Special Report

Cities With Skyrocketing Home Prices This Summer

Feverpitched / iStock via Getty Images

Home values are increasing at the fastest rate on record, spiking by 19% over the past year, according to the federal government’s price tracker. And according to Realtor.com, the median home for sale in the U.S. is listed at $447,000, setting a new high water mark.

As home prices have increased, more homeowners have been listing their property in the hopes of turning a profit. In fact, May was a turning point as the number of active home listings grew for the first time since mid-2019. Still, even as the number of homes for sales increased, home values continued to surge to keep up with demand, particularly in major cities. (Conversely, these are cities where people can’t wait to leave.)

To determine the cities 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 U.S. based on the year-over-year increase of the median home listing price from May 2021 to May 2022. We listed the top 25.

Many of the cities where home prices are increasing the most are located in the South. In fact, nine of the 10 cities with home price increases of more than 24% are Southern – four in Florida, three in Texas, and two in Tennessee. California is the only other state with multiple cities on this list.

Even as home prices have skyrocketed, the supply of houses still cannot keep up with the demand. In all 25 of the cities on this list, the median number of days a home stays on the market has declined compared to last year. In some cities, this median has declined by nearly a month. These are the cities where homes are selling the fastest.

Click here to see the cities with skyrocketing home prices this summer

Majestic_Aerials / iStock via Getty Images

25. Oklahoma City, OK
> Increase in median list price, May 2021-May 2022: +13.5%
> Median list price, May 2022: $329,000 (11th lowest out of 50)
> Median days on market: 30 days (15th most out of 50)
> Population: 1,397,040

[in-text-ad]

MattGush / iStock via Getty Images

24. Riverside-San Bernardino-Ontario, CA
> Increase in median list price, May 2021-May 2022: +14.2%
> Median list price, May 2022: $599,000 (12th highest out of 50)
> Median days on market: 27 days (24th most out of 50)
> Population: 4,600,396

23. Indianapolis-Carmel-Anderson, IN
> Increase in median list price, May 2021-May 2022: +14.5%
> Median list price, May 2022: $315,000 (10th lowest out of 50)
> Median days on market: 30 days (15th most out of 50)
> Population: 2,050,933

yhelfman / iStock via Getty Images

22. San Jose-Sunnyvale-Santa Clara, CA
> Increase in median list price, May 2021-May 2022: +15.1%
> Median list price, May 2022: $1,494,000 (the highest out of 50)
> Median days on market: 17 days (8th fewest out of 50)
> Population: 1,985,926

[in-text-ad-2]

Amy Sparwasser / iStock via Getty Images

21. Washington-Arlington-Alexandria, DC-VA-MD-WV
> Increase in median list price, May 2021-May 2022: +15.3%
> Median list price, May 2022: $588,000 (14th highest out of 50)
> Median days on market: 27 days (24th most out of 50)
> Population: 6,250,309

peeterv / iStock via Getty Images

20. Milwaukee-Waukesha-West Allis, WI
> Increase in median list price, May 2021-May 2022: +15.5%
> Median list price, May 2022: $364,000 (20th lowest out of 50)
> Median days on market: 30 days (15th most out of 50)
> Population: 1,576,525

[in-text-ad]

f11photo / iStock via Getty Images

19. San Diego-Carlsbad, CA
> Increase in median list price, May 2021-May 2022: +15.9%
> Median list price, May 2022: $926,000 (4th highest out of 50)
> Median days on market: 21 days (12th fewest out of 50)
> Population: 3,323,970

milehightraveler / iStock via Getty Images

18. Denver-Aurora-Lakewood, CO
> Increase in median list price, May 2021-May 2022: +16.0%
> Median list price, May 2022: $695,000 (8th highest out of 50)
> Median days on market: 10 days (2nd fewest out of 50)
> Population: 2,928,437

TriggerPhoto / iStock via Getty Images

17. Kansas City, MO-KS
> Increase in median list price, May 2021-May 2022: +16.2%
> Median list price, May 2022: $399,000 (23rd lowest out of 50)
> Median days on market: 38 days (4th most out of 50)
> Population: 2,144,129

[in-text-ad-2]

DenisTangneyJr / E+ via Getty Images

16. Providence-Warwick, RI-MA
> Increase in median list price, May 2021-May 2022: +16.9%
> Median list price, May 2022: $467,000 (20th highest out of 50)
> Median days on market: 22 days (13th fewest out of 50)
> Population: 1,621,099

Christine Wolf Gagne / iStock Editorial via Getty Images

15. Hartford-West Hartford-East Hartford, CT
> Increase in median list price, May 2021-May 2022: +17.1%
> Median list price, May 2022: $363,000 (19th lowest out of 50)
> Median days on market: 18 days (10th fewest out of 50)
> Population: 1,205,842

[in-text-ad]

Davel5957 / E+ via Getty Images

14. Minneapolis-St Paul-Bloomington, MN-WI
> Increase in median list price, May 2021-May 2022: +17.3%
> Median list price, May 2022: $422,000 (25th lowest out of 50)
> Median days on market: 28 days (23rd most out of 50)
> Population: 3,605,450

Mlenny / E+ via Getty Images

13. Raleigh, NC
> Increase in median list price, May 2021-May 2022: +21.2%
> Median list price, May 2022: $494,000 (18th highest out of 50)
> Median days on market: 9 days (the fewest out of 50)
> Population: 1,362,997

4kodiak / E+ via Getty Images

12. Phoenix-Mesa-Scottsdale, AZ
> Increase in median list price, May 2021-May 2022: +22.2%
> Median list price, May 2022: $550,000 (15th highest out of 50)
> Median days on market: 23 days (16th fewest out of 50)
> Population: 4,860,338

[in-text-ad-2]

roman_slavik / iStock via Getty Images

11. Seattle-Tacoma-Bellevue, WA
> Increase in median list price, May 2021-May 2022: +22.6%
> Median list price, May 2022: $834,000 (5th highest out of 50)
> Median days on market: 17 days (8th fewest out of 50)
> Population: 3,928,498

TrongNguyen / iStock via Getty Images

10. Dallas-Fort Worth-Arlington, TX
> Increase in median list price, May 2021-May 2022: +24.5%
> Median list price, May 2022: $473,000 (19th highest out of 50)
> Median days on market: 23 days (16th fewest out of 50)
> Population: 7,451,858

[in-text-ad]

Sean Pavone / iStock via Getty Images

9. Memphis, TN-MS-AR
> Increase in median list price, May 2021-May 2022: +24.9%
> Median list price, May 2022: $293,000 (9th lowest out of 50)
> Median days on market: 33 days (11th most out of 50)
> Population: 1,343,150

RoschetzkyIstockPhoto / iStock via Getty Images

8. Austin-Round Rock, TX
> Increase in median list price, May 2021-May 2022: +25.6%
> Median list price, May 2022: $627,000 (10th highest out of 50)
> Median days on market: 16 days (6th fewest out of 50)
> Population: 2,173,804

Sean Pavone / iStock via Getty Images

7. San Antonio-New Braunfels, TX
> Increase in median list price, May 2021-May 2022: +25.9%
> Median list price, May 2022: $396,000 (22nd lowest out of 50)
> Median days on market: 32 days (13th most out of 50)
> Population: 2,510,211

[in-text-ad-2]

SeanPavonePhoto / iStock via Getty Images

6. Jacksonville, FL
> Increase in median list price, May 2021-May 2022: +26.2%
> Median list price, May 2022: $439,000 (22nd highest out of 50)
> Median days on market: 30 days (15th most out of 50)
> Population: 1,533,796

f11photo / iStock via Getty Images

5. Las Vegas-Henderson-Paradise, NV
> Increase in median list price, May 2021-May 2022: +28.2%
> Median list price, May 2022: $500,000 (17th highest out of 50)
> Median days on market: 22 days (13th fewest out of 50)
> Population: 2,228,866

[in-text-ad]

quinntheislander / iStock via Getty Images

4. Tampa-St Petersburg-Clearwater, FL
> Increase in median list price, May 2021-May 2022: +30.6%
> Median list price, May 2022: $437,000 (23rd highest out of 50)
> Median days on market: 27 days (24th most out of 50)
> Population: 3,152,928

SeanPavonePhoto / iStock via Getty Images

3. Orlando-Kissimmee-Sanford, FL
> Increase in median list price, May 2021-May 2022: +32.4%
> Median list price, May 2022: $450,000 (21st highest out of 50)
> Median days on market: 29 days (20th most out of 50)
> Population: 2,560,260

Kruck20 / iStock via Getty Images

2. Nashville-Davidson-Murfreesboro-Franklin, TN
> Increase in median list price, May 2021-May 2022: +32.5%
> Median list price, May 2022: $550,000 (16th highest out of 50)
> Median days on market: 14 days (4th fewest out of 50)
> Population: 1,904,186

[in-text-ad-2]

Sean Pavone / iStock via Getty Images

1. Miami-Fort Lauderdale-West Palm Beach, FL
> Increase in median list price, May 2021-May 2022: +45.9%
> Median list price, May 2022: $627,000 (10th highest out of 50)
> Median days on market: 37 days (5th most out of 50)
> Population: 6,129,858

Get Ready To Retire (Sponsored)

Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.

Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.

Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future

Get started right here.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.