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.
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 rapidly climbing home prices at a local level is demand. And demand for housing is often precipitated by a growing population. According to the most recent available Census data, 16 of the 30 cities and towns on this list reported population growth over the last one-year period.
Source: Jacob Boomsma / iStock via Getty Images
30. Owatonna, Minnesota
> 1-yr. change in median home value: -0.3% (-$630)
> Median home value; January 2021: $201,714
> 1-yr. population change: +0.1% (+29)
> Population: 25,685
> Median household income: $62,642
This is How Much Home You Can Buy For 200K in Every State
Source: string_bass_dave / Flickr
29. Gillette, Wyoming
> 1-yr. change in median home value: -0.3% (-$891)
> Median home value; January 2021: $278,051
> 1-yr. population change: -0.6% (-199)
> Population: 32,857
> Median household income: $79,789
This is How Much Home You Can Buy For 200K in Every State
Source: BOB WESTON / iStock via Getty Images
28. Pampa, Texas
> 1-yr. change in median home value: -0.3% (-$227)
> Median home value; January 2021: $67,187
> 1-yr. population change: -1.4% (-255)
> Population: 17,538
> Median household income: $46,432
This is How Much Home You Can Buy For 200K in Every State
Source: rustyl3599 / Getty Images
27. Vicksburg, Mississippi
> 1-yr. change in median home value: -0.4% (-$471)
> Median home value; January 2021: $130,995
> 1-yr. population change: -1.6% (-374)
> Population: 22,332
> Median household income: $32,072
This is How Much Home You Can Buy For 200K in Every State
Source: Armouredsaint / Wikimedia Commons
26. Knik-Fairview, Alaska
> 1-yr. change in median home value: -0.5% (-$1,295)
> Median home value; January 2021: $257,799
> 1-yr. population change: -0.3% (-56)
> Population: 17,457
> Median household income: $87,331
This is How Much Home You Can Buy For 200K in Every State
Source: Public Domain / Wikimedia Commons
25. Hammond, Louisiana
> 1-yr. change in median home value: -0.5% (-$876)
> Median home value; January 2021: $166,670
> 1-yr. population change: +1.1% (+224)
> Population: 20,668
> Median household income: $36,921
This is How Much Home You Can Buy For 200K in Every State
Source: DenisTangneyJr / iStock via Getty Images
24. Meridian, Mississippi
> 1-yr. change in median home value: -0.6% (-$539)
> Median home value; January 2021: $89,007
> 1-yr. population change: -2.0% (-754)
> Population: 37,848
> Median household income: $32,422
This is How Much Home You Can Buy For 200K in Every State
Source: texasbackroads / Flickr
23. Marshall, Texas
> 1-yr. change in median home value: -0.9% (-$877)
> Median home value; January 2021: $101,469
> 1-yr. population change: -1.0% (-235)
> Population: 23,080
> Median household income: $41,250
This is How Much Home You Can Buy For 200K in Every State
Source: Feverpitched / Getty Images
22. East Moline, Illinois
> 1-yr. change in median home value: -1.0% (-$1,013)
> Median home value; January 2021: $105,536
> 1-yr. population change: -2.1% (-457)
> Population: 20,916
> Median household income: $53,660
This is How Much Home You Can Buy For 200K in Every State
Source: DenisTangneyJr / Getty Images
21. Grand Forks, North Dakota
> 1-yr. change in median home value: -1.1% (-$2,436)
> Median home value; January 2021: $217,882
> 1-yr. population change: -0.1% (-56)
> Population: 56,500
> Median household income: $50,076
This is How Much Home You Can Buy For 200K in Every State
Source: DenisTangneyJr / Getty Images
20. Lake Charles, Louisiana
> 1-yr. change in median home value: -1.1% (-$2,040)
> Median home value; January 2021: $177,630
> 1-yr. population change: +1.3% (+1,016)
> Population: 77,283
> Median household income: $42,942
This is How Much Home You Can Buy For 200K in Every State
Source: BOB WESTON / iStock via Getty Images
19. Plainview, Texas
> 1-yr. change in median home value: -1.3% (-$1,094)
> Median home value; January 2021: $82,403
> 1-yr. population change: -1.1% (-222)
> Population: 20,492
> Median household income: $48,430
This is How Much Home You Can Buy For 200K in Every State
Source: leeco / Flickr
18. Oxford, Alabama
> 1-yr. change in median home value: -1.4% (-$1,823)
> Median home value; January 2021: $129,602
> 1-yr. population change: +0.5% (+115)
> Population: 21,323
> Median household income: $57,887
This is How Much Home You Can Buy For 200K in Every State
Source: DenisTangneyJr / Getty Images
17. Odessa, Texas
> 1-yr. change in median home value: -1.8% (-$3,192)
> Median home value; January 2021: $179,203
> 1-yr. population change: +0.9% (+1,120)
> Population: 119,702
> Median household income: $63,847
This is How Much Home You Can Buy For 200K in Every State
Source: bossco / Flickr
16. Clinton, Iowa
> 1-yr. change in median home value: -1.8% (-$1,655)
> Median home value; January 2021: $91,077
