In the current high-interest rate environment, many home prices across the nation have plateaued. However, some cities are bucking this trend with significant price surges. According to data from Realtor.com, the median home price in May stood at $442,500, a slight increase from $441,000 the previous year.
Realtor.com Chief Economist Danielle Hale states, “The median price of homes for sale remained relatively stable compared with last year, growing by 0.3%.” The data shows that listing prices stayed unchanged year-over-year in the South but saw modest increases in other regions: the West (+0.8%), the Midwest (4.4%), and the Northeast (6.1%).
Yet, despite these modest overall gains, certain cities have experienced dramatic increases in home prices. In fact, four metro areas have seen double-digit percentage increases in home prices over the past year. Here are the 10 cities where home prices have risen the most since last year.
10 Cities Where Home Prices Are Rising Fast
1. Buffalo, NY
Median home price: $300,000
Percentage change year over year: 18.6%
Buffalo leads the pack with an astounding 18.6% increase in home prices year-over-year. The median home price here is $300,000. Homes like a four-bedroom house currently on the market for $479,900 exemplify this surge.
2. Cleveland, OH
Median home price: $274,000
Percentage change year over year: 15.9%
Cleveland has also seen significant growth with a 15.9% increase. The median home price is now $274,000, with properties like a $220,000 two-story brick home highlighting this trend.
3. Pittsburgh, PA
Median home price: $264,000
Percentage change year over year: 10.8%
Pittsburgh’s real estate market is heating up with a 10.8% increase in median home prices, now at $264,000. A split-level, three-bedroom home is currently listed for $349,900.
4. Philadelphia, PA
Median home price: $382,000
Percentage change year over year: 9.3%
Philadelphia’s median home price has risen to $382,000, reflecting a 9.3% year-over-year increase. Examples include a two-bedroom row home listed at $315,000.
5. Los Angeles, CA
Median home price: $1,248,000
Percentage change year over year: 8.5%
In Los Angeles, the median home price has climbed to $1,248,000, an 8.5% increase. Listings like a multifamily dwelling priced at $1,195,000 illustrate this growth.
6. Providence, RI
Median home price: $586,000
Percentage change year over year: 8.5%
Providence has also seen an 8.5% increase in home prices, bringing the median to $586,000. A three-bedroom home on the market for $479,000 is a typical example.
7. Riverside, CA
Median home price: $620,000
Percentage change year over year: 6.8%
Riverside’s real estate market has experienced a 6.8% increase, with the median home price now at $620,000. For instance, a four-bedroom home is listed at $899,000.
While many regions see stable or modest price changes, these 10 cities are experiencing rapid home price increases. Whether you’re looking to buy or sell, staying informed about these trends can help you make better real estate decisions.
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