Home prices in cities rise 16 percent, surpassing suburban and rural price growth for first time since before pandemic

The median home-sale price in urban areas nationwide rose 15.9 percent year-over-year to $292,263 in the four weeks ending February 21, according to a new report from Redfin, the technology-powered real estate brokerage. This compared with a 15.5 percent increase to $332,291 for homes in suburban neighborhoods and a 14.3 percent increase to $284,593 for those in rural neighborhoods.

Although price growth is just slightly higher for homes in urban areas than the two other neighborhood types, it marks the first time since March 2020 that home-price growth in urban areas has surpassed that of suburban and rural places.

While suburban and rural homes are still hot, housing-market data is illustrating renewed homebuyer interest in urban areas, as coronavirus vaccines deliver hope for a