How much do your city's housing prices rise every day?
In order to give them context, we often speak of housing prices in monthly or quarterly terms. We can see that while the average home costs $450,000 in December, it costs $480,000 by the time April rolls around and get a big picture idea of how the market is changing.
Given how home prices have been rising steadily (or in some cases, skyrocketing) for a while now, that context and perspective can be a little harder to grasp. We’ve gotten so used to seeing prices grow from California to Texas to Illinois that it doesn’t really stand out anymore when a local market’s home values inch up once more. The shock is gone.
In Seattle, where housing prices have risen 112 percent since 2012 and the median home price now stands just under $820,000, people have become numb to the statistics. Perhaps that’s what spurred Mike Rosenberg, a Seattle Times real estate reporter, to find out how much home prices rise by the minute. He found that, on average, the price of a home in Seattle is going up $1 every five minutes. Maybe that doesn’t sound significant on its own, but when you start to add up all those minutes, that number grows exponentially every day.
Inspired by Rosenberg’s number-crunching, Neighborhoods.com decided to do some of our own calculations to see what those numbers look like in other markets across the country. We decided to focus our efforts on how much the average home price rises every day in some of the nation’s hottest housing markets. And because we had so much fun doing it last year, we also figured out how many avocado toasts ($7 average cost) you’d have to give up each day to make up for it.
San Jose
December 2017 Median Price: $1,108,000
March 2018 Median Price: $1,263,500
Price Increase Per Day: $1,728
No. of Avocado Toasts You Need to Give Up in San Jose: 247
Denver
December 2017 Median Price: $410,000
March 2018 Median Price: $522,277
Price Increase Per Day: $1,247
No. of Avocado Toasts You Need to Give Up in Denver: 178
San Francisco
December 2017 Median Price: $1,500,000
March 2018 Median Price: $1,610,000
Price Increase Per Day: $1,222
No. of Avocado Toasts You Need to Give Up in San Francisco: 175
Seattle
December 2017 Median Price: $718,700
March 2018 Median Price: $819,500
Price Increase Per Day: $1,120
No. of Avocado Toasts You Need to Give Up in Seattle: 160
Oakland
December 2017 Median Price: $668,000
March 2018 Median Price: $720,000
Price Increase Per Day: $577
No. of Avocado Toasts You Need to Give Up in Oakland: 83
Portland
December 2017 Median Price: $400,000
March 2018 Median Price: $440,000
Price Increase Per Day: $444
No. of Avocado Toasts You Need to Give Up in Portland: 63
Chicago
December 2017 Median Price: $220,000
March 2018 Median Price: $240,000
Price Increase Per Day: $222
No. of Avocado Toasts You Need to Give Up in Chicago: 32
Miami
December 2017 Median Price: $282,000
March 2018 Median Price: $300,000
Price Increase Per Day: $200
No. of Avocado Toasts You Need to Give Up in Miami: 29
NYC
December 2017 Median Price: $1,060,000
March 2018 Median Price: $1,077,500
Price Increase Per Day: $194
No. of Avocado Toasts You Need to Give Up in New York City: 28
Los Angeles
December 2017 Median Price: $657,000
March 2018 Median Price: $674,000
Price Increase Per Day: $189
No. of Avocado Toasts You Need to Give Up in Los Angeles: 27
Las Vegas
December 2017 Median Price: $267,900
March 2018 Median Price: $280,000
Price Increase Per Day: $134
No. of Avocado Toasts You Need to Give Up in Las Vegas: 19
San Diego
December 2017 Median Price: $547,000
March 2018 Median Price: $558,500
Price Increase Per Day: $127
No. of Avocado Toasts You Need to Give Up in San Diego: 18
Raleigh
December 2017 Median Price: $270,000
March 2018 Median Price: $280,000
Price Increase Per Day: $111
No. of Avocado Toasts You Need to Give Up in Raleigh: 16
Washington, DC
December 2017 Median Price: $380,000
March 2018 Median Price: $390,000
Price Increase Per Day: $111
No. of Avocado Toasts You Need to Give Up in Washington, DC: 16
Dallas
December 2017 Median Price: $285,000
March 2018 Median Price: $295,000
Price Increase Per Day: $111
No. of Avocado Toasts You Need to Give up in Dallas: 16
Boston
December 2017 Median Price: $452,800
March 2018 Median Price: $462,500
Price Increase Per Day: $108
No. of Avocado Toasts You Need to Give Up in Boston: 15
Atlanta
December 2017 Median Price: $221,400
March 2018 Median Price: $230,000
Price Increase Per Day: $96
No. of Avocado Toasts You Need to Give Up in Atlanta: 14
Phoenix
December 2017 Median Price: $247,000
March 2018 Median Price: $255,000
Price Increase Per Day: $88
No. of Avocado Toasts You Need to Give Up in Phoenix: 13
Charlotte
December 2017 Median Price: $235,000
March 2018 Median Price: $237,100
Price Increase Per Day: $23
No. of Avocado Toasts You Need to Give Up in Charlotte: 3
Houston
December 2017 Median Price: $230,000
March 2018 Median Price: $232,000
Price Increase Per Day: $22
No. of Avocado Toasts You Need to Give Up in Houston: 3
Nashville
December 2017 Median Price: $279,800
March 2018 Median Price: $281,500
Price Increase Per Day: $19
No. of Avocado Toasts You Need to Give Up in Nashville: 3
Orlando
December 2017 Median Price: $238,000
March 2018 Median Price: $236,000
Price Increase Per Day: -$22
No. of Avocado Toasts You Need to Give Up in Orlando: -7
Austin
December 2017 Median Price: $307,500
March 2018 Median Price: $301,400
Price Increase Per Day: -$67
No. of Avocado Toasts You Need to Give Up in Austin: -10
Enjoy all your extra avocado toasts, Orlando and Austin!