Homes in suburban and even rural locations were hot commodities on the pandemic real estate market, according to an industry report.
Marian McPherson shares news of a new report by realtor.com that quantifies the tumultuous year on the real estate market, focusing especially on the locations where prices spiked the most during the pandemic.
"According to realtor.com’s latest market analysis released on Tuesday, the explosion in price growth is happening in suburbs across the country, including little-known metros such as Wayzata, Minnesota, and Brandon, Mississippi," writes McPherson to summarize the report's finding.
"Lakewood, New Jersey topped the list with median home prices increasing a whopping 47.6 percent to $309,000 from October 2019 to October 2020," adds McPherson. Next was Lake Arrowhead, California, were prices increased 45.7 percent. In Lake Arrowhead, the increased prices haven't stopped buys from taking the plunge. The area saw a 47.7 percent sales increase during the same time period.
The location with the third largest increase, according to realtor.com is Gross Pointe, Michigan.
McPherson notes that most of the locations with huge price spikes this year are still relatively cheap—the media price in the majority of locations on the list comes in under $500,000 after the increases.
FULL STORY: Here's where home prices soared the most during the pandemic
The Extreme Measures of the Pandemic 'Housing Boom'
It's hard to describe the current trends in the housing market as a "boom," though homebuying costs are surely rising.
The Consequences of 'Runaway' Housing Prices
There's been no shortage of discussion and debate about what's causing the price of homes in the United States to skyrocket at record rates, but less discussion of the consequences for housing market trends on the broader economy.
U.S. Housing Prices Continue Record-Breaking Pace
July marked four straight months of record-breaking increases for housing prices nationwide, according to the latest housing market data.
Rethinking Redlining
For decades we have blamed 100-year-old maps for the patterns of spatial racial inequity that persist in American cities today. An esteemed researcher says: we’ve got it all wrong.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Montreal Mall to Become 6,000 Housing Units
Place Versailles will be transformed into a mixed-use complex over the next 25 years.
Santa Clara County Dedicates Over $28M to Affordable Housing
The county is funding over 600 new affordable housing units via revenue from a 2016 bond measure.
Why a Failed ‘Smart City’ Is Still Relevant
A Google-backed proposal to turn an underused section of Toronto waterfront into a tech hub holds relevant lessons about privacy and data.
When Sears Pioneered Modular Housing
Kit homes sold in catalogs like Sears and Montgomery Ward made homeownership affordable for midcentury Americans.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
City of Camden Redevelopment Agency
City of Astoria
Transportation Research & Education Center (TREC) at Portland State University
Regional Transportation Commission of Southern Nevada
Toledo-Lucas County Plan Commissions