Nearly every city in the United States has seen an increase in housing prices over the past two years. Anyone who has bought a house or has been in the market for a house knows that home prices have been on the rise, particularly since the pandemic started in 2020. However, some cities have been hit harder than others. Do you know which U.S. cities have seen the biggest increase home prices since the beginning of the pandemic?
The following graphic looks at the U.S. cities where home prices have increased the most since the COVID-19 pandemic began. At the top of the list is Cape Coral, FL, where home values have increased by 85.96% between January 2020 and July 2022. Second on the list is Round Rock, TX. Home prices there have increased by nearly 81% since the pandemic. Home values in St. Petersburg, FL, which is third on the list, have increased by 76.92%.
While most cities in the United States are experiencing increasing home prices, there is one city in Texas which has seen home prices drop since the pandemic hit. Odessa, TX saw a decrease of 1.98% in home value between January 2020 and July 2022.
Since the pandemic hit, many businesses have allowed their employees to work virtually, which means they can move away from the company to a different destination. Certain warm destinations like Florida, Texas, and Arizona have been appealing to remote workers, but that also means that homes in those areas are in higher demand.