15 Southern Housing Markets With The Most Post-Pandemic Price Jumps  

The pandemic hit the US housing market like a tsunami. Before March 2020, conditions were generally stable, if not favoring sellers, when home-buying activity pulled way back. In some real estate markets, it stopped altogether. Real estate sales activity shifted from a trickle to a torrent when the gates opened. Markets report record-breaking prices, multiple offers above the list, and shrinking inventory month after month. In the pandemic, housing prices jumped by double digits.

But the post-pandemic real estate market couldn’t last forever, and it hasn’t. The rubber band snapped way back in some markets, with home prices decreasing sometimes by double digits. Other metros remain in high demand, and that’s stabilizing the decline.

Still, it’s interesting to see how the pandemic impacted home prices. Prices may be adjusting, but its influence means sales prices and values are unlikely to shift back to the pre-pandemic era. Using the most recent data for metros in October 2023, the Lance Lambert tracker identified the markets showing the most and least pandemic price growth. 

Looking solely at Southern markets–which experienced consistently high demand– here’s where home prices grew the most since March 2020. Note that a “price since peak” with a “zero” means prices have either stabilized at the market peak or are still increasing since the pandemic-driven sales activity peaked.

[Graphic: Create one for “5 Southern Markets With Most Post-Pandemic Price Growth. Use the top 5 here.]

Clewiston, FL

March 2020 Pricing Growth: 80%

Prices Since Peak: -0.0%

October 2023 Median Sold Price: $264,000

Imagine lakefront living in a small Florida town. Better than imagining–buy it in Clewiston, FL. Lakes don’t get much larger than Lake Okeechobee, where Clewiston sits on the lakefront. This quiet town is a paradise for fishermen seeking to ply the lake’s fresh waters for bass. Clewiston is also called “America’s Sweetest Town” because of its connections to the sugarcane industry.

Thomaston, GA

March 2020 Pricing Growth: 74%

Prices Since Peak: 0%

October 2023 Median Sold Price: $209,300

Due south from Atlanta and about halfway between Columbus and Macon, GA, the laidback Southern hospitality of Thomaston adds to its charm. Find historic antebellum homes and local businesses with deep roots. 

Laurinburg, NC

March 2020 Pricing Growth: 72%

Prices Since Peak: -0.7%

October 2023 Median Sold Price: $130,000

Beside the South Carolina border awaits a three-time All-America City. The cantaloupe-growing center also is home to St. Andrews University. Laurinburg is over an hour from any major city but close to Fayetteville and Pinehurst Resort.

Cedartown, GA

March 2020 Pricing Growth: 71%

Prices Since Peak: -0.39%

October 2023 Median Sold Price: $230,900

Renowned for its historic charm and scenic landscapes, Cedartown features a well-preserved downtown area with Victorian architecture and access to the Silver Comet Trail. Cedartown is due west of Marietta and is a small rural Georgia town near the Alabama border.

Naples, FL

March 2020 Pricing Growth: 71%

Prices Since Peak: -1.24%

October 2023 Median Sold Price: $600,000

Gulf of Mexico living at its finest awaits in Naples, a Florida vacation and retirement destination. The city’s reputation for luxury living is reflected in its real estate prices. It also has high-end dining, upscale shopping, and award-winning beaches to match its quality of life. 

Toccoa, GA

March 2020 Pricing Growth: 69%

Prices Since Peak: 0%

October 2023 Median Sold Price: $250,000

This beautiful region in the Appalachian Foothills is known for its cascading waterfalls. Namesake Toccoa Falls attracts visitors all year. Beyond its natural wonders, Toccoa has a charming small-town atmosphere, historical sites, and access to outdoor activities, making it a delightful destination for those seeking a blend of scenic beauty and Southern hospitality.

Knoxville, TN

March 2020 Pricing Growth: 68%

Prices Since Peak: -0.15%

October 2023 Median Sold Price: $370,000

The jumping-off point for exploring the Great Smoky Mountains is an exciting place to live in its own right. Knoxville has a revitalized downtown, World Fair’s Park, the University of Tennessee campus, and some of the state’s best school districts in its suburbs.

Brevard, NC

March 2020 Pricing Growth: 68%

Prices Since Peak: -0.06%

October 2023 Median Sold Price: $546,800

Fun and quirky, Brevard is a progressive mountain town famous for its college, music conservatory, and White Squirrel Festival. It has a lively atmosphere, a thriving arts scene, and excellent access to recreation in the Blue Ridge Mountains.

Key West, FL

March 2020 Pricing Growth: 67%

Prices Since Peak: -0.48%

October 2023 Median Sold Price: $1,200,000

It’s always 5 o’clock in Key West, a unique and laid-back tropical paradise. Residents gain a quirky cultural scene, waterfront living, and a relaxed but independent spirit known as the “conch” nation. With its historic charm and modern amenities, Key West is a one-of-a-kind place to live.

Sanford, NC

March 2020 Pricing Growth: 65%

Prices Since Peak: -0.18%

October 2023 Median Sold Price: $305,000

Sanford is a town midway between the Triangle region and the golfing resorts at Pinehurst. In-town perks include access to boating on the Cape Fear River but don’t forget the benefits of living a close-knit southern town lifestyle.

Boone, NC

March 2020 Pricing Growth: 65%

Prices Since Peak: 0%

October 2023 Median Sold Price: $534,500

An all-season resort town, Boone is a place where people come for skiing in the winter, flyfishing in the season, and hiking throughout the year. The town in the Blue Ridge Mountains has a college and strong Appalachian heritage that appeals to many.

Wilson, NC

March 2020 Pricing Growth: 65%

Prices Since Peak: -0.52%

October 2023 Median Sold Price: $231,300

Enjoy small-town living in central North Carolina. Wilson is just east of I-95 and midway on I-795 between Goldsboro and Rocky Mount. For a small town, it has abundant character, most evident in its famous Vollis Simpson Whirligig Park, a collection of kinetic sculptures by the artist. 

Crossville, TN

March 2020 Pricing Growth: 65%

Prices Since Peak: 0%

October 2023 Median Sold Price: $290,000

Crossville offers numerous golf courses as the “Golf Capital of Tennessee,” making it a haven for golf enthusiasts. A rolling hills and lakes landscape surrounds this city on the Cumberland Plateau, giving residents abundant outdoor recreation choices. It’s very central in Tennessee and north of Chattanooga.

Cape Coral, FL

March 2020 Pricing Growth: 65%

Prices Since Peak: -3.06%

October 2023 Median Sold Price: $389,000

This southwestern peninsula city is another waterfront Florida paradise with an impressive canal network. Classic white sand beaches, golf courses, and air-conditioned shopping malls complement its tropical lifestyle. Cape Coral is a popular retirement destination.

Sevierville, TN

March 2020 Pricing Growth: 65%

Prices Since Peak: -5.83%

October 2023 Median Sold Price: $463,200

As the hometown of Dolly Parton, Sevierville embraces its cultural heritage with attractions like nearby Dollywood, a theme park that combines entertainment with Appalachian traditions. Residents enjoy a balance of outdoor adventures, including hiking in the nearby national park and the charm of a welcoming community known for its local shops, eateries, and family-friendly culture.