A new report by Construction Coverage, a construction industry research and analytics firm, details the 10-year change in median home prices by cities across the United States.
It found that the median price of a Greensboro home increased by 21 percent over the last decade.
That’s better than nothing but it’s not close to the average increase for other parts of the country.
The study, which used information from Zillow and other sources, found that the price change in the median Greensboro home rose $28,578 from the corresponding 2010 price. The 2020 price for a median home in Greensboro is now $163,923, which compares with a median home price of $135,345 in 2010 in Greensboro.
Across the country, home price increases were double what Greensboro experienced. For the nation as a whole, the median prices of homes increased 42 percent from 2010 to 2020.
In 2020, the median home price nationally was $250,736, compared with a 2010 price of $176,543 – a difference of $74,193, much more than the increase homeowners here saw during that decade.
According to the Construction Coverage study, median household income in Greensboro now stands at $45,787 while median household income across the country is $61,937.
The report found that, while the country’s housing market as a whole recovered significantly from the lows after the financial collapse, that recovery wasn’t evenly distributed across major US cities.
The study also notes that, “Even though housing prices have continued to rise during the COVID-19 pandemic, many are beginning to question whether the strong rise in home values will continue in densely populated cities.”
According to the report, home prices in the US tend “to rise sharply in the years following recessions.” It adds that, in the five-year periods following the last four recessions, median home prices in the US grew an average of 33 percent.
The report also notes that, ”The largest increases have been concentrated in Western states. Median home prices in Nevada, Idaho, Arizona, Colorado, and California all grew by more than 70 percent, which were the largest price increases in the country. On the other hand, home prices barely rose in some states, including in Delaware and New Jersey, where home prices increased at annualized growth rates below 1 percent. Only one state, Connecticut, actually experienced a decline in the median home price over the last 10 years.”
The entire report, which includes a table with data on 300 cities and all 50 states, can be found at home prices.