Majority of Metros in the US See Home Prices Continue to Grow

Home prices grew in most of the U.S. during Q4 2024. According to the National Association of Realtors, almost 90% of metro areas experienced rising home prices. In general, home price growth has accelerated rapidly over the last five years. From 2019 to 2024, the median home price rose by 49.9%, and during 2024 alone, the national median home price increased by 4.8% to $410,100. Year-over-year, the Northeast saw the highest home price growth at 10.6%, followed by the Midwest at 8%. On the other hand, prices in the West grew by just 4% and in the South, they grew by 2.1%.

"Record-high home prices and the accompanying housing wealth gains are definitely good news for property owners," said NAR Chief Economist Lawrence Yun. "However, renters who are looking to transition into homeownership face significant hurdles." Read more