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
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