The metros with the highest increase in home prices are not the typical areas one would guess. Redfin’s recent report found that the median home price increase across the country was 14% in November 2020. This marks the highest price climb since 2013, according to the New York Times. But the usual metros with high home prices did not make the list for the metros with the highest increase in home prices. Some expensive and once in-demand cities, such as San Francisco, barely saw a price increase. Bridgeport, Conn. claimed the top spot with a one-year price change of 22%, bringing its median sale price to $465,000.
Median home prices rose in all 85 of the large markets (population 750,000 or more) that Redfin tracks. This week’s chart shows the 20 markets where the prices changed the most. (Some markets are named for the major cities they encompass and incorporate surrounding commuter areas. Others are defined more broadly, like the Nassau County, N.Y., market.)
It was already hard enough for buyers on the lower end of the economic ladder to save for a down payment and afford a mortgage. But in 2020 it got even harder, because it was in lower-priced markets that sale prices tended to increase the most.