The 10 US Cities That Had The Largest Spike In Home Prices

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e 10 cities that have seen their home prices rise the most over the last two years, measured in terms of both absolute dollar amounts and percentage growth.

The real estate market has been booming in 2021. Home prices in August were up nearly 20%, according to data from S&P CoreLogic Case-Shiller. There were certain cities where house prices exploded in August compared to the previous year.

Phoenix experienced the largest surge in August as home prices were up a whopping 33.3% compared to the same time last year. San Diego house prices spiked 26.2% in August, and Tampa was a close third with a 25.9% increase.

Rounding out the top 10 cities that had the largest spike in home prices:

  • Seattle, Washington – 24.3%
  • Miami, Florida – 23.8%
  • Las Vegas, Nevada – 23.8%
  • Charlotte, North Carolina – 21.7%
  • Denver, Colorado – 21.5%
  • San Francisco, California – 21.2%
  • Atlanta, Georgia – 20.2%

Regionally, prices were strongest in the Southwest – up 24.1% year-over-year, according to the data.

“The U.S. housing market showed continuing strength in August 2021,” said Craig J. Lazzara, managing director and global head of index investment strategy at S&P DJI. “Every one of our city and composite indices stands at its all-time high, and year-over-year price growth continues to be very strong, although moderating somewhat from last month’s levels.”

RELATED: Housing Market Is So Hot That 66% Say Now Is A ‘Bad Time To Buy A House’

Forbes released the 10 U.S. cities that have seen their home prices rise the most over the last two years by utilizing data from Redfin.

  • Bellevue, Washington 
  • Fremont, California 
  • Scottsdale, Arizona
  • San Jose, California
  • Rochester, New York
  • Pembroke Pines, Florida
  • Glendale, California
  • Worcester, Massachusetts
  • Boise, Idaho
  • Palmdale, California

RELATED: Here’s A List Of The Hottest Real Estate Markets In The U.S. If You’re Looking To Buy Or Sell

Most Expensive Cities

If you’re wondering what the top 10 cities with the most expensive medium home prices are, wonder no more. Kiplinger released the list of the cities with the highest average home prices, and California dominates the list of pricey locations.

  1. Manhattan, New York – Average home price: $2,404,750
  2. San Francisco, California – Average home price: $1,394,651 
  3. Honolulu, Hawaii – Average home price: $1,388,889
  4. Brooklyn, New York – Average home price: $1,258,150
  5. Arlington, Virginia – Average home price: $950,969
  6. San Diego, California – Average home price: $905,750 
  7. Los Angeles, California – Average home price: $904,318
  8. Alexandria, Virginia – Average home price: $895,571
  9. Oakland, California – Average home price: $843,314
  10. Queens, New York – Average home price: $839,166

The median U.S. home price surpassed $400,000 for the first time ever, according to data from the St. Louis Federal Reserve. The median home price in the United States rose to a record $404,700, up 13% compared to the third quarter of 2020 when the median sales price was  $358,700.

RELATED: U.S. Map Shows Home Equity Increase By State Over The Past Year

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