Study Determines Cities with Biggest Home Price Increases After COVID-19

The team at Mortgage Calculator released a study examining COVID-19’s impact on the American housing market. The pandemic hugely impacted the global economy, creating shifts in the prices of groceries, cars, gas, and homes. Generally, home prices skyrocketed all around the country. Their research showed that these ten U.S. cities had the largest home price increases:

• Irvine, CA
• Detroit, MI
• Fayetteville, NC
• Miami, FL
• Tampa, FL
• Buffalo, NY
• Port St. Lucie, FL
• Newark, NJ
• San Bernardino, CA
• Petersburg, FL

Click below to zoom.

There are many reasons that home prices rose so much between 2020 and 2024. The economy was chaotic and uncertain during the pandemic, with average people feeling unequipped to navigate the changes. Many people lost jobs, especially those who held public-facing positions. Others switched to remote work, forcing them to make their home their workspace. For some, this was an ideal situation; others wished for a new home to accommodate their new way of working. Unemployment rose to a higher rate than it had in 80 years. This situation left many seeking new situations, but just as many felt they should plant deeper roots instead.

There were not enough houses to fit the number of people searching for a move or first-time home ownership. Interest rates soared. People moved out of city centers to rural and suburban communities. This left the housing market in flux with skyrocketing prices, as we can see from the in-depth research presented in this chart.