The total worth of U.S. homes rose 6.7% to $31.4 trillion in October from $29.4 trillion in February. This $2 trillion increase eclipses the $1.7 trillion (6.6%) gain that America\u2019s homeowners reaped during the same period last year, when the country wasn\u2019t grappling with a pandemic or a recession.<\/p>\n
Home prices have been surging<\/a> since the summer, even as an economic downturn triggered by the coronavirus pandemic has put millions of Americans out of work. This is partly due to a worsening shortage<\/a> of homes for sale, which has fueled fierce competition<\/a> among house hunters. Record-low mortgage rates and a wave of migration made possible by remote work have also driven up housing values.<\/p>\n \u201cThe surge in home prices during the pandemic has been a financial boon for homeowners, but has put millions of Americans who can\u2019t afford to own homes at a major disadvantage, exacerbating wealth inequality in the U.S.,\u201d said Redfin senior economist Sheharyar Bokhari<\/a> . \u201cMany renters have missed out on substantial gains that homeowners will be able to use to upgrade to their next home, start a business, send their kids to college, and fund retirement.\u201d<\/p>\n \u201cSoaring prices are also keeping homebuyers on the sidelines,\u201d Bokhari continued. \u201cA lot of folks had been planning to take advantage of record-low mortgage rates to purchase their first home this year, but then lost their jobs due to the pandemic. Many of those people are now back to work, but are still stuck renting because they can no longer afford to buy.\u201d<\/p>\n The total value of homes in Milwaukee<\/a> has surged 10.4% to $12 billion during the pandemic, a larger gain in percentage terms than any other major U.S. metropolitan area. Charlotte, NC<\/a> and Austin<\/a> came next, up 10.3% and 10.2%, respectively. The other metros that made it into the top 10 were Sacramento<\/a> (+9.3%), Detroit<\/a> (+9.2%), Warren, MI<\/a> (+8.5%), Seattle<\/a> (+8.4%), Phoenix<\/a> (+8.2%), Providence, RI<\/a> (+7.8%) and Pittsburgh<\/a> (+7.6%).<\/p>\n Five of the top 10 metros\u2014Milwaukee<\/a>, Charlotte<\/a>, Detroit<\/a>, Warren<\/a> and Pittsburgh<\/a>\u2014 have median home values below the national level ($285,968). A handful of metros on the top 10 list are also popular destinations for homebuyers who are looking to relocate during the pandemic. Nearly 40% of Redfin.com<\/a> home searches\u00a0 in Charlotte<\/a> and Austin<\/a> in the third quarter came from people in different metro areas. About a third of searches in Phoenix<\/a> and nearly a quarter in Milwaukee<\/a> came from users outside those metros. Sacramento<\/a> had an even higher share (50.1%) of searches from out-of-towners during the period.<\/p>\n Scroll down to see a table that breaks down the findings of this report by the 50 most populous U.S. metro areas.