Home prices are surging the fastest in these 19 US cities — rising more than 10% over the past 12 months
- It's a difficult housing market for new homebuyers as prices continue to increase.
- Home prices across the top 100 US metro areas rose 6% on average in the past year, SmartAsset found.
- We've listed the 19 cities where home prices have risen the most, with an increase of 10% or more.
Inflation might have come down, but the housing market is one area where prices are still rising, a recent analysis by the financial-education site SmartAsset found.
Using Zillow's home-sales data, SmartAsset identified the largest 100 metro areas in the US and ranked them by their one-year home-price changes from April 2023 to 2024.
SmartAsset found that, on average, US homes sold for 6% more in April than they did a year ago. Nineteen of these cities saw price increases of 10% or greater, which we've compiled below. These increases indicate that in much of the US, housing inventory can't keep up with demand.
Unsurprisingly, several California cities were high on the list. According to SmartAsset, San Jose, San Francisco, Los Angeles, San Diego, and Oxnard have been among the most expensive housing markets for the past five years. Demand for housing in the Golden State remains elevated, with the average April sale price in San Jose and San Francisco exceeding $1 million. This is great news for homeowners who can fetch a handsome price but less than ideal for homebuyers who are seeing housing prices steadily creep upward year after year.
While Wichita, Kansas, topped the list for the greatest percentage increase, the average sale price remained somewhat reasonable compared with California cities. Wichita saw housing prices rise 21.2%, with an average sale price of $259,264. And Toledo, Ohio, saw prices increase 16.4% year over year, but the average sale price remained the lowest out of all the top 100 metro areas at $157,176.
Below are the 19 cities with the fastest-surging home prices, their one-year price changes, and the average sale prices as of April.
1. Wichita, Kansas
12-month price growth: 21.2%
Average April 2024 price: $259,264
2. Toledo, Ohio
12-month price growth: 16.4%
Average April 2024 price: $157,176
3. Madison, Wisconsin
12-month price growth: 15.3%
Average April 2024 price: $387,610
4. San Jose, California
12-month price growth: 12.9%
Average April 2024 price: $1,502,362
5. New Haven, Connecticut
12-month price growth: 12.8%
Average April 2024 price: $336,023
6. Miami
12-month price growth: 12.6%
Average April 2024 price: $472,421
7. Buffalo, New York
12-month price growth: 12.2%
Average April 2024 price: $231,596
8. Grand Rapids, Michigan
12-month price growth: 12%
Average April 2024 price: $314,511
9. Harrisburg, Pennsylvania
12-month price growth: 11%
Average April 2024 price: $241,475
10. Charleston, South Carolina
12-month price growth: 10.9%
Average April 2024 price: $423,050
11. San Francisco, California
12-month price growth: 10.8%
Average April 2024 price: $1,132,315
12. New York
12-month price growth: 10.7%
Average April 2024 price: $579,117
13. Los Angeles
12-month price growth: 10.6%
Average April 2024 price: $925,783
14. Winston, North Carolina
12-month price growth: 10.6%
Average April 2024 price: $249,416
15. Rochester, New York
12-month price growth: 10.6%
Average April 2024 price: $216,291
16. Seattle
12-month price growth: 10.5%
Average April 2024 price: $692,195
17. Durham, North Carolina
12-month price growth: 10%
Average April 2024 price: $408,548
18. Richmond, Virginia
12-month price growth: 10%
Average April 2024 price: $350,328
19. Providence, Rhode Island
12-month price growth: 10%
Average April 2024 price: $431,666