{"id":79136,"date":"2025-01-21T05:00:26","date_gmt":"2025-01-21T13:00:26","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=79136"},"modified":"2025-01-17T12:52:51","modified_gmt":"2025-01-17T20:52:51","slug":"home-prices-rise-every-metro","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/home-prices-rise-every-metro\/","title":{"rendered":"Home Prices Are Rising in Every Major Metro for the First Time Since 2022"},"content":{"rendered":"

In Cleveland, prices jumped 15% year over year in December\u2014the biggest increase among the 50 most populous metros. Next came Milwaukee and Philadelphia. Florida is home to the three metros where prices rose the least.<\/i><\/strong><\/p>\n

Home prices rose from a year earlier in all 50 of the most populous U.S. metropolitan areas in December\u2014the first time that has occurred since May 2022, when the pandemic homebuying frenzy caused prices to skyrocket. By comparison, home prices rose in 41 metros in December 2023.<\/span><\/p>\n

\"\"<\/span><\/p>\n

\u201cPlaces that have long been known as affordable places to live, like Cleveland and Milwaukee, are now seeing double-digit price increases\u2014and that\u2019s after home prices skyrocketed during the pandemic,\u201d said Redfin Senior Economist <\/span>Elijah de la Campa<\/span><\/a>. \u201cAffordable housing havens have become harder and harder to come by; even places that saw some price relief last year, like Texas and Florida, are now seeing prices tick back up. Many people looking to move this year will likely opt to rent because it\u2019s the more affordable option and rental affordability is <\/span>expected<\/span><\/a> to improve as more supply comes on the market.\u201d<\/span><\/p>\n

Home prices soared during the pandemic as record-low mortgage rates fueled homebuyer demand, and then fell in 2023 when rates climbed back up to a two-decade high. In April 2023, prices only rose in just 19 metros\u2014the lowest number since 2012. But prices have recovered over the last year as buyers have grown accustomed to elevated mortgage rates. They\u2019re also climbing because there\u2019s a shortage of homes for sale.\u00a0<\/span><\/p>\n

Last month, home prices posted their biggest gain in nearly a year, jumping 6.3% year over year to a median $427,670.\u00a0<\/span><\/p>\n

Home Prices Are Rising Fastest in the Midwest, Slowest in Florida<\/h3>\n


\nIn Cleveland, the median home sale price rose 15% year over year in December\u2014the biggest increase among the 50 most populous metros. Next came Milwaukee (14.5%), Philadelphia (14%), Miami (11.8%) and Chicago (11.1%).<\/span><\/p>\n

\u201cA lot of sellers have a very specific number in mind because they saw their neighbor sell for $40,000 over the asking price during the pandemic. They\u2019re willing to walk away if they don\u2019t get that number, which is one factor keeping prices high,\u201d said <\/span>Bonnie Phillips<\/span><\/a>, a Redfin Premier real estate agent in Cleveland. \u201cWith affordability so strained, buyers are feeling empowered to ask for discounts, but they\u2019re often getting shut down by sellers\u2014even for small asks.\u201d<\/span><\/p>\n

Phillips continued: \u201cCleveland may still have a reputation as an affordable-housing haven among out-of-staters, but not so much among locals. Many families have been priced out, and those who can still afford to buy have to move to neighborhoods they don\u2019t really want to live in. Their dream of owning a beautiful farmhouse on 1.5 acres has shifted to a reality of a small home in an urban area.\u201d<\/span><\/p>\n

In Tampa, FL, home prices rose just 0.5% year over year in December\u2014the smallest increase among the top 50 metros. Next came Orlando (1.3%), Jacksonville (1.3%), Austin, TX (1.5%) and San Antonio (1.6%).<\/span><\/p>\n

Up until December, it was <\/span>common<\/span><\/a> to see home prices fall in Florida and Texas. In November, for example, prices fell in two of the top 50 metros: Tampa (-1.3%) and Dallas (-0.6%). <\/span>Texas and Florida have been building a lot of homes, which is limiting price growth. Buyer demand is also lackluster because many people have been priced out of the two pandemic homebuying hotspots. And in Florida, an insurance and climate crisis have put many house hunters on edge.<\/span><\/p>\n

