Metro area home prices rose sharply in the
first quarter of 2021 and virtually every part of the country was impacted. The
National Association of Realtors® (NAR) said that 99 percent of the 183 areas
it tracks posted annual price gains, and for 89 percent (163 areas) those
increases were in the double digits. For comparison, in the first quarter of
2020 only a quarter of the areas (46 of 181) had that magnitude of growth. The median price of an existing single
family home rose 16.2 percent to a national median of $319,200, the largest
gain since 1989. The 11 areas with the most outsized growth, however, were not
necessarily those with the most expensive homes. The top increase, 35.5 percent,
was Kingston, New York where the median is now $303,100. The highest median
price among the 11 was number two, Bridgeport/Norwalk, Connecticut. Its 34
percent annual increase brought the median price to $580,400.

 

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