Petersburg-Clearwater, Fla.8.24$271,476$293,855 22Port St. Lucie, Fla.8.22$276,247$298,960 23Orlando-Kissimmee-Sanford, Fla.8.15$293,864$317,828 24Naples-Marco Island, Fla.8.14$411,066$444,513 25Lebanon, N.H.8.04$255,703$276,273
Median home prices come from HouseCanary’s MSA level median home price indices. HouseCanary’s MSA level median home price indices track the historical median home price over time within each available MSA. The 25 MSAs shown exhibited the highest percent change in median home price between December 2020 and June 2021.
Data by HouseCanary.
Analysis by Credible.
About the author Chris JenningsChris Jennings is a Mortgage Editor and Credible authority on mortgages and personal finance.
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