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Decatur ranks No. 5 for highest gain in single-family home prices

Thursday, May 5, 2022

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According to the National Association of Realtors®' quarterly Metropolitan Median Area Prices and Affordability report, Decatur ranked number 5 out of 185 measured metros for the highest year-over-year price gains in existing single-family home prices for the first quarter of 2022. 

According to the report, the first quarter of 2022 saw more markets reach double-digit annual price gains than the previous quarter. Decatur had a median home price of $237,400 with a 28.9 % year-over-year gain for existing single-family home prices. The median home price last year in Decatur was $184,200 which is an increase of $53,000. 

"Prices throughout the country have surged for the better part of two years, including in the first quarter of 2022," said Lawrence Yun, National Association of Realtors® chief economist. "Given the extremely low inventory, we're unlikely to see price declines, but appreciation should slow in the coming months."

The top 5 areas with the highest year-over-year price gains were Punta Gorda, FL (34.4%), Ocala, FL (33.8%), Ogden-Clearfield, Utah (30.8%), Lakeland-Winter Haven, FL (30.1%) and Decatur, AL (28.9%).

"Traditionally, homes in these markets were viewed as relatively inexpensive, but with recent migration trends, prices have increased significantly. As more families relocate to various areas, we may see some surprising markets on our top 10 list," said Yun. "Price gains in many smaller, tertiary cities are now outpacing those in the more expensive primary and secondary markets," he continued. "This is due to buyers looking for less expensive housing and also a result of more opportunities to work from home, making relocation to smaller markets possible."

To read the full report, click here


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