These US cities have fastest-growing home prices (2024)
Story at a glance
The National Association of Realtors released its latest quarterly report showing that nearly 90 percent of all metro areas saw housing prices go up last quarter.
Farmington, N.M., experienced the steepest increase in housing prices, reporting a 20.3 percent year-to-year increase.
Several Florida cities, including Naples, Daytona Beach and North Port, also saw spikes in housing prices.
Farmington, N.M., has the fastest-rising housing costs in the United States, according to a new report from the National Association of Realtors (NAR) scanning home prices across the nation.
Communities in Florida and North Carolina took up seven of the top 10 metro areas with the fastest-growing home prices, with Florida’s North Port-Sarasota-Bradenton area coming in second.
Myrtle Beach, S.C. (Greg Nash)
The report found that prices for single-family homes increased in nearly 90 percent of all metro areas, with the median price increasing by 4 percent from the same time last year to $378,700. The report looked at changes in housing prices in 186 metropolitan areas across the country.
America is changing faster than ever!Add Changing America to your Facebook or Twitter feed to stay on top of the news.
Monthly mortgage payments on existing single-family homes with a 20 percent down payment increased by 58 percent, shooting up to $1,969, according to the report.
That number represents a 7 percent increase from last year’s third quarter where the monthly mortgage payment on a typical single-family home was $1,838.
Between the third quarter of last year and the same period in 2021, monthly mortgage payments surged, increasing by 58 percent, or $720 a month to $1,838.
Meanwhile, 11 percent of metro area housing markets experienced a drop in home prices in the fourth quarter of last year, a trend that may continue into this year.
“A few markets may see double-digit price drops, especially some of the more expensive parts of the country which have also seen weaker employment and higher instances of residents moving to other areas,” said NAR Chief Economist Lawrence Yun
But while housing prices have gone up, it could be worse, the report stressed.
Only 18 percent of metro areas reported a double-digit increase in housing prices, a steep shift from last year’s third quarter when 46 percent of metro areas saw double-digit price increases.
Here are the 10 metro areas where home prices increased the most:
Farmington, N.M. (20.3 percent)
North Port-Sarasota-Bradenton, Fla. (19.5 percent)
Naples-Immokalee-Marko Island, Fla. (17.2 percent)
Greensboro-High Point, N.C. (17.0 percent)
Myrtle Beach-Conway-North Myrtle Beach, S.C.-N.C. (16.2 percent)
Oshkosh-Neenah, Wis. (16.0 percent)
Winston-Salem, N.C. (15.7 percent)
El Paso, Texas (15.2 percent)
Punta Gorda, Fla. (15.2 percent)
Deltona-Daytona Beach-Ormond Beach, Fla. ( 14.5 percent)
Copyright 2023 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Farmington, N.M., has the fastest-rising housing costs in the United States, according to a new report from the National Association of Realtors (NAR) scanning home prices across the nation.
Farmington, N.M., has the fastest-rising housing costs in the United States, according to a new report from the National Association of Realtors (NAR) scanning home prices across the nation.
Key Findings: The hottest housing markets include those markets in North Carolina, Colorado and Texas that were also popular during the pandemic, including Raleigh and Durham, Denver and Austin.
The most overvalued markets to rent a home are mostly found in California and Florida. You'll pay the most to buy a median-price home versus renting a home in California, as well as MSAs in Oregon, Washington, Colorado, Idaho and Utah.
California leads the nation for fastest home sales, with the average property snapped up in just 52 days. Compare that to Vermont, the slowest of all 50 states, where it takes nearly half a year — 161 days on average — just to lock down a buyer.
Although home prices are expected to improve in the second half of the year, the California median home price is projected to decrease by 5.6 percent to $776,600 in 2023, down from the median price of $822,300 recorded in 2022.
In most places, the value of U.S. homes has grown steadily over the last few decades. However, some cities have fared far better than others — especially Austin, Texas. Out of the 400 cities ranked by average home price growth since 1998, Austin takes the top spot, according to a recent SmartAsset study.
Texas replaced California in 2023 as the strongest housing market by state. With an existing home inventory of 83,222, the available houses for sale have more than doubled since last year. It has seen a drop of about 6% in new construction and is now at 248,648 since 2022.
Home prices in some US cities are finally cooling, with Seattle's housing market slowing faster than any other in the country. The 10 fastest-cooling markets are almost entirely in the West, with Seattle, Las Vegas, and the three California cities of San Jose, San Diego and Sacramento leading the way.
The most expensive city in the U.S. in terms of housing costs is San Jose, California. It combined the highest monthly housing costs in our study with the second-highest home values, but San Francisco wasn't far behind.
New Jersey, Illinois and California lead the nation with markets where properties are vulnerable amid a housing downturn and possible upcoming recession, according to a new report from real estate analytics company Attom.
Atlanta looks to be the housing market in the U.S. with the most potential for growth in the new year, according to researchers at the National Association of REALTORS®.
Inflation benefits those with fixed-rate, low-interest mortgages and some stock investors. Individuals and families on a fixed income, holding variable interest rate debt are hurt the most by inflation.
As long as inflation continues to rise, your savings will afford you more purchasing power now than they will in the future. Even if inflation and home prices seem high now, as long as inflation continues to increase house prices, you will be better off buying a house today than you will be tomorrow.
The average home price is a staggering $1.5 million in San Francisco, according to C2ER's cost of living index, and the median home value is by far the highest among the 11 most expensive cities to live in the U.S.
Hawaii. Hawaii is truly a paradise, but it is also the most expensive state in America to live in. The cost of living in Hawaii overall is 86% higher than the national average, and the cost of housing in Hawaii is a jaw-dropping 207% above the national average.
Studies have shown that for the past 40 years, housing supply has not kept pace with demand, resulting in a housing shortage ranging between 2 million and 6 million homes. Yet across America, a combination of recalcitrant homeowners and outdated zoning laws routinely block attempts to build more housing.
In its report, Niche also ranked the cheapest places to live in the U.S. At the top of the list this year is Brownsville, Texas. Brownsville has been steadily rising in Niche's Lowest Cost of Living ranking over the past few years, placing number six in 2021, number three in 2022 and finally, number one in 2023.
Singapore and New York City tied for the first rank amongst the world's most expensive cities in 2022, pushing Israel's Tel Aviv from the first place in 2021 to the third place in 2022.
New York has always been expensive, but in 2022 it became the joint-most expensive city in the world—alongside Singapore—according to a survey by EIU, our sister company. The story on America's west coast is similar: Los Angeles shares the fourth spot with Hong Kong.
Address: Suite 237 56046 Walsh Coves, West Enid, VT 46557
Phone: +59115435987187
Job: Education Supervisor
Hobby: Genealogy, Stone skipping, Skydiving, Nordic skating, Couponing, Coloring, Gardening
Introduction: My name is Ms. Lucile Johns, I am a successful, friendly, friendly, homely, adventurous, handsome, delightful person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.
