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HomeReal EstateMedian Price Per Square Foot Is Up 52.7% Since 2019: Realtor.com |...

Median Price Per Square Foot Is Up 52.7% Since 2019: Realtor.com | Black Kite Express

Home values ​​have skyrocketed over the past five years, with New York, Boston and Nashville experiencing double-digit increases in median price per square foot.

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The median price per square foot has grown 52.7 percent since 2019, according to Realtor.com’s latest market report released Tuesday. That metric means home values ​​have grown at more than twice the pace of the consumer price inflation index, which rose 23 percent over the same period.

Danielle Hale

“The details will vary from market to market, but the data suggests continued opportunities for many sellers,” Realtor.com chief economist Danielle Hale said of the meteoric rise in home values. “Although mortgage rates remain much higher than those enjoyed by many existing homeowners, this opportunity favors sellers who do not have to replace a mortgage, such as investors or second home owners looking for an exit, or “capital-rich homeowners looking to downsize from their current area or to a lower-cost region, as well as those planning to rent out their next home.”

Over the past year, the median home sales price increased 0.3 percent, from $441,000 to $442,500. However, the median price per square foot, which Realtor.com says can be viewed as a more accurate indicator of a home’s value, increased 3.8 percent since May 2023.

The median price per square foot has increased in nearly half of the top 50 U.S. metropolitan areas since 2019, with New York (84.7 percent), Boston (72.9 percent) and Nashville, Tennessee ( 68.6 percent), experiencing the largest gains.

“The difference between the percentage change in the median listing price and the median price per square foot shows that, over this time period, the share of smaller, more affordable housing inventory has grown, helping to keep the price down. average even according to Prices per square meter continue to grow,” the report reads.

“Looking at pre-pandemic levels, across the country the median price per square foot saw staggering increases.”

Rising home values ​​have encouraged more sellers to step aside over the past seven months, with the number of homes for sale growing 32.5 percent year over year. Homes in the $200,000 to $350,000 range have seen the most significant boom, with inventory in this price range up 46.6 percent over the previous year.

Email Marian McPherson

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