After years of record-breaking gains, the housing market is, by most accounts, beginning to cool, but some popular metros are still seeing persistent growth. Miami, FL is home to some of the nation’s strongest home price appreciation with a 36.2% year-over-year increase in the average home list price for a median home price tag of $625,000, according to Realtor.com.
Following closely behind red-hot Miami is Memphis, TN, where cash-strapped investors have pushed list prices 32.7% higher year-over-year for a median home price of $318,000. The pandemic also motivated many city-dwellers to relocate to cities like Omaha, NE for more space, but an influx of demand sent list prices soaring to a median of $378,00 after a 31.3% gain from the previous year.
“There are several indicators that the national housing market is rebalancing in a more buyer-friendly direction,” says Realtor.com Chief Economist Danielle Hale. But “in these top 10 markets with the biggest price growth, we’re generally seeing signs that the rebalancing seen elsewhere has not progressed as far.”
“Eight of these 10 markets have median home list prices well below the U.S. average,” she says. “The two exceptions, Miami and Honolulu, are warm-weather spots benefiting from ongoing remote work trends and the resumption of domestic and global travel.”
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