As Redfin reports, U.S. real estate has changed dramatically in the two years since the pandemic, with average prices increasing by 34%. The percentage of homes sold above list price also increased by 21.8% between 2020 and 2022, while housing inventory decreased by 49.9%.
On February 7, Zillow reported that rental prices have increased 29.4% since the pandemic began. This represents an annual increase of 7% compared to the previous four years. The rent increase rate from 2024 will be 3.4% compared to the previous year. Additionally, the income needed to cover rent increased by 29%. The most expensive rental market also changed, with San Francisco moving from second-most expensive to fourth place, with New York and Boston in second and third place. San Jose remains at the top of the list. You can also take a look at some of the most expensive real estate markets in America.
Look at the top 5 major cities with home price increases since the pandemic.
5. Spokane
Real estate price growth since the pandemic: 70.4D
Spokane is a city in the state of Washington. The city ranks fifth on the list of major U.S. cities with rising real estate prices since the pandemic, with average listing prices up 70.4%.
4. Knoxville
Home Price Growth Since the Pandemic: 74.0D
Knoxville is part of Tennessee and is one of the 20 major cities with the highest home price increases since the pandemic. The current median listing price in the city is $400,000.
3. City of Boise
Home Price Rise Since the Pandemic: 74.0D
Boise is another city that has seen home price increases since the pandemic began. The rate of increase in home prices in Boise City in February was 74.0%.
2. Naples
Real estate price growth since the pandemic: 77.3D
Naples is located in Collier County, Florida. The city’s median listing price rose 77.3%, the second-highest increase since the pandemic.
1. Topeka
Home Price Growth Since the Pandemic: 88.5D
Topeka leads the top 20 major cities with the highest home price growth since the pandemic. In February, the city’s average listing price rose 88.5% since the pandemic.
