- Buying a home in some places is harder and more expensive than in others.
- In Austin, Texas, the price of a typical home jumped by one-third in the last year, Redfin found.
- Insider rounded up the US cities where prices are up the most. They're all popular pandemic spots.
- See more stories on Insider's business page.
There are some early signs that the red-hot real-estate market is calming — but it's still brutal to try to scoop up a property in much of the US.
Consider Austin, Texas. In 2021 alone, nearly 2,700 Austin homes have sold for more than $100,000 over listing price. The real-estate giant Redfin just released new data showing that the median sales price in the Texas capital rose nearly 39% since last July. It's significant because at this time last year, home prices nationwide had already skyrocketed over 2019's levels.
"Home prices are still soaring at an astonishing rate," Daryl Fairweather, Redfin's chief economist, said in the report. "While this ongoing trend continues to fuel an already severe affordability crisis, the market is becoming somewhat less competitive for homebuyers."
So while you might not be battling scores of others in a bidding war over one house, you could still end up shelling out more money than you anticipated. July, Redfin found, marked the 12th straight month the median home price for the entire US increased by double digits.
Insider rounded up the top 10 places where home prices have increased the most from July 2020 to July 2021, according to Redfin's data.
Some spots on the list, like Phoenix and Miami, have recently welcomed an influx of high-earning new residents from coastal hubs like San Francisco. Others, like Riverside, California, and Buffalo, New York, represent a trend of city dwellers decamping to the suburbs and smaller cities.
Listed below, in ascending order, are the places where the average price of a home has jumped the most in the past year:
