Home prices continue to rise in most U.S. housing markets. According to a recent report from the National Association of Realtors, nearly 90% of housing markets saw price gains in Q2 2024, with 13% of the areas tracked in the report experiencing double-digit increases. Some areas, however, continue to see higher rates of growth than others. San Jose, Calif., made history with a median single-family home price of $2 million, a first since prices began being tracked in 1979. However, the Northeast posted the highest price growth at 9.8%, followed by the Midwest and then the West. The South remains one of the more affordable regions to purchase a home, with 45.5% of total single-family homes sales recorded in that region alone.
The top 10 metro areas with the largest year-over-year median price increases, which can be influenced by the types of homes sold during the quarter, all posted gains of at least 14.1%. Five of the markets were in the Northeast. Overall, those markets were Racine, Wis. (19.8%); Glens Falls, N.Y. (19.8%); El Paso, Texas (19.2%); Morristown, Tenn. (16.7%); Manchester-Nashua, N.H. (16.2%); Anaheim-Santa Ana-Irvine, Calif. (15.0%); New York-Jersey City-White Plains, N.Y.-N.J. (14.8%); Springfield, Ill. (14.8%); Dutchess County-Putnam County, N.Y. (14.2%); and Trenton, N.J. (14.1%).