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.
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