<\/p>\n \u201cIf you\u2019re a homeowner or a seller in Milwaukee<\/a> right now, you\u2019re in a great position. If you\u2019re a buyer, you\u2019re probably having a rough year,\u201d said Brian Callahan<\/a> , Redfin\u2019s managing broker in Wisconsin. \u201cI\u2019ve never seen so many buyers get priced out of Milwaukee<\/a>\u2019s housing market. It\u2019s mostly first-time buyers who just don\u2019t have the financial wherewithal to compete with 10 other bidders<\/a> .\u201d<\/p>\n Milwaukee<\/a>\u2019s home prices have historically trailed behind those of other midwestern metros, including Chicago<\/a>, Minneapolis<\/a> and Madison, WI<\/a>. As a result, they\u2019ve had more room to grow during the pandemic, Callahan said. Low inventory, strong demand and migration have also propped up prices, he added.<\/p>\n While many Milwaukee<\/a>ans are leaving the city for the suburbs during the pandemic, at least some of them are being replaced by a flood of people coming from Chicago<\/a>, Callahan said.<\/p>\n \u201cMilwaukee<\/a> is a smaller, more laidback version of Chicago<\/a>,\u201d he said. \u201cChicago<\/a>ans are coming to Milwaukee<\/a> because it offers a better lifestyle and more affordable housing, but is still within driving distance of their family, friends and workplaces back home. The typical monthly mortgage payment also isn\u2019t much more expensive than the typical monthly rent, so a lot of folks who are moving here are realizing that they might as well just buy a home.\u201d<\/p>\n In San Francisco<\/a>, the total value of homes has grown just 1.8% since February, a smaller increase than any other major metro. It was followed by New York<\/a>, which saw a 2.6% increase, and Miami<\/a>, with a 3.5% gain. Many people have left<\/a> San Francisco<\/a> and New York<\/a> during the pandemic in search of bigger homes and better value, as they no longer need to travel into the office every day.<\/p>\n Each of the top 50 metro areas has added at least $8 billion in total home value during the pandemic, with pricey coastal hubs experiencing the biggest increases in dollar terms.<\/p>\n Los Angeles<\/a> homeowners have gained $81.8 billion of additional property value since February\u2014more than any other major metro. In second place was Washington, D.C.<\/a>, with a $57.2 billion gain, followed by Seattle<\/a>, at $54.7 billion. The other metros in the top 10 were Boston<\/a>, Phoenix<\/a>, Oakland<\/a>, San Diego<\/a>, Atlanta<\/a>, Anaheim, CA<\/a> and New York<\/a>.<\/p>\n Jacksonville, FL<\/a> saw the smallest increase, adding $8.2 billion of home value during the pandemic. Cincinnati<\/a> and Detroit<\/a> rounded out the bottom three, up $8.4 billion and $8.6 billion, respectively.<\/p>\nRelatively Affordable Migration Destinations See the Biggest Gains, In Percentage Terms<\/h3>\n
Expensive Coastal Cities See the Biggest Gains, In Dollar Terms<\/h3>\n
Housing Market Summary for 50 Most Populous U.S. Metros<\/h3>\n\n
| Metro Area<\/b><\/th> | Home Value Growth (%), February 2020 to October 2020<\/b><\/th> | Home Value Growth ($), February 2020 to October 2020<\/b><\/th> | Total Value of Homes, October 2020<\/b><\/th> | Median Home Value, October 2020<\/b><\/th>\n<\/tr>\n<\/thead>\n\n| Milwaukee, WI<\/a><\/td> | 10.4%<\/td> | $12.0 billion<\/td> | $127.2 billion<\/td> | $223,261<\/td>\n<\/tr>\n | Charlotte, NC<\/a><\/td> | 10.3%<\/td> | $27.1 billion<\/td> | $289.6 billion<\/td> | $240,747<\/td>\n<\/tr>\n | Austin, TX<\/a><\/td> | 10.2%<\/td> | $25.5 billion<\/td> | $276.0 billion<\/td> | $348,359<\/td>\n<\/tr>\n | Sacramento, CA<\/a><\/td> | 9.3%<\/td> | $30.7 billion<\/td> | $361.1 billion<\/td> | $445,693<\/td>\n<\/tr>\n | Detroit, MI<\/a><\/td> | 9.2%<\/td> | $8.6 billion<\/td> | $102.6 billion<\/td> | $126,153<\/td>\n<\/tr>\n | Warren, MI<\/a><\/td> | 8.5%<\/td> | $20.2 billion<\/td> | $257.6 billion<\/td> | $230,902<\/td>\n<\/tr>\n | Seattle, WA<\/a><\/td> | 8.4%<\/td> | $54.7 billion<\/td> | $703.2 billion<\/td> | $619,478<\/td>\n<\/tr>\n | Phoenix, AZ<\/a><\/td> | 8.2%<\/td> | $45.6 billion<\/td> | $600.5 billion<\/td> | $314,814<\/td>\n<\/tr>\n | Providence, RI<\/a><\/td> | 7.8%<\/td> | $14.7 billion<\/td> | $203.0 billion<\/td> | $322,505<\/td>\n<\/tr>\n | Pittsburgh, PA<\/a><\/td> | 7.6%<\/td> | $11.1 billion<\/td> | $157.4 billion<\/td> | $167,970<\/td>\n<\/tr>\n | Columbus, OH<\/a><\/td> | 7.5%<\/td> | $11.6 billion<\/td> | $167.0 billion<\/td> | $221,980<\/td>\n<\/tr>\n | Cleveland, OH<\/a><\/td> | 7.4%<\/td> | $10.3 billion<\/td> | $149.2 billion<\/td> | $159,963<\/td>\n<\/tr>\n | Indianapolis, IN<\/a><\/td> | 7.2%<\/td> | $10.4 billion<\/td> | $153.4 billion<\/td> | $184,991<\/td>\n<\/tr>\n | San Antonio, TX<\/a><\/td> | 7.2%<\/td> | $13.2 billion<\/td> | $198.1 billion<\/td> | $216,494<\/td>\n<\/tr>\n | Washington, D.C.<\/a><\/td> | 7.1%<\/td> | $57.2 billion<\/td> | $866.1 billion<\/td> | $428,826<\/td>\n<\/tr>\n | San Diego, CA<\/a><\/td> | 7.1%<\/td> | $44.1 billion<\/td> | $668.6 billion<\/td> | $658,219<\/td>\n<\/tr>\n | Tampa, FL<\/a><\/td> | 7.0%<\/td> | $20.2 billion<\/td> | $308.5 billion<\/td> | $244,925<\/td>\n<\/tr>\n | Denver, CO<\/a><\/td> | 6.9%<\/td> | $30.6 billion<\/td> | $472.1 billion<\/td> | $446,434<\/td>\n<\/tr>\n | Nashville, TN<\/a><\/td> | 6.9%<\/td> | $14.9 billion<\/td> | $231.8 billion<\/td> | $298,497<\/td>\n<\/tr>\n | Philadelphia, PA<\/a><\/td> | 6.8%<\/td> | $12.8 billion<\/td> | $201.4 billion<\/td> | $211,244<\/td>\n<\/tr>\n | Kansas City, MO<\/a><\/td> | 6.6%<\/td> | $10.4 billion<\/td> | $167.9 billion<\/td> | $205,843<\/td>\n<\/tr>\n | Oakland, CA<\/a><\/td> | 6.6%<\/td> | $44.9 billion<\/td> | $725.2 billion<\/td> | $821,951<\/td>\n<\/tr>\n | Virginia Beach, VA<\/a><\/td> | 6.6%<\/td> | $8.9 billion<\/td> | $144.2 billion<\/td> | $248,625<\/td>\n<\/tr>\n | Orlando, FL<\/a><\/td> | 6.5%<\/td> | $15.1 billion<\/td> | $247.7 billion<\/td> | $259,517<\/td>\n<\/tr>\n | St. Louis, MO<\/a><\/td> | 6.5%<\/td> | $12.6 billion<\/td> | $207.2 billion<\/td> | $178,275<\/td>\n<\/tr>\n | West Palm Beach, FL<\/a><\/td> | 6.2%<\/td> | $16.3 