Currently Reading

Housing Prices Are Soaring in Affordable Cities

Advertisement
Market Data + Trends

Housing Prices Are Soaring in Affordable Cities


February 11, 2021
Downtown Phoenix at night
Photo: markskalny

As more Americans take advantage of low mortgage rates and flee to the ‘burbs, young workers are also taking advantage and moving into cities—just not the pricey ones. New York City and San Francisco are left in the dust as more young people scoop up townhomes and condos in more affordable cities, such as Pittsburgh, Detroit, and Phoenix, according to Bloomberg. Urban home prices increased 15% in three months through January, bringing home prices ahead of suburbia’s annual pace. Redfin’s chief economist points out that the move into cities shows buyers are thinking long term and considering life after the pandemic.

Perhaps no part of the U.S. economy has been buoyed by the Federal Reserve’s easy-money policies more than housing, and with cities now joining the suburbs and exurbs in the boom, the impact on growth appears to be broadening. In some regions, urban areas are now substantially outperforming.

In Louisville, Kentucky, values for properties in the more densely populated neighborhoods surged at more than twice the rate that they did in suburbs over the past three months. Detroit, plagued by poverty but home to a downtown packed with gleaming new condo towers, saw urban prices soar 43%, almost quadruple the rate of less-dense parts. In urban Baltimore, prices jumped 34% while they rose 10% in outer areas.

Read More
 

Related Stories

Housing Markets

Miami Tops the List of the Nation’s Most Competitive Rental Markets

Remote workers from around the country are flocking to sunny metros like Miami, where rental demand is at an all-time high

Market Data + Trends

Investors Are Flipping Houses at a Faster Pace, but Profits Are Falling

Shrinking supply and elevated costs posed challenges for investors flipping houses at the start of 2022

Market Data + Trends

Rising Real Estate Listings Signal Strong Post-Pandemic Recovery for the Housing Market

As demand softens, a resurgence of home listings sets the stage for the housing market's post-pandemic rebalancing 

Advertisement
Advertisement

More in Category




Advertisement
Advertisement

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.