Home values are rising at historic rates in the United States. The median home price hit an all time high of $310,500 in the third quarter of 2021, 16% higher than it was the same period the previous year, according to ATTOM Data Solutions, a real estate and property data provider.
Surging home values are partially a product of growing demand, which is fueled in part by low mortgage rates. These conditions have created a seller’s market unlike anything seen in recent memory. Nationwide, the profit margin — the change between purchase and resale prices — on median-priced single-family homes sold in the third quarter was 47.6%, equivalent to a profit of $100,178. In many cities across the country, third quarter profit margins eclipsed the national median by a wide margin.
In the Boise City metro area, located in Idaho, the typical home sale in the third quarter of 2021 generated a 130.3% profit for the seller — the highest profit margin among U.S. metro areas considered. In dollar terms, the typical area home sold for $251,989 more than it was purchased for.
As is the case nationwide, the area’s high profit margins have been fueled by a historic surge in home values. The typical home in the Boise City metro area sold for $445,313 in the third quarter of 2021, up 3.6% from the median sale price of $430,000 the previous quarter and up 28% from the median sale price of $347,085 in the third quarter of 2020.
All data in this story was provided by ATTOM Data Solutions. All U.S. metro areas with populations of at least 200,000 and at least 1,000 single-family home and condo sales in Q3 2021 were considered.
|Rank||Metro area||Median homesale profit, Q3 2021 (%)||Median homesale profit, Q3 2021 ($)||Median homesale price, Q3 2021 ($)|
|1||Boise City, ID||130.3||251,989||445,313|
|4||Spokane-Spokane Valley, WA||87.7||171,001||369,000|
|8||Lake Havasu City-Kingman, AZ||72.1||129,907||310,000|
|11||San Jose-Sunnyvale-Santa Clara, CA||71.0||515,000||1,240,000|
|12||Austin-Round Rock, TX||70.9||192,656||465,000|
|14||Grand Rapids-Wyoming, MI||70.0||105,000||255,000|
|15||Port St. Lucie, FL||69.4||125,000||303,418|
|22||Durham-Chapel Hill, NC||65.2||138,500||351,000|
|23||Athens-Clarke County, GA||65.2||104,550||265,000|
|24||Green Bay, WI||65.0||90,600||230,000|
|25||Salt Lake City, UT||64.8||180,874||459,900|
|29||San Francisco-Oakland-Hayward, CA||63.6||388,000||995,000|
|31||Palm Bay-Melbourne-Titusville, FL||62.4||111,000||289,000|
|32||Cape Coral-Fort Myers, FL||62.2||117,000||304,000|
|33||Tampa-St. Petersburg-Clearwater, FL||62.1||114,900||300,000|
|39||Riverside-San Bernardino-Ontario, CA||60.8||185,500||490,000|
Sponsored: Find a Qualified Financial Advisor:
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.