US Housing Market
Visualizations using Tableau
Since the pandemic, home prices in the US have surged in many cities across the nation. For this project, I wanted to see which metropolitan areas across the nation have seen the greatest change year-over-year. I also wanted to see how many new homes are being built, how many are being sold, how much they are being sold for and the current inventory/supply.
After scouring the internet, I found that the United States Census Bureau had many datasets online that could help answer my questions. I also used a dataset from realtor.com that provided home prices and year-over-year information for the top 50 largest metro areas in the United States. Links can be found at the bottom of the page.
Below are images of a few charts from the project. However, the project is best viewed in Tableau. The .twbx file can be downloaded using the link above.
Dashboard
The dashboard below shows three key metrics for housing in the US:
1) 12 month trends on new home prices
2) Monthly data on new homes including quantity built and sold, medium price and current supply
3) Year-over-year home price trends for metropolitan areas
As of April 2022, medium new home prices in the US have continued to rise. Memphis, Las Vegas and Orlando are the hottest markets right now with an increase of over 30% increase in price over the same time last year.
New Residential Home Builds
The chart below shows that home construction is very much seasonal. Summer months see the highest number of new home completion. The chart also shows that around 2007, the number of homes being built dropped significantly. Rates of construction did not pick up again until around 2011 and have continued since. However, the current monthly rates today are still around a third lower than the same time in 2006.
New Residential Home Supply
Supply is the ratio of houses for sale to houses sold.
Median Home Price (April 2022)
Below is a treemap showing how the median price of homes in various metropolitan areas compare. I also sorted and colored the cities by state. The chart shows that California is the only state with home prices above a million dollars. Outside of California, the Denver area has the highest median home price.
Data Sources
United States Census Bureau. (2022). Housing Units Completed. Retrieved from
https://www.census.gov/construction/nrc/historical_data/index.html
United States Census Bureau. (2022). New Residential Sales. Retrieved from
https://www.census.gov/construction/nrs/historical_data/index.html
"realtor.com". (2022). April 2022 Monthly Housing Market Trends Report. Retrieved from
https://www.realtor.com/research/april-2022-data/