As people fled cities looking for more space during the pandemic, US home values surged 13.4%, or $4 trillion, to reach $33.4 trillion in February 2021 from $29.4 trillion in February 2020, according to a new report from Redfin.
Five cities— Jacksonville, Fla., Austin, Texas, Charlotte, NC, Phoenix and Sacramento, Calif.,–helped drive the Redfin gains. Redfin notes that these "relatively affordable, sunny destinations" attracted homebuyers from dense, coastal cities.
Jacksonville led the way. In the city, home values jumped 21.1% year over year (YOY) to $165.9 billion in February 2021. Austin (+17.9%), Charlotte (+17.3%), Phoenix (+16.1%) and Sacramento (+14.8%) followed the Florida city. The next five cities in appreciation were Detroit, Milwaukee, Riverside, Calif., Providence, RI and West Palm Beach, Fla. Each of those metros saw market-value increases of more than 12%.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
