September 2021

Home price growth in the nation's top metro markets

CBSAMay 2020 - Median Listing PriceMay 2021 - Median Listing PriceYoY Percent Change
United States$329,900$379,90015.16%
New York-Newark-Jersey City, NY-NJ-PA$575,000$625,0008.70%
Los Angeles-Long Beach-Anaheim, CA$915,000$1,049,00014.64%
Chicago-Naperville-Elgin, IL-IN-WI$329,900$354,9907.61%
Dallas-Fort Worth-Arlington, TX$349,900$379,9008.57%
Houston-The Woodlands-Sugar Land, TX$319,900$359,90012.50%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD$311,990$339,9008.95%
Washington-Arlington-Alexandria, DC-VA-MD-WV$510,000$509,900-0.02%
Miami-Fort Lauderdale-West Palm Beach, FL$397,904$425,9007.04%
Atlanta-Sandy Springs-Roswell, GA$334,528$389,90016.55%
Boston-Cambridge-Newton, MA-NH$630,000$699,90011.10%
San Francisco-Oakland-Hayward, CA$997,500$1,078,0008.07%
Detroit-Warren-Dearborn, MI$252,000$279,90011.07%
Phoenix-Mesa-Scottsdale, AZ$384,139$450,00017.15%
Seattle-Tacoma-Bellevue, WA$610,000$679,90011.46%
Minneapolis-St. Paul-Bloomington, MN-WI$369,900$359,900-2.70%
Riverside-San Bernardino-Ontario, CA$428,000$519,90021.47%
Tampa-St. Petersburg-Clearwater, FL$284,900$335,00017.59%
San Diego-Carlsbad, CA$749,000$825,00010.15%
St. Louis, MO-IL$249,500$255,0002.20%
Denver-Aurora-Lakewood, CO$549,000$595,0008.38%
Baltimore-Columbia-Towson, MD$340,000$349,9002.91%
Pittsburgh, PA$225,000$269,00019.56%
Portland-Vancouver-Hillsboro, OR-WA$489,900$549,95012.26%
Charlotte-Concord-Gastonia, NC-SC$349,999$389,90011.40%
Orlando-Kissimmee-Sanford, FL$315,000$339,9007.90%
Cleveland-Elyria, OH$215,990$219,9001.81%
San Antonio-New Braunfels, TX$300,715$315,0004.75%
Cincinnati, OH-KY-IN$325,000$365,00012.31%
Sacramento--Roseville--Arden-Arcade, CA$504,900$585,00015.86%
Kansas City, MO-KS$350,000$345,000-1.43%
Columbus, OH$324,900$308,500-5.05%
Indianapolis-Carmel-Anderson, IN$298,370$275,000-7.83%
Las Vegas-Henderson-Paradise, NV$329,000$389,90018.51%
Austin-Round Rock, TX$377,431$499,00032.21%
Nashville-Davidson--Murfreesboro--Franklin, TN$385,277$415,9007.95%
San Jose-Sunnyvale-Santa Clara, CA$1,199,000$1,298,0008.26%
Virginia Beach-Norfolk-Newport News, VA-NC$325,000$320,000-1.54%
Milwaukee-Waukesha-West Allis, WI$374,900$315,000-15.98%
Providence-Warwick, RI-MA$399,900$399,9000.00%
Jacksonville, FL$318,990$349,0009.41%
Oklahoma City, OK$267,401$289,8408.39%
Louisville/Jefferson County, KY-IN$289,749$274,900-5.12%
Memphis, TN-MS-AR$250,000$237,000-5.20%
New Orleans-Metairie, LA$299,000$339,50013.55%
Richmond, VA$348,950$351,9900.87%
Raleigh, NC$374,900$410,0009.36%
Buffalo-Cheektowaga-Niagara Falls, NY$232,000$247,1446.53%
Hartford-West Hartford-East Hartford, CT$294,000$309,9005.41%
Birmingham-Hoover, AL$268,500$279,0003.91%
Rochester, NY$254,690$245,000-3.80%

The housing market has mirrored the unprecedented changes brought about by Covid-19: Virtually shutting down in March 2020, followed by a slow build last fall and, in 2021, culminating in an explosion of pent-up demand to sell and buy.

Add to this other complex market variables, including a home construction shortage dating back to the Great Recession, and it's apparent that the housing market is one of the most active and exciting economic forces driving our economy.

The growth in metro listing prices

The bar graphs and table track the changes in median home listing prices from May 2020 to May 2021 for the country's top 10 and 50 metro markets, respectively, based on population size and drawn from the most recently available data.Footnote1

Nationally, over this 12-month period, median listing prices have grown an astonishing 15.16%, or by $50k — to a record high $379,900!Footnote1 Footnote2 Only one of the top 10 metro markets, Atlanta, with a growth rate of 16.55%, has exceeded the overall pricing climb. In this same grouping, Washington, D.C., alone has dipped in price, by 0.02%,Footnote1 possibly due to a 48.9% listings influx.Footnote3

From the table's list of the top 50 CBSAs (Core-Based Statistical Areas), 80% experienced growth while 20% declined. Eight of the growing metro areas surpassed the national median listing price, with Austin-Round Rock, Texas, topping the field with 32.2% growth, an incredible increase of $121,000!Footnote1

In contrast, 10 of the top 50 metro areas experienced decreases in value. Milwaukee-Waukesha-West Allis, Wisconsin, lost the most, down 15.98%. But only one other CBSA declined in value by more than 5.5%, Indianapolis-Carmel-Anderson, Indiana, by 7.83%.Footnote1

Overall, the top 50 metros reported lower price gains than the national rate.Footnote3 This was due, in part, to their large, 12.4% increase in new listings over this period, and could point to these markets experiencing slower price growth in the future.Footnote3

Where are home prices headed?

It comes as no surprise that competition over limited home inventories has been a primary factor driving up prices. In a year's time, nationwide inventories dropped to less than half the previous number of homes on the market.Footnote3 Add in historically low mortgage rates, and the market gets even tighter.

But is there a slowdown in purchasing on the horizon? In June, the Federal Reserve signaled it would likely raise interest rates by 2023, which, even later this year, could make debt more expensiveFootnote4 and help inventories replenish. According to Danielle Hale, the chief economist of Realtor.com®, "The good news is that price momentum may be beginning to cool off."Footnote3

1 Source: Realtor.com, Residential listings database. Data dates: May 2020 to May 2021, Data Pulled: 06/08/2021.

2 "Is the red-hot housing market starting to cool?" The Washington Post, Michele Lerner, June 10, 2021.

3 "Surging Home Prices Are Set for a Cooldown," National Association of Realtors®, June 3, 2021.

4 "The Fed moves up its timeline for rate hikes as inflation rises," CNBC, Jeff Cox, June 17, 2021.


MAP3687559 | 07/2021

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