New Report Highlights Cities That Saw the Largest Median Home Price Increases in 2021

Credible

Credible, a multi-lender marketplace that empowers consumers to discover financial products best fit for their unique circumstances, and real estate brokerage HouseCanary partnered on a report that found the top 25 metropolitan statistical areas (MSAs) in the U.S. with the highest median home price change from December 2020 to June 2021.

According to HouseCanary’s data analyzed by Credible, the top 25 metro areas experienced a cumulative increase of 9.32 percent during that time span. Boise, Idaho, saw the largest median home price increase of all metro areas. The Phoenix-Mesa-Chandler, Arizona, MSA experienced the eighth-highest jump, a 9.43 percent increase. On Dec. 1, 2020, the median home price in the Phoenix metro area was $344,770, and on June 1, 2021, it had increased to $377,267.

The Phoenix MSA was not the only Arizona metro area to make the top 25 list. The Lake Havasu City MSA came in at 11th with a 9.02 percent increase and the Tucson MSA placed 20th with an 8.4 percent increase.

“It’s no secret that the Phoenix real estate market has been one of the hottest in the country,” said Robert Humann, chief revenue officer at Credible. “While Californians migrating to Phoenix is a small contributing factor to what’s driving up home prices, the underlying driver is supply and demand. There are simply not enough homes on the market to meet consumer demand. According to the 2020 Census results, Phoenix grew at a faster rate than any other major metro in the past 10 years.”

Key takeaways:

  • Boise, Idaho, experienced the largest percentage change in median home prices among all U.S. metro areas at 12.99 percent, jumping from $410,100 in December 2020 to $463,383 in June 2021.
  • All but two of the metro areas in the top 25 list are based in either the Southern or Western U.S.
  • Arizona was one of only three states — the others being California and Florida — to land multiple metro areas in the top 25 list.

“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.”

Direct link to full report here.

Credible operates a consumer finance marketplace that helps consumers save money and make better financial decisions. Credible has developed a proprietary technology platform that is integrated with credit bureaus and financial institutions. Credible has developed a differentiated, and personalized user experience that enables consumers to compare instant, accurate pre-qualified rates from multiple financial institutions for student loans, personal loans and mortgages.

Founded in 2013, valuation-focused real estate brokerage HouseCanary provides software and services to reshape the real estate marketplace. Financial institutions, investors, lenders, mortgage investors, and consumers turn to HouseCanary for industry-leading valuations, forecasts, and transaction-support tools. These clients trust HouseCanary to fuel acquisition, underwriting, portfolio management and more.

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