An overwhelming number of U.S. cities saw home prices jump last year but these 10 cities topped the charts with increases of 14.9% or more!
The National Association of Realtors® (NAR) recently reported that home prices in many U.S. cities have surged.
Topping the list was Jackson, MS, where prices skyrocketed by a jaw-dropping 28.7%!
If you’re looking for an affordable place with growing housing demand, these cities might be worth considering.
But beware demand is pushing prices up fast. Here’s what you need to know.
Why Home Prices Are Rising
Experts point to two main factors:
- High Demand in Affordable Areas: With housing becoming more expensive nationwide, buyers are flocking to affordable cities.
- Low Inventory: Many areas have fewer homes available, which naturally drives up prices.
Hannah Jones, a senior economic analyst at Realtor.com®, explains, “Affordable housing markets have sustained demand, but strong demand leads to climbing home prices.”
The Top 10 Cities With the Biggest Price Jumps
The table below highlights the cities with the most significant price increases, their year-over-year growth, and current median home prices.
| Rank | City | Price Increase (%) | Median Home Price |
|---|---|---|---|
| 1 | Jackson, MS | 28.7% | $251,600 |
| 2 | Peoria, IL | 19.6% | $172,500 |
| 3 | Chