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
Median home price: $300,000Percentage change year over year: 18.6%
Cleveland, OH
Median home price: $274,000Percentage change year over year: 15.9%
St. Louis, MO
Median home price: $312,000Percentage change year over year: 10.9%
Pittsburgh, PA
Median home price: $264,000Percentage change year over year: 10.8%
Philadelphia, PA
Median home price: $382,000Percentage change year over year: 9.3%
Los Angeles, CA
Median home price: $1,248,000Percentage change year over year: 8.5%
Providence, RI
Median home price: $586,000Percentage change year over year: 8.5%
Memphis, TN
Median home price: $350,000Percentage change year over year: 7.5%
New York, NY
Median home price: $789,000Percentage change year over year: 7.5%
Riverside, CA
Median home price: $620,000Percentage change year over year: 6.8%
Real Estate – Latest NYC, US & Celebrity News | New York Post
