A 10-year analysis of median residential real estate prices shows which cities have been best for home investment, and Seattle is in the top 10.
Point2Homes examined sales data from 2011 to 2021 for the largest 187 metro areas in the U.S. and found median price increases in every market, fueled by low interest rates.
Among the 59 largest metros, the biggest dollar increases were in the San Jose, California, area, which saw the median price for a single-family home climb from $570,000 in 2011 to $1.64 million in 2021. San Jose was followed on the dollar growth list by San Francisco-Oakland, Anaheim-Santa Ana, Honolulu and San Diego.
Seattle was No. 8, with median single-family home pricing jumping from $285,000 to $698,600, more than 145%, over 10 years. That’s an average price growth of $103 per day, the study noted.
The condo market in the Seattle-Tacoma-Bellevue area was equally lucrative. The region ranked No. 8 for median condo pricing dollar growth. In 2011, the median condo in the Seattle area was $190,440. Ten years later, it was $440,079, a 131% increase. The San Francisco area was No. 1 for condo dollar growth, starting at $355,900 in 2011 and rising to $890,900 in 2021.
The big metros with the largest percentage growth in median single-family home values were Detroit, Phoenix and Atlanta. Detroit had more than 350% growth from 2011 to 2021.
The Atlanta area’s condo pricing percentage growth dwarfed all other markets. The median was $38,800 in 2011 and last year it was $249,900, a whopping 544% increase.