In the early months of the COVID-19 pandemic, U.S. home sales slumped. Since then, however, the market has come roaring back — and rising demand, in conjunction with a relatively low supply of housing, has caused home values to surge.
According to estimates from Zillow, a Seattle-based real estate data company, between May 2020 and May 2021, the typical single-family American home appreciated in value from $253,773 to $287,148, a 13.2% increase. Of course, housing markets also respond more to local forces, and not all parts of the country followed the national pattern.
In Shirley, a CDP of about 28,600 residents in New York’s New York-Newark-Jersey City metro area, home values are rising even faster than they are nationwide. The typical single family home in Shirley was worth $368,182 as of May 2021, 20.4% more than what it was worth one year ago.
One factor that can contribute to rapidly climbing home prices at a local level is demand. And demand for housing is often precipitated by a growing population. However, according to the most recent available Census data, over the last one-year period, Shirley’s population decreased by 0.4%.
Nationwide, the typical home value is about 4.6 times higher than the median household income of $62,843. In Shirley, housing is generally more affordable. The typical single-family home value is about 4.2 times higher than the local median household income of $87,242.
Here are the 12 communities with populations of at least 25,000 in New York where home values climbed the most in the last year.
|Rank in state||Place||1-yr. increase in typical home value||Current typical home value ($)||1-yr. change in median income||Current median household income ($)|