The spring home-buying season is well underway, and despite the storm clouds of rising interest rates and inflation, the strong job market is providing stability for homebuyers. In certain metropolitan areas of the country, the housing market continues to be white hot, with prices marching higher.
ATTOM Data Solutions, a real estate data analytics company, provided 24/7 Wall St. with housing price data from 2021 and 2022. The data includes metro areas with at least 1,000 single-family home and condo sales in 2021. To find the 50 metros where home prices shot up this year, 24/7 Wall St. ranked metros by the change in home price in the first quarter of this year compared to the same period last year. Home prices in the 50 metros rose over 18% annually.
The national median home price increased 1.7% to $320,500 in the first quarter of this year, from $315,000 in the fourth quarter of 2021. That was the ninth straight quarterly record and was up 16.5% from the first quarter of 2021.
Profit margins appear to be slowing as rising interest rates are starting to be felt. Profit margins on median-priced single-family home sales across the U.S. dipped to 47.2% in the first quarter from 51.6% in the fourth quarter of 2021. That was the first quarter of decline in profit growth since late 2019 and the largest in a decade. (These are the largest changes in home values for the 50 biggest metros 2000 to 2022.)
The average mortgage rate has increased to 5.3%, according to Freddie Mac, causing monthly mortgage payments to increase by about one-third compared with a year ago. (These are states where the most people own their homes.)
The economic uncertainty has slowed but not stopped home prices from increasing in much of the country, but there are still favorable areas where demand is putting greater upward pressure on prices. Only one metro area outside of the West and the South earned a place on the list. The states with the most metro areas on the list are Florida and Colorado.
Twelve of the 50 metros where home prices shot up are in the Sunshine State – six of them in the top 10. The biggest increases in median home prices in Florida during the first quarter compared to the previous quarter were in Port St. Lucie (7.7%), Lakeland (7.6%), and Cape Coral-Fort Myers (7.5%). Compared to the first quarter in 2021, home prices in these three cities shot up over 29%.
Outside of Florida, Colorado has the most metros on the list with five. They are the Frontier Range towns of Aurora, Boulder, Colorado Springs, Fort Collins, and Greeley. Arizona and North Carolina each have four metropolitan areas on the list.
Click here to see the metros where home prices shot up this year
50. Boulder, CO
> Chg. in median home price, Q1 2021 to Q2 2022: +18.1%
> Median home price, Q1 2022: $685,000
> Median home price, Q1 2021: $580,000
> Housing units: 140,848
[in-text-ad]
49. Dallas-Fort Worth-Arlington, TX
> Chg. in median home price, Q1 2021 to Q2 2022: +18.5%
> Median home price, Q1 2022: $349,500
> Median home price, Q1 2021: $295,000
> Housing units: 2,979,438
48. Hilo, HI
> Chg. in median home price, Q1 2021 to Q2 2022: +18.5%
> Median home price, Q1 2022: $480,000
> Median home price, Q1 2021: $405,000
> Housing units: 88,691
47. Jacksonville, NC
> Chg. in median home price, Q1 2021 to Q2 2022: +18.8%
> Median home price, Q1 2022: $215,000
> Median home price, Q1 2021: $181,000
> Housing units: 84,180
[in-text-ad-2]
46. Spartanburg, SC
> Chg. in median home price, Q1 2021 to Q2 2022: +18.8%
> Median home price, Q1 2022: $209,056
> Median home price, Q1 2021: $175,950
> Housing units: 150,460
45. Denver-Aurora-Lakewood, CO
> Chg. in median home price, Q1 2021 to Q2 2022: +18.9%
> Median home price, Q1 2022: $541,000
> Median home price, Q1 2021: $455,000
> Housing units: 1,242,492
[in-text-ad]
44. Savannah, GA
> Chg. in median home price, Q1 2021 to Q2 2022: +19.4%
> Median home price, Q1 2022: $269,258
> Median home price, Q1 2021: $225,500
> Housing units: 175,166
43. Greeley, CO
> Chg. in median home price, Q1 2021 to Q2 2022: +19.5%
> Median home price, Q1 2022: $460,000
> Median home price, Q1 2021: $385,000
> Housing units: 119,962
42. Colorado Springs, CO
> Chg. in median home price, Q1 2021 to Q2 2022: +19.6%
> Median home price, Q1 2022: $455,000
> Median home price, Q1 2021: $380,413
> Housing units: 300,775
[in-text-ad-2]
41. Riverside-San Bernardino-Ontario, CA
> Chg. in median home price, Q1 2021 to Q2 2022: +19.7%
> Median home price, Q1 2022: $530,000
> Median home price, Q1 2021: $442,750
> Housing units: 1,580,448
40. Seattle-Tacoma-Bellevue, WA
> Chg. in median home price, Q1 2021 to Q2 2022: +19.8%
> Median home price, Q1 2022: $665,000
> Median home price, Q1 2021: $555,000
> Housing units: 1,650,246
[in-text-ad]
39. San Diego-Carlsbad, CA
> Chg. in median home price, Q1 2021 to Q2 2022: +19.8%
> Median home price, Q1 2022: $798,000
> Median home price, Q1 2021: $666,000
> Housing units: 1,228,505
38. Gainesville, GA
> Chg. in median home price, Q1 2021 to Q2 2022: +19.9%
> Median home price, Q1 2022: $321,086
> Median home price, Q1 2021: $267,900
> Housing units: 76,865
37. Hilton Head Island-Bluffton-Beaufort, SC
> Chg. in median home price, Q1 2021 to Q2 2022: +20.0%
> Median home price, Q1 2022: $420,000
> Median home price, Q1 2021: $350,000
> Housing units: 110,930
[in-text-ad-2]
36. Daphne-Fairhope-Foley, AL
> Chg. in median home price, Q1 2021 to Q2 2022: +20.0%
> Median home price, Q1 2022: $330,000
> Median home price, Q1 2021: $275,000
> Housing units: 124,148
35. Boise City, ID
> Chg. in median home price, Q1 2021 to Q2 2022: +20.1%
> Median home price, Q1 2022: $462,438
> Median home price, Q1 2021: $385,000
> Housing units: 295,639
[in-text-ad]
34. Prescott, AZ
> Chg. in median home price, Q1 2021 to Q2 2022: +20.1%
> Median home price, Q1 2022: $457,414
> Median home price, Q1 2021: $380,791
> Housing units: 121,154
33. Reno, NV
> Chg. in median home price, Q1 2021 to Q2 2022: +21.2%
> Median home price, Q1 2022: $527,299
> Median home price, Q1 2021: $435,000
> Housing units: 209,196
32. Youngstown-Warren-Boardman, OH-PA
> Chg. in median home price, Q1 2021 to Q2 2022: +21.4%
> Median home price, Q1 2022: $125,000
> Median home price, Q1 2021: $103,000
> Housing units: 253,211
[in-text-ad-2]
31. Provo-Orem, UT
> Chg. in median home price, Q1 2021 to Q2 2022: +21.5%
> Median home price, Q1 2022: $490,204
> Median home price, Q1 2021: $403,438
> Housing units: 196,386
30. Lake Havasu City-Kingman, AZ
> Chg. in median home price, Q1 2021 to Q2 2022: +21.6%
> Median home price, Q1 2022: $350,000
> Median home price, Q1 2021: $287,750
> Housing units: 117,650
[in-text-ad]
29. Memphis, TN-MS-AR
> Chg. in median home price, Q1 2021 to Q2 2022: +21.7%
> Median home price, Q1 2022: $206,814
> Median home price, Q1 2021: $170,000
> Housing units: 569,987
28. Fort Collins, CO
> Chg. in median home price, Q1 2021 to Q2 2022: +21.9%
> Median home price, Q1 2022: $515,000
> Median home price, Q1 2021: $422,550
> Housing units: 158,769
27. Jacksonville, FL
> Chg. in median home price, Q1 2021 to Q2 2022: +22.7%
> Median home price, Q1 2022: $307,500
> Median home price, Q1 2021: $250,531
> Housing units: 690,609
[in-text-ad-2]
26. Durham-Chapel Hill, NC
> Chg. in median home price, Q1 2021 to Q2 2022: +23.3%
> Median home price, Q1 2022: $355,000
> Median home price, Q1 2021: $288,000
> Housing units: 258,001
25. Tucson, AZ
> Chg. in median home price, Q1 2021 to Q2 2022: +23.4%
> Median home price, Q1 2022: $326,000
> Median home price, Q1 2021: $264,110
> Housing units: 470,132
[in-text-ad]
24. Pensacola-Ferry Pass-Brent, FL
> Chg. in median home price, Q1 2021 to Q2 2022: +23.7%
> Median home price, Q1 2022: $272,050
> Median home price, Q1 2021: $220,000
> Housing units: 221,244
23. Spokane-Spokane Valley, WA
> Chg. in median home price, Q1 2021 to Q2 2022: +23.7%
> Median home price, Q1 2022: $370,000
> Median home price, Q1 2021: $299,000
> Housing units: 254,199
22. Palm Bay-Melbourne-Titusville, FL
> Chg. in median home price, Q1 2021 to Q2 2022: +23.9%
> Median home price, Q1 2022: $305,000
> Median home price, Q1 2021: $246,250
> Housing units: 288,794
[in-text-ad-2]
21. Charlotte-Concord-Gastonia, NC-SC
> Chg. in median home price, Q1 2021 to Q2 2022: +24.1%
> Median home price, Q1 2022: $335,000
> Median home price, Q1 2021: $270,000
> Housing units: 1,098,329
20. Orlando-Kissimmee-Sanford, FL
> Chg. in median home price, Q1 2021 to Q2 2022: +24.1%
> Median home price, Q1 2022: $347,500
> Median home price, Q1 2021: $280,000
> Housing units: 1,087,949
[in-text-ad]
19. Fayetteville-Springdale-Rogers, AR-MO
> Chg. in median home price, Q1 2021 to Q2 2022: +24.4%
> Median home price, Q1 2022: $280,000
> Median home price, Q1 2021: $225,000
> Housing units: 230,967
18. Atlanta-Sandy Springs-Roswell, GA
> Chg. in median home price, Q1 2021 to Q2 2022: +24.9%
> Median home price, Q1 2022: $330,000
> Median home price, Q1 2021: $264,250
> Housing units: 2,414,292
17. Deltona-Daytona Beach-Ormond Beach, FL
> Chg. in median home price, Q1 2021 to Q2 2022: +25.0%
> Median home price, Q1 2022: $310,000
> Median home price, Q1 2021: $248,000
> Housing units: 327,890
[in-text-ad-2]
16. Ogden-Clearfield, UT
> Chg. in median home price, Q1 2021 to Q2 2022: +25.0%
> Median home price, Q1 2022: $435,938
> Median home price, Q1 2021: $348,650
> Housing units: 234,051
15. Tampa-St. Petersburg-Clearwater, FL
> Chg. in median home price, Q1 2021 to Q2 2022: +25.2%
> Median home price, Q1 2022: $325,000
> Median home price, Q1 2021: $259,500
> Housing units: 1,465,158
[in-text-ad]
14. Salt Lake City, UT
> Chg. in median home price, Q1 2021 to Q2 2022: +25.4%
> Median home price, Q1 2022: $500,326
> Median home price, Q1 2021: $398,875
> Housing units: 451,281
24/7 Wall St.
13. Killeen-Temple, TX
> Chg. in median home price, Q1 2021 to Q2 2022: +26.9%
> Median home price, Q1 2022: $232,007
> Median home price, Q1 2021: $182,818
> Housing units: 186,020
12. Nashville-Davidson-Murfreesboro-Franklin, TN
> Chg. in median home price, Q1 2021 to Q2 2022: +27.5%
> Median home price, Q1 2022: $390,000
> Median home price, Q1 2021: $306,000
> Housing units: 838,466
[in-text-ad-2]
11. Las Vegas-Henderson-Paradise, NV
> Chg. in median home price, Q1 2021 to Q2 2022: +27.7%
> Median home price, Q1 2022: $415,000
> Median home price, Q1 2021: $325,000
> Housing units: 917,656
10. North Port-Sarasota-Bradenton, FL
> Chg. in median home price, Q1 2021 to Q2 2022: +28.2%
> Median home price, Q1 2022: $410,250
> Median home price, Q1 2021: $320,000
> Housing units: 459,864
[in-text-ad]
9. Phoenix-Mesa-Scottsdale, AZ
> Chg. in median home price, Q1 2021 to Q2 2022: +28.7%
> Median home price, Q1 2022: $440,000
> Median home price, Q1 2021: $342,000
> Housing units: 1,985,705
24/7 Wall St.
8. Clarksville, TN-KY
> Chg. in median home price, Q1 2021 to Q2 2022: +28.7%
> Median home price, Q1 2022: $251,000
> Median home price, Q1 2021: $195,000
> Housing units: 122,446
7. Cape Coral-Fort Myers, FL
> Chg. in median home price, Q1 2021 to Q2 2022: +29.0%
> Median home price, Q1 2022: $360,000
> Median home price, Q1 2021: $279,000
> Housing units: 416,332
[in-text-ad-2]
6. Port St. Lucie, FL
> Chg. in median home price, Q1 2021 to Q2 2022: +30.5%
> Median home price, Q1 2022: $350,000
> Median home price, Q1 2021: $268,200
> Housing units: 229,255
5. Austin-Round Rock, TX
> Chg. in median home price, Q1 2021 to Q2 2022: +30.6%
> Median home price, Q1 2022: $502,500
> Median home price, Q1 2021: $384,899
> Housing units: 946,764
[in-text-ad]
4. Raleigh, NC
> Chg. in median home price, Q1 2021 to Q2 2022: +31.0%
> Median home price, Q1 2022: $393,000
> Median home price, Q1 2021: $300,000
> Housing units: 576,280
24/7 Wall St.
3. Lakeland-Winter Haven, FL
> Chg. in median home price, Q1 2021 to Q2 2022: +31.1%
> Median home price, Q1 2022: $295,000
> Median home price, Q1 2021: $225,000
> Housing units: 316,381
2. Naples-Immokalee-Marco Island, FL
> Chg. in median home price, Q1 2021 to Q2 2022: +31.3%
> Median home price, Q1 2022: $525,000
> Median home price, Q1 2021: $400,000
> Housing units: 228,390
[in-text-ad-2]
1. Ocala, FL
> Chg. in median home price, Q1 2021 to Q2 2022: +31.3%
> Median home price, Q1 2022: $235,000
> Median home price, Q1 2021: $179,000
> Housing units: 177,380
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.