A lot can change in 10 years – ask anyone who has ever been to a high school reunion. Sometimes the kid from the back of the class returns as CEO of a buzz-worthy company.
That’s the case with these 11 cities. They made the list of metro areas with the biggest increase in median home sales price from December 2009 to December 2019, according to data from the latest RE/MAX National Housing Report.
Coming on the heels of the U.S. housing bubble burst, December 2009 found U.S. home prices at some of their lowest in history. Ten years later, these metros have bounced back – and then some.
Whether it’s their introduction of new industries, their low cost of living, their easy access to outdoor activities or anything else, these 10 cities earned the “Most Popular” vote this decade.
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10. Boston, Massachusetts
December 2009 Median Sales Price: $332,000
December 2019 Median Sales Price: $492,500
Increase: $160,500
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9. Phoenix, Arizona
December 2009 Median Sales Price: $125,000
December 2019 Median Sales Price: $289,020
Increase: $164,020
“Our great climate has attracted a steady growth of population over the past 10 years,” says Maureen Waters, an agent with RE/MAX Foothills in Phoenix. “Many sellers are still receiving multiple offers on homes in good condition in a good location. Still, the current median sales price remains relatively low, along with interest rates. This benefits buyers in the area.
“Looking ahead, I expect housing demand will continue to be strong, with inventory levels remaining low, as corporations continue to expand in the region, fueling population growth.”
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8. Portland, Oregon
December 2009 Median Sales Price: $235,600
December 2019 Median Sales Price: $400,000
Increase: $165,000
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7. Las Vegas, Nevada
December 2009 Median Sales Price: $123,000
December 2019 Median Sales Price: $290,000
Increase: $167,000
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6. Boise, Idaho
December 2009 Median Sales Price: $145,000
December 2019 Median Sales Price: $315,000
Increase: $170,000
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5. *TIE* Seattle, Washington
December 2009 Median Sales Price: $295,000
December 2019 Sales Price: $505,000
Increase: $210,000
“As I look back over the last decade, it’s crazy to think where the market and prices were to what the new normal is now,” says Brandon Hjeselth, an agent with RE/MAX Northwest in Seattle. “I don’t foresee the market going backward anytime soon. The growth of tech companies and medical providers in the greater Seattle area has created job growth, and job growth is the number one predictor of housing. I would credit Amazon as a big contributor to the increase in home prices over the last decade.
“We see fewer people leaving and moving to other parts of the country, and more coming in, including retirees coming in from places like California. This combination creates a real constraint on the number of places for people to live, whether it’s buying, selling or renting.”
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5. *TIE* Honolulu, Hawaii
December 2009 Median Sales Price: $410,000
December 2019 Median Sales Price: $620,000
Increase: $210,000
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4. Denver, Colorado
December 2009 Median Sales Price: $200,000
December 2019 Median Sales Price: $415,000
Increase: $215,000
“Looking at the market correction of 2009, Denver didn’t see the same depression in housing prices that coastal states did. Comparatively the Denver metro-market in 2009-2012 was a flat market. The real escalation we saw started in 2014 just after the legalization of marijuana,” says Kerron Stokes, a real estate agent with RE/MAX Leaders in Denver. “That year ushered in a new era of economic variety and business diversity different than in the past.”
“The change has been monumental. Usually a real estate cycle lasts 7 to 8 years, but Denver still hasn’t reached the end of this market. In November 2018, we pivoted to a more balanced, sustainable market, but I don’t see a market correction for probably the next three years.”
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3. San Diego, California
December 2009 Median Sales Price: $320,000
December 2019 Median Sales Price: $575,000
Increase: $255,000
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2. Los Angeles, California
December 2009 Median Sales Price: $260,250
December 2019 Median Sales Price: $517,500
Increase: $257,250
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1. San Francisco, California
December 2009 Median Sales Price: $450,000
December 2019 Median Sales Price: $910,000
Increase: $460,000
Written by Stephanie Visscher
