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
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
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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
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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
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
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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
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
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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
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
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
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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
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
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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
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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
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
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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
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
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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
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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
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
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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
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
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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
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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
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
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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
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