Economists' Outlook

Housing stats and analysis from NAR's research experts.

Single-Family Home Prices Rose in All Metro Areas in 2020 Q4

The National Association of REALTORS® reported that quarterly home price growth was strong this past quarter. Prices continued to rise, with 88% of the markets showing double-digit home price appreciation. National median prices rose 14.9% year-over-year to $315,900. Monthly mortgage payments on a single-family home this quarter increased to $1,040 while qualifying median family incomes rose to $49,908 compared to fourth quarter of 2019. Knowing the mortgage rates and the qualifying incomes for down payments will help potential homeowners figure out what metro areas are affordable for them. Here is a look at the metro areas with the strongest price growth in the fourth quarter 2020, as well as a look at the yearly change in median existing single-family home prices among the top five highest and lowest growth metro areas of the fourth quarter 2020.

These are the top five single-family metro areas with the highest home price appreciation:

Bar chart: Top Five Single-Family Metro Areas with Highest Year-Over-Year Home Appreciation

These are the bottom five single-family metro areas with the slowest home price appreciation:

Bar chart: Bottom Five Single-Family Metro Areas with Lowest Year-Over-Year Home Appreciation

These are the most expensive metro areas for the fourth quarter 2020:

Bar chart: Most Expensive Metro Areas in Q4 2020

These are the least expensive metro areas for the fourth quarter 2020:

Bar chart: Least Expensive Metro Areas in Q4 2020

Qualifying Income Based on Sales Price of Existing Single family Homes for Metropolitan Areas by Region:

Bar chart: U.S. and Regional Qualifying Income Based on EHS Sales Price of Single-Family Homes

For the US, at the 5% down-payment threshold, the qualifying income amount for the fourth quarter of 2020 was $59,266. At the 10% down-payment mark, the qualifying income was $56,147 and with a 20% down-payment, the income required to qualify for a mortgage was $49,908. The West led all regions with the highest qualifying income while the Midwest had the lowest income for 5%, 10% and 20% down payments on a single-family home.

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