The U.S. housing market faced challenges in 2024, with persistently high mortgage rates and significant regional differences in supply and demand. Despite these headwinds, home prices showed resilience, according to a recent study from real estate market data provider Parcl Labs. Nationally, year-over-year appreciation reached 2.58%, and year-to-date growth hit 4.17%. Although prices softened by 3.23% from their summer peak, marking an earlier-than-usual seasonal decline, they remained up 44.58% since March 2020.
While traditionally home to more affordable housing markets, the Midwest saw several metros leading in price growth. Detroit ranked second nationally with a 9.61% year-over-year increase, followed by Cleveland at 8.6%, Indianapolis at 7.28%, and Pittsburgh at 7.26%.
After posting some of the strongest gains since 2020, Florida markets are now at the center of national price weakness. Six of the 10 worst YTD price performers are Florida metros: North Port (-6.26% YoY, -10.12% from peak), Crestview (-5.88% YoY, -13.96% from peak), Tallahassee (-3.20% YoY, -6.06% from peak), Tampa (-2.97% YoY, -5.15% from peak), Deltona (-1.48% YoY, -4.22% from peak), and Jacksonville (-1.32% YoY, -5.92% from peak). Miami (+3.33% YoY) stands alone in maintaining price growth among major Florida markets. Read more
