The National Association of Realtors found that metros where the median list price for a home is $400,000 or below are showing the strongest price gains.
Meanwhile, many metros where median home prices are $700,000 or above are seeing prices drop, including San Jose-Sunnyvale-Sta. Clara, Calif. (- 8.4% y/y); San Jose-San Francisco-Oakland, Calif. (-4.1% y/y); Los Angeles-Long Beach-Anaheim, Calif. (-1.2%y/y), and Bridgeport-Stamford-Norwalk, Conn. (-4.9% y/y).
In the less expensive metro areas where the median list price is at $400,000 or less, home prices are still appreciating, and in 17 areas, list prices are up by double-digit from one year ago: Winston-Salem, NC (15.8%), Columbia, SC (13.8%), Milwaukee-Waukesha-West Allis, IL (12.8%), Chattanooga, GA (12.7%), Spokane-Spokane Valley, WA (12.1%), Rochester, NY (11.9%), Kansas City, MO (12.3%), El Paso, TX (11.4%), Toledo, OH (10.8%), Boise, ID (10.7%), Worcester, MA (10%).
Advertisement
Related Stories
Housing Policy + Finance
Even With Inflation Running Hot and Elevated Mortgage Rates, Buyer Demand Rises
Mortgage rates will likely stay high for the next few months, but that doesn't seem to be deterring homebuyers
Financing
Q1 2024 Foreclosure Activity Rises Slightly
Data show New York, Houston, and Chicago topping the list of major metros with the greatest number of foreclosure starts during Q1 2024
Market Data + Trends
More Listings, Lower Rates This Week
The market perks up with a recent influx of fresh housing listings, and the week ending March 28 sees a dip in mortgage rates