\u200b\u200bMetro-Level Summary of Home Prices: December 2024<\/h3>\n

The table below includes the 50 most populous U.S. metros.<\/span><\/i><\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t
U.S. metro area<\/strong><\/th>Year-over-year change in median sale price<\/strong><\/th>Median sale price<\/strong><\/th>\n<\/tr>\n<\/thead>\n
Anaheim, CA<\/td>5.7%<\/td>$1,146,500 <\/td>\n<\/tr>\n
Atlanta, GA<\/td>3.2%<\/td>$392,000 <\/td>\n<\/tr>\n
Austin, TX<\/td>1.5%<\/td>$450,000 <\/td>\n<\/tr>\n
Baltimore, MD<\/td>10.0%<\/td>$385,000 <\/td>\n<\/tr>\n
Boston, MA<\/td>7.9%<\/td>$722,975 <\/td>\n<\/tr>\n
Charlotte, NC<\/td>5.8%<\/td>$396,900 <\/td>\n<\/tr>\n
Chicago, IL<\/td>11.1%<\/td>$340,000 <\/td>\n<\/tr>\n
Cincinnati, OH<\/td>8.3%<\/td>$286,500 <\/td>\n<\/tr>\n
Cleveland, OH<\/td>15.0%<\/td>$229,900 <\/td>\n<\/tr>\n
Columbus, OH<\/td>4.8%<\/td>$330,000 <\/td>\n<\/tr>\n
Dallas, TX<\/td>3.6%<\/td>$424,900 <\/td>\n<\/tr>\n
Denver, CO<\/td>4.6%<\/td>$575,000 <\/td>\n<\/tr>\n
Detroit, MI<\/td>5.9%<\/td>$180,000 <\/td>\n<\/tr>\n
Fort Lauderdale, FL<\/td>7.1%<\/td>$455,000 <\/td>\n<\/tr>\n
Fort Worth, TX<\/td>3.3%<\/td>$361,425 <\/td>\n<\/tr>\n
Houston, TX<\/td>2.1%<\/td>$336,995 <\/td>\n<\/tr>\n
Indianapolis, IN<\/td>9.0%<\/td>$305,000 <\/td>\n<\/tr>\n
Jacksonville, FL<\/td>1.3%<\/td>$380,000 <\/td>\n<\/tr>\n
Kansas City, MO<\/td>9.0%<\/td>$327,000 <\/td>\n<\/tr>\n
Las Vegas, NV<\/td>4.8%<\/td>$439,999 <\/td>\n<\/tr>\n
Los Angeles, CA<\/td>6.5%<\/td>$905,250 <\/td>\n<\/tr>\n
Miami, FL<\/td>11.8%<\/td>$570,000 <\/td>\n<\/tr>\n
Milwaukee, WI<\/td>14.5%<\/td>$320,000 <\/td>\n<\/tr>\n
Minneapolis, MN<\/td>5.2%<\/td>$375,000 <\/td>\n<\/tr>\n
Montgomery County, PA<\/td>4.5%<\/td>$466,000 <\/td>\n<\/tr>\n
Nashville, TN<\/td>2.2%<\/td>$460,000 <\/td>\n<\/tr>\n
Nassau County, NY<\/td>10.0%<\/td>$715,000 <\/td>\n<\/tr>\n
New Brunswick, NJ<\/td>9.1%<\/td>$540,000 <\/td>\n<\/tr>\n
New York, NY<\/td>4.3%<\/td>$735,000 <\/td>\n<\/tr>\n
Newark, NJ<\/td>7.6%<\/td>$565,000 <\/td>\n<\/tr>\n
Oakland, CA<\/td>4.6%<\/td>$905,000 <\/td>\n<\/tr>\n
Orlando, FL<\/td>1.3%<\/td>$405,000 <\/td>\n<\/tr>\n
Philadelphia, PA<\/td>14.0%<\/td>$285,000 <\/td>\n<\/tr>\n
Phoenix, AZ<\/td>3.8%<\/td>$465,000 <\/td>\n<\/tr>\n
Pittsburgh, PA<\/td>5.2%<\/td>$228,000 <\/td>\n<\/tr>\n
Portland, OR<\/td>1.7%<\/td>$539,000 <\/td>\n<\/tr>\n
Providence, RI<\/td>6.4%<\/td>$479,000 <\/td>\n<\/tr>\n
Riverside, CA<\/td>5.9%<\/td>$582,302 <\/td>\n<\/tr>\n
Sacramento, CA<\/td>3.9%<\/td>$585,000 <\/td>\n<\/tr>\n
San Antonio, TX<\/td>1.6%<\/td>$319,990 <\/td>\n<\/tr>\n
San Diego, CA<\/td>4.8%<\/td>$880,000 <\/td>\n<\/tr>\n
San Francisco, CA<\/td>7.7%<\/td>$1,400,000 <\/td>\n<\/tr>\n
San Jose, CA<\/td>6.4%<\/td>$1,489,000 <\/td>\n<\/tr>\n
Seattle, WA<\/td>5.2%<\/td>$789,000 <\/td>\n<\/tr>\n
St. Louis, MO<\/td>8.5%<\/td>$255,000 <\/td>\n<\/tr>\n
Tampa, FL<\/td>0.5%<\/td>$377,000 <\/td>\n<\/tr>\n
Virginia Beach, VA<\/td>8.5%<\/td>$358,000 <\/td>\n<\/tr>\n
Warren, MI<\/td>10.3%<\/td>$300,000 <\/td>\n<\/tr>\n
Washington, D.C.<\/td>5.2%<\/td>$550,000 <\/td>\n<\/tr>\n
West Palm Beach, FL<\/td>9.2%<\/td>$510,000 <\/td>\n<\/tr>\n
National\u2014U.S.A.<\/strong><\/td>6.3%<\/strong><\/td>$427,670 <\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n","protected":false},"excerpt":{"rendered":"

In Cleveland, prices jumped 15% year over year in December\u2014the biggest increase among the 50 most populous metros. Next came Milwaukee and Philadelphia. Florida is home to the three metros where prices rose the least. Home prices rose from a year earlier in all 50 of the most populous U.S. metropolitan areas in December\u2014the first […]<\/p>\n","protected":false},"author":13346,"featured_media":78206,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[27,8],"tags":[20,623],"dashboard":[],"coauthors":[125],"class_list":["post-79136","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability","category-housing-market-news","tag-housing-affordability","tag-national"],"acf":[],"yoast_head":"\nHome Prices Rise in Every Major Metro for First Time Since 2022<\/title>\n<meta name=\"description\" content=\"In Cleveland, prices jumped 15% in December\u2014the biggest increase among the 50 most populous metros. 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