This Is the American City Where Home Prices Are Skyrocketing

By Douglas A. McIntyre Published Jun 15, 9:30AM EDT

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This Is the American City Where Home Prices Are Skyrocketing — © Art Wager / E+ via Getty Images

American home values have surged over the past two years. According to the carefully followed S&P Case Shiller data, nationwide prices rose over 20% year over year in March. In several cities, the figure was higher.

One reason the demand for homes has quickened was low mortgage rates, which dropped below 3% for a 30-year fixed mortgage two years ago. Those days are over, as those rates are now closer to 6%.

Another reason home prices have risen is that Americans are more mobile. The work-from-home trend has allowed people to move from where they have to live to where they want to live. This often means moving out of expensive cities like New York and San Francisco to places that are more affordable.

To determine the city where home prices are increasing the most, 24/7 Wall St. reviewed data from Realtor.com’s Monthly Housing Trends Report for May 2022. Realtor.com ranked the 50 largest metropolitan areas in the United States based on the year-over-year increase of the median home listing price from May 2021 to May 2022.
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Many of the cities where home prices are increasing the most are located in the South, particularly in Florida, Tennessee and Texas.

The metro where home prices are skyrocketing the most is Miami-Fort Lauderdale-West Palm Beach, Florida. Here are the details:

Increase in median list price: +45.9%
Median list price, May 2022: $627,000 (10th highest)
Median days on market: 37 days (fifth most)
Population: 6,129,858

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Click here to see all the cities where home prices are skyrocketing the most.

About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.