Krakenimages.com / Shutterstock.com
Editor’s Note: This story originally appeared on Inspection Support Network.
The COVID-19 pandemic has brought many changes to the economy, and one of the most profound impacts has been on the residential real estate market in the U.S.
For more than a year and a half, an unusual combination of factors has left would-be homebuyers navigating a highly competitive market with prices growing at an extremely rapid pace. One of the major challenges has been supply.
Late in 2020, the inventory of homes for sale fell to all-time low levels, while supply chain challenges and a tight labor market have made it difficult for builders to complete new homes. On the demand side, more homebuyers — many of them first- or second-time buyers of the millennial generation — have been enticed to enter the market thanks to low mortgage rates and high savings and investment returns during the pandemic.
And while recent months have shown signs that the market may be cooling off, elevated prices may be the new normal in the residential market.
The data used in this analysis is from Zillow Group’s Zillow Home Value Index (ZHVI) and the U.S. Census Bureau’s American Community Survey. To identify the counties with the largest home price increases in 2021, researchers at Inspection Support Network calculated the percentage change in the ZHVI between October 2020 and October 2021.
Here are the counties with the biggest home price increases in 2021.
15. San Diego County, CA
Dancestrokes / Shutterstock.com
- Previous 1-year change in price (%): +25.1%
- Previous 1-year change in price (absolute): +$163,142
- Median home price (October 2021): $814,289
- Median home price (October 2020): $651,147
- Population: 3,338,330
14. San Bernardino County, CA
Matt Gush / Shutterstock.com
- Previous 1-year change in price (%): +25.4%
- Previous 1-year change in price (absolute): +$98,785
- Median home price (October 2021): $487,026
- Median home price (October 2020): $388,241
- Population: 2,180,085
13. Collin County, TX
Marouanesitti / Shutterstock.com
- Previous 1-year change in price (%): +27.5%
- Previous 1-year change in price (absolute): +$98,154
- Median home price (October 2021): $455,407
- Median home price (October 2020): $357,253
- Population: 1,034,730
12. Gwinnett County, GA
Billy F Blume Jr / Shutterstock.com
- Previous 1-year change in price (%): +27.9%
- Previous 1-year change in price (absolute): +$75,032
- Median home price (October 2021): $343,628
- Median home price (October 2020): $268,596
- Population: </…….
Source: https://www.moneytalksnews.com/slideshows/15-counties-with-the-largest-home-price-increases-in-2021/