billion<\/td> | $278.3 billion<\/td> | $291,063<\/td>\n<\/tr>\n | Atlanta, GA<\/a><\/td> | 6.1%<\/td> | $37.1 billion<\/td> | $642.1 billion<\/td> | $252,504<\/td>\n<\/tr>\n | Boston, MA<\/a><\/td> | 6.0%<\/td> | $53.4 billion<\/td> | $945.7 billion<\/td> | $554,098<\/td>\n<\/tr>\n | Jacksonville, FL<\/a><\/td> | 6.0%<\/td> | $8.2 billion<\/td> | $145.0 billion<\/td> | $238,149<\/td>\n<\/tr>\n | Montgomery County, PA<\/a><\/td> | 5.9%<\/td> | $15.6 billion<\/td> | $278.5 billion<\/td> | $347,081<\/td>\n<\/tr>\n | Riverside, CA<\/a><\/td> | 5.9%<\/td> | $30.5 billion<\/td> | $545.3 billion<\/td> | $405,645<\/td>\n<\/tr>\n | Baltimore, MD<\/a><\/td> | 5.9%<\/td> | $18.5 billion<\/td> | $330.4 billion<\/td> | $290,185<\/td>\n<\/tr>\n | Portland, OR<\/a><\/td> | 5.9%<\/td> | $20.5 billion<\/td> | $366.8 billion<\/td> | $432,519<\/td>\n<\/tr>\n | Fort Worth, TX<\/a><\/td> | 5.8%<\/td> | $11.0 billion<\/td> | $199.3 billion<\/td> | $238,427<\/td>\n<\/tr>\n | Nassau County, NY<\/a><\/td> | 5.6%<\/td> | $31.0 billion<\/td> | $587.7 billion<\/td> | $516,075<\/td>\n<\/tr>\n | Minneapolis, MN<\/a><\/td> | 5.5%<\/td> | $21.8 billion<\/td> | $416.3 billion<\/td> | $292,459<\/td>\n<\/tr>\n | New Brunswick, NJ<\/a><\/td> | 5.4%<\/td> | $20.2 billion<\/td> | $391.9 billion<\/td> | $367,658<\/td>\n<\/tr>\n | Dallas, TX<\/a><\/td> | 5.4%<\/td> | $23.8 billion<\/td> | $465.8 billion<\/td> | $278,973<\/td>\n<\/tr>\n | Cincinnati, OH<\/a><\/td> | 5.3%<\/td> | $8.4 billion<\/td> | $167.0 billion<\/td> | $192,142<\/td>\n<\/tr>\n | Newark, NJ<\/a><\/td> | 5.3%<\/td> | $13.3 billion<\/td> | $267.0 billion<\/td> | $391,453<\/td>\n<\/tr>\n | Anaheim, CA<\/a><\/td> | 4.9%<\/td> | $35.8 billion<\/td> | $761.8 billion<\/td> | $768,963<\/td>\n<\/tr>\n | Houston, TX<\/a><\/td> | 4.9%<\/td> | $26.1 billion<\/td> | $561.5 billion<\/td> | $223,762<\/td>\n<\/tr>\n | San Jose, CA<\/a><\/td> | 4.8%<\/td> | $31.4 billion<\/td> | $684.6 billion<\/td> | $1,208,980<\/td>\n<\/tr>\n | Fort Lauderdale, FL<\/a><\/td> | 4.7%<\/td> | $11.4 billion<\/td> | $251.8 billion<\/td> | $285,496<\/td>\n<\/tr>\n | Las Vegas, NV<\/a><\/td> | 4.6%<\/td> | $10.6 billion<\/td> | $243.5 billion<\/td> | $298,366<\/td>\n<\/tr>\n | Los Angeles, CA<\/a><\/td> | 4.3%<\/td> | $81.8 billion<\/td> | $2.0 trillion<\/td> | $687,335<\/td>\n<\/tr>\n | Chicago, IL<\/a><\/td> | 3.6%<\/td> | $26.6 billion<\/td> | $767.6 billion<\/td> | $275,773<\/td>\n<\/tr>\n | Miami, FL<\/a><\/td> | 3.5%<\/td> | $13.8 billion<\/td> | $404.8 billion<\/td> | $329,700<\/td>\n<\/tr>\n | New York, NY<\/a><\/td> | 2.6%<\/td> | $33.4 billion<\/td> | $1.3 trillion<\/td> | $582,317<\/td>\n<\/tr>\n | San Francisco, CA<\/a><\/td> | 1.8%<\/td> | $12.0 billion<\/td> | $673.1 billion<\/td> | $1,389,513<\/td>\n<\/tr>\n | National\u2014U.S.A.<\/b><\/td> | 6.7%<\/b><\/td> | $2.0 trillion<\/b><\/td> | $31.4 trillion<\/b><\/td> | $285,968<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n | Methodology<\/h3>\n |
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