Inflation in the United States has shown signs of cooling, but home prices are continuously rising in some areas of the country.
Financial education site SmartAsset released a report that identified the metro areas in the U.S. that saw the greatest increase in home prices from April 2023 to April 2024. SmartAsset analyzed home sales data from Zillow for the report.
Where Home Prices Increased the Most
Home prices rose by over 10% in 15 metro areas in the country. The city that saw the largest price increase was Wichita, Kansas. Home prices in the city increased by 21% from April 2023 to April 2024. Since 2019, home prices in Wichita increased by over 69%.
Additionally, home prices in Knoxville, Tennessee, increased by 90% since 2019. It is the highest growth rate recorded over a five-year period for the largest metro areas in the U.S. That being said, Knoxville increased 9.8% over the past year.
15 Metro Areas Where Home Prices Increased by Over 10%
1. Wichita, KS
Average sale price in April 2023: $213,955
Average sale price in April 2024: $259,264
Price change in one year: 21.2%
2. Toledo, OH
Average sale price in April 2023: $135,009
Average sale price in April 2024: $157,176
Price change in one year: 16.4%
3. Madison, WI
Average sale price in April 2023: $336,131
Average sale price in April 2024: $387,610
Price change in one year: 15.3%
4. San Jose, CA
Average sale price in April 2023: $1,330,125
Average sale price in April 2024: $1,502,362
Price change in one year:12.9%
5. New Haven, CT
Average sale price in April 2023: $297,819
Average sale price in April 2024: $336,023
Price change in one year: 12.8%
6. Miami, FL
Average sale price in April 2023: $419,674
Average sale price in April 2024: $472,421
Price change in one year: 12.6%
7. Buffalo, NY
Average sale price in April 2023: $206,480
Average sale price in April 2024: $231,596
Price change in one year: 12.2%
8. Grand Rapids, MI
Average sale price in April 2023: $280,791
Average sale price in April 2024: $314,511
Price change in one year: 12.0%
9. Harrisburg, PA
Average sale price in April 2023: $217,634
Average sale price in April 2024: $241,475
Price change in one year: 11.0%
10. Charleston, SC
Average sale price in April 2023: $381,326
Average sale price in April 2024: $423,050
Price change in one year: 10.9%
11. San Francisco, CA
Average sale price in April 2023: $1,022,054
Average sale price in April 2024: $1,132,315
Price change in one year: 10.8%
12. New York, NY
Average sale price in April 2023: $522,929
Average sale price in April 2024: $579,117
Price change in one year: 10.7%
13. Los Angeles, CA
Average sale price in April 2023: $836,884
Average sale price in April 2024: $925,783
Price change in one year: 10.6%
14. Winston, NC
Average sale price in April 2023: $225,469
Average sale price in April 2024: $249,416
Price change in one year: 10.6%
15. Rochester, NY
Average sale price in April 2023: $195,542
Average sale price in April 2024: $216,291
Price change in one year: 10.6%
