If You Bought a Home in These 14 Cities 3 Years Ago, You’d Have Built $100K+ in Home Equity
Home prices have risen so rapidly in recent years that if you purchased a home in several major cities in 2020, you would have built over $100,000 in home equity since then.
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To identify these cities, Zoocasa analyzed data from 25 major metropolitan areas in the U.S. and calculated the estimated equity built on a home bought at the median price in each city. In these 14 cities, median home prices soared so much that homeowners have built six figures worth of equity in just three years.
San Diego
Median single-family home sales price (2020): $710,000
Median single-family home sales price (2023): $978,500
Equity built: $268,500
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Los Angeles
Median single-family home sales price (2020): $673,100
Median single-family home sales price (2023): $897,600
Equity built: $224,500
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New York
Median single-family home sales price (2020): $442,400
Median single-family home sales price (2023): $650,500
Equity built: $208,100
Miami
Median single-family home sales price (2020): $398,000
Median single-family home sales price (2023): $602,500
Equity built: $204,500
San Francisco
Median single-family home sales price (2020): $1,100,000
Median single-family home sales price (2023): $1,300,000
Equity built: $200,000
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Boston
Median single-family home sales price (2020): $563,700
Median single-family home sales price (2023): $745,100
Equity built: $181,400
Denver
Median single-family home sales price (2020): $492,700
Median single-family home sales price (2023): $673,000
Equity built: $180,300
Seattle
Median single-family home sales price (2020): $596,900
Median single-family home sales price (2023): $744,300
Equity built: $147,400
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Tampa, Florida
Median single-family home sales price (2020): $272,000
Median single-family home sales price (2023): $415,000
Equity built: $143,000
Riverside, California
Median single-family home sales price (2020): $422,600
Median single-family home sales price (2023): $565,000
Equity built: $142,400
Washington
Median single-family home sales price (2020): $475,400
Median single-family home sales price (2023): $612,600
Equity built: $137,200
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Phoenix
Median single-family home sales price (2020): $330,000
Median single-family home sales price (2023): $467,200
Equity built: $137,200
Atlanta
Median single-family home sales price (2020): $260,800
Median single-family home sales price (2023): $379,200
Equity built: $118,400
Nashville, Tennessee
Median single-family home sales price (2020): $298,900
Median single-family home sales price (2023): $413,600
Equity built: $114,700
All data is sourced from Zoocasa and is accurate as of Nov. 22, 2023.
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This article originally appeared on GOBankingRates.com: If You Bought a Home in These 14 Cities 3 Years Ago, You’d Have Built $100K+ in Home Equity
