Typical home prices across the U.S. rose 37.5 percent overall in the past five years, according to a new report.
The analysis of cities by Realtor.com between May 2019 and May 2024 was compiled using the real estate site’s latest monthly housing report and comes amid record-high home prices and soaring mortgage rates.
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From coastal hubs to country music centers, the cities that made up Realtor.com’s top 10 highlighted where the housing market has been heating up the fastest, presenting both challenges and opportunities for prospective buyers and investors.
“Homeowners have seen extraordinary gains in home equity over the past five years,” said Ralph McLaughlin, senior economist at Realtor.com.
Analysts at Realtor.com cite lack of home availability nationwide as the driving force behind skyrocketing prices.
Of the top 10 metros featured in the data, five saw prices leap more than 50 percent.
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“While inventory this May is much improved compared with the previous three years, it is still down 34.2 percent compared with typical 2017 to 2019 levels,” said Sabrina Speianu, economic data manager at Realtor.com.
Nashville, Tennessee
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Music City saw the biggest jump in prices, with a 57.1 percent boost in the last five years.
Median home prices in the area are now $588,000, up from $375,000.
Los Angeles, California
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Median home prices in L.A. leapt from $805,000 to $1,248,000, representing a 55.1 percent hike between now and 2019.
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Providence, Rhode Island
The third spot was claimed by Providence, where median prices have risen 54.2 percent since 2019. Once at $380,000, homes have spiked to $586,000.
Austin, Texas
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Austin saw a 53.3 percent rise from $371,000 to $565,000.
Memphis, Tennessee
Another Tennessee city, Memphis, made it into the top five. Here prices rose 52.1 percent from $230,000 to $350,000.
Tampa, Florida
Tampa, Florida took the sixth spot with a price hike of 49.6 percent. Prices leapt from $284,000 in 2019 to $425,000 in 2024.
A study earlier in 2024 found that Tampa was among the top most attractive cities for millennial homebuyers.
San Diego, California
Median home prices in San Diego rose from $717,000 in 2019 to $1,072,000 by 2024, a 49.5 percent rise.
Boston, Massachusetts
Rising by 49.4 percent, median list prices in Boston climbed from $602,000 to $900,000.
Las Vegas, Nevada
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Vegas homes jumped 49.1 percent in the last five years, from $320,000 to $477,000 today.
Hartford, Connecticut
Tenth on the list was Connecticut capital city Hartford.
In 2019, median home prices in Hartford were an even $300,000. By May 2024, this figure had risen to $447,000, representing a 49 percent increase.
Separate analysis by Freddie Mac showed where housing demand is growing the fastest, highlighting midwestern and southern states. Maine and South Dakota saw the highest jump in housing demand, with a 31.1 and 28 percent year-to-date increase over 2023 purchase application growth respectively.
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