10 Cities Where Home Prices Are Rising Fast—With Some Surprises Leading The Pack

Source: Realtor.com, Julie Gerstein
Photo: Canva Pro

In today’s high interest rate market, home prices have largely leveled off nationwide—but not everywhere. In certain places, prices are still on an alarming upswing.

Home prices reached a median of $442,500 in May, according to Realtor.com® data—that’s up just slightly from $441,000 a year earlier.

“The median price of homes for sale remained relatively stable compared with last year, growing by 0.3%,” notes Realtor.com Chief Economist Danielle Hale in her analysis.

Listing prices remained completely flat on a year-over-year basis in the South (+0.0%), “where competitive home inventory has grown the most in recent months,” Hale explains. But prices continued inching upward in the West (+0.8%), Midwest (4.4%), and Northeast (+6.1%) compared with the same time last year.

Yet despite these modest gains, some cities are seeing more extreme price jumps than others. In fact, in four metro areas, prices have increased by double-digit percentages.

Wondering if you’re shopping for real estate with runaway prices? Here are the 10 cities seeing the largest price increases since last year. Many, especially the market with the fastest price growth, might surprise you.

Buffalo, NY

This four-bedroom house is on the market for $479,900.(Realtor.com)
Median home price: $300,000
Percentage change year over year: 18.6%

Cleveland, OH

This house is on the market for $220,000.(Realtor.com)
Median home price: $274,000
Percentage change year over year: 15.9%

St. Louis, MO

This multifamily brick home is listed at $229,900.(Realtor.com)
Median home price: $312,000
Percentage change year over year: 10.9%

Pittsburgh, PA

This split-level, three-bedroom home is going for $349,900.(Realtor.com)
Median home price: $264,000
Percentage change year over year: 10.8%

Philadelphia, PA

This two-bedroom row home is listed at $315,000.(Realtor.com)
Median home price: $382,000
Percentage change year over year: 9.3%

Los Angeles, CA

This multifamily dwelling is listed at $1,195,000.(Realtor.com)
Median home price: $1,248,000
Percentage change year over year: 8.5%

Providence, RI

This three-bedroom home is on the market for $479,000.(Realtor.com)
Median home price: $586,000
Percentage change year over year: 8.5%

Memphis, TN

This four-bedroom is listed at $570,000.(Realtor.com)
Median home price: $350,000
Percentage change year over year: 7.5%

New York, NY

This three-bedroom condo is on the market for $619,000.(Realtor.com)
Median home price: $789,000
Percentage change year over year: 7.5%

Riverside, CA

This four-bedroom home is listed at $899,000.(Realtor.com)
Median home price: $620,000
Percentage change year over year: 6.8%

https://www.realtor.com/news/trends/cities-where-home-prices-rose-the-most-annually-may-2024