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Q4 2020: Double-Digit Home Price Gains Across All Four Regions
Friday, February 12, 2021
Each of the 183 metropolitan housing markets tracked by the National Association of Realtors® (NAR) posted a home prices increase during the fourth quarter of last year. Eighty percent or 161 of those markets had double digit appreciation compared to only 115 that saw such gains in Quarter 3. The national median existing single-family home price rose 14.9 percent on a year-over-year basis, to $315,900 and all four regions were up by double-digits year-over-year. The Northeast led at 20.7 percent, followed by the West at 15.5 percent, the Midwest at 15.1 percent and the South at 14.0 percent. NAR's quarterly report on metropolitan level home prices found the largest annual gains in some metro areas that have long been considered depressed. Bridgeport, Connecticut saw prices increase 39.2 percent, Pittsfield Massachusetts posted 32.2 percent growth, and prices in Atlantic City, New Jersey rose 30 percent. Other metro areas with increases of more than 25 percent include Naples and Crestview, Florida; Barnstable, Massachusetts; Boise City, Idaho; Binghamton and Kingston, New York; and Spokane Washington.
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