The COVID-19 pandemic changed just about everything in our lives, often in unexpected ways. Take the price of homes, for instance.
Few people — if any — expected the era of lost jobs and lockdowns to result in a massive surge in the values of homes from coast to coast. But that is exactly what happened.
In the five years that began just prior to the pandemic and ended in May of this year, the typical U.S. home’s value grew by an “astounding” 37.5%, according to an analysis by Realtor.com.
In some metros, the growth in values was even higher. Here are the places where home values have skyrocketed during the past five years.
10. Hartford, Connecticut
Median home value in this metropolitan area as of May of:
- 2019: $300,000
- 2024: $447,000 — an increase of 49%
Hartford is Connecticut’s capital city. It is home to a vibrant business community, including a large number of insurance companies. The Mark Twain House commemorates the residence of one of America’s most iconic writers.
9. Las Vegas
Median home value in this metropolitan area as of May of:
- 2019: $320,000
- 2024: $477,000 — an increase of 49.1%
Las Vegas long has been among America’s fastest-growing metro areas. The population of just 273,000 in 1972 exploded to 2.2 million by 2017 — a 700% increase.
8. Boston
Median home value in this metropolitan area as of May of:
- 2019: $602,000
- 2024: $900,000 — an increase of 49.4%
Boston‘s deep roots as an American city are reflected in the fact that it is home to several U.S. firsts, including the first:
- Public beach
- Subway
- Lighthouse
- College
- Chocolate factory
7. San Diego
Median home value in this metropolitan area as of May of:
- 2019: $717,000
- 2024: $1,072,000 — an increase of 49.5%
San Diego is known for its ideal climate and 50 miles of coastline. It is also home to a large concentration of military and defense assets.
6. Tampa, Florida
Median home value in this metropolitan area as of May of:
- 2019: $284,000
- 2024: $425,000— an increase of 49.6%
Tampa is the third-largest city in Florida and home to the largest port in the Southeastern U.S. About 13% of the city’s population has Cuban ancestry.
5. Memphis, Tennessee
Median home value in this metropolitan area as of May of:
- 2019: $230,000
- 2024: $350,000 — an increase of 52.1%
Memphis is known for its blues and soul music history, as well as being home to rock legend Elvis Presley. The first Holiday Inn set up shop in Memphis in 1952.
4. Austin, Texas
Median home value in this metropolitan area as of May of:
- 2019: $371,000
- 2024: $565,000 — an increase of 52.3%
Austin is the capital of Texas and home to one of the largest concentrations of craft breweries in the U.S. More than 1 million bats call Austin home, creating America’s large urban bat colony.
3. Providence, Rhode Island
Median home value in this metropolitan area as of May of:
- 2019: $380,000
- 2024: $586,000 — an increase of 54.2%
Providence, the capital of Rhode Island, is a center of arts and culture. The Trinity Rep and Providence Performing Arts Center host Broadway musicals, and young artists study at the Rhode Island School of Design.
2. Los Angeles
Median home value in this metropolitan area as of May of:
- 2019: $805,000
- 2024: $1,248,000 — an increase of 55.1%
Los Angeles is the heart of the world’s entertainment industry. It’s also one of the most diverse cities on the planet — residents hail from 140 countries, and you will hear 224 different languages here.
1. Nashville, Tennessee
Median home value in this metropolitan area as of May of:
- 2019: $375,000
- 2024: $588,000 — an increase of 57.1%
Long known as the home of the country music industry, Nashville has grown up in a big way in recent years. There are so many colleges and universities in the area that it has become known as the “Athens of the South.”
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