In the early months of the COVID-19 pandemic, U.S. home sales slumped. Since then, however, the market has come roaring back. Rising demand, in conjunction with a relatively low supply of housing, has caused home values to surge.
Between January 2020 and January 2021, the typical single-family American home appreciated in value from $246,563 to $269,039, a 9.1% increase. Of course, housing markets also respond to local forces, and in some parts of the country, home values have actually declined.
In 30 cities and towns with populations of 15,000 or more, home values have depreciated by at least 0.3% over the past year. In some of them, the value of a typical family home has plummeted by over 8.0%. Though these communities span the country, they tend to be concentrated in the southern United States.
One factor that can contribute to a rapid climb in home prices at a local level is demand. Demand for housing is often precipitated by a growing population. According to the most recently available Census Bureau data, 16 of the 30 cities and towns on this list reported population growth over the past year.
Longview, Texas, is the city where home values have dropped the most. Texas Demographics reports:
Race & Ethnicity
The largest Longview racial/ethnic groups are White (54.0%) followed by Black (22.1%) and Hispanic (20.0%).Median Income
In 2019, the median household income of Longview households was $49,086. Longview households made slightly more than Celeste households ($49,063), Elmendorf households ($49,063), Olney households ($49,079), and Pecan Gap households ($49,063). However, 14.0% of Longview families live in poverty.
Additional data on Longview:
> One-year change in median home value: −12.8% (−$22,956)
> Median home value in January 2021: $155,883
> One-year population change: −0.7% (−603)
> Population: 81,653
> Median household income: 49086
Click here to see the 30 U.S. cities where home values are falling fastest.
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