> 1-yr. population change: -0.9% (-221)
> Population: 25,416
> Median household income: $44,094
This is How Much Home You Can Buy For 200K in Every State
Source: J. Stephen Conn / Flickr
15. Duncan, Oklahoma
> 1-yr. change in median home value: -1.9% (-$1,610)
> Median home value; January 2021: $82,508
> 1-yr. population change: -0.9% (-205)
> Population: 22,618
> Median household income: $44,404
This is How Much Home You Can Buy For 200K in Every State
Source: rossaroni / Flickr
14. Liberal, Kansas
> 1-yr. change in median home value: -2.4% (-$2,910)
> Median home value; January 2021: $117,350
> 1-yr. population change: -2.6% (-520)
> Population: 19,731
> Median household income: $48,629
This is How Much Home You Can Buy For 200K in Every State
Source: ricricciardi / Flickr
13. Fort Leonard Wood, Missouri
> 1-yr. change in median home value: -2.5% (-$3,338)
> Median home value; January 2021: $132,341
> 1-yr. population change: +0.9% (+144)
> Population: 16,026
> Median household income: $51,364
This is How Much Home You Can Buy For 200K in Every State
Source: LPS.1 / Wikimedia Commons / Public Domain
12. East Palo Alto, California
> 1-yr. change in median home value: -2.6% (-$24,553)
> Median home value; January 2021: $916,191
> 1-yr. population change: -0.1% (-40)
> Population: 29,593
> Median household income: $67,087
This is How Much Home You Can Buy For 200K in Every State
Source: Nicolas McComber / Getty Images
11. San Francisco, California
> 1-yr. change in median home value: -2.7% (-$38,707)
> Median home value; January 2021: $1,400,444
> 1-yr. population change: +0.6% (+4,917)
> Population: 874,961
> Median household income: $112,449
This is How Much Home You Can Buy For 200K in Every State
Source: DenisTangneyJr / Getty Images
10. Midland, Texas
> 1-yr. change in median home value: -2.7% (-$7,263)
> Median home value; January 2021: $260,079
> 1-yr. population change: +2.5% (+3,415)
> Population: 138,549
> Median household income: $79,329
This is How Much Home You Can Buy For 200K in Every State
Source: davidwilson1949 / Flickr
9. Warrensburg, Missouri
> 1-yr. change in median home value: -2.9% (-$5,645)
> Median home value; January 2021: $190,631
> 1-yr. population change: +0.6% (+114)
> Population: 20,139
> Median household income: $46,315
This is How Much Home You Can Buy For 200K in Every State
Source: haydn / Flickr
8. Jamestown, North Dakota
> 1-yr. change in median home value: -3.4% (-$6,034)
> Median home value; January 2021: $170,667
> 1-yr. population change: -0.5% (-79)
> Population: 15,289
> Median household income: $51,789
This is How Much Home You Can Buy For 200K in Every State
Source: afiler / Flickr
7. Minot, North Dakota
> 1-yr. change in median home value: -3.5% (-$7,250)
> Median home value; January 2021: $200,792
> 1-yr. population change: -0.1% (-43)
> Population: 48,261
> Median household income: $66,194
This is How Much Home You Can Buy For 200K in Every State
Source: tab1962 / iStock
6. Sienna Plantation, Texas
> 1-yr. change in median home value: -5.8% (-$13,665)
> Median home value; January 2021: $223,955
> 1-yr. population change: +14.7% (+2,490)
> Population: 19,486
> Median household income: $149,018
This is How Much Home You Can Buy For 200K in Every State
Source: DenisTangneyJr / Getty Images
5. Laredo, Texas
> 1-yr. change in median home value: -5.9% (-$10,254)
> Median home value; January 2021: $162,457
> 1-yr. population change: +0.6% (+1,576)
> Population: 259,151
> Median household income: $47,593
This is How Much Home You Can Buy For 200K in Every State
Source: Michael Rivera / Wikimedia Commons
4. Prichard, Alabama
> 1-yr. change in median home value: -7.8% (-$2,732)
> Median home value; January 2021: $32,204
> 1-yr. population change: -0.7% (-154)
> Population: 21,773
> Median household income: $29,009
This is How Much Home You Can Buy For 200K in Every State
Source: Tiago_Fernandez / iStock Editorial via Getty Images
3. Sulphur, Louisiana
> 1-yr. change in median home value: -8.0% (-$15,265)
> Median home value; January 2021: $175,901
> 1-yr. population change: -0.6% (-128)
> Population: 20,113
> Median household income: $53,287
This is How Much Home You Can Buy For 200K in Every State
Source: MattGush / iStock via Getty Images
2. Laguna Woods, California
> 1-yr. change in median home value: -9.9% (-$39,196)
> Median home value; January 2021: $357,564
> 1-yr. population change: -1.1% (-175)
> Population: 16,053
> Median household income: $44,020
This is How Much Home You Can Buy For 200K in Every State
Source: pasa / Flickr
1. Longview, Texas
> 1-yr. change in median home value: -12.8% (-$22,956)
> Median home value; January 2021: $155,883
> 1-yr. population change: -0.7% (-603)
> Population: 81,653
> Median household income: 49086
This is How Much Home You Can Buy For 200K in Every State
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