As the ongoing health crisis continues to impact the economic sector, the website PropertyShark.com looked back and see how the housing market had fared over the course of a decade, before the pandemic.
They analyzed residential sales in the largest cities in the US and took into consideration all homes that sold both in 2009 and 2019. Taking inflation into account, we determined the best price ranges for home price appreciation, as well as for homeownership and home value gains over the past decade.
Key takeaways from their study:
- The national median resale price was $275K, up a notable 35% over 2009 levels.
- Homes over $2M resold with the highest price increase and large urban centers surpassed national price gains across all price ranges.
- The Sunbelt made a name for itself with significant price increases, reconfirming the surging popularity of Sunbelt cities in the 2010s.
- Charlotte saw a 24% increase in the median resale price, coming in at $237K in 2019 from $190K in 2009.
Considering that Charlotte grew at a slower pace than the national average proves that we still have a lot of room for more pricing growth – especially considering that we were just ranked as the 9th fastest migration growth state in America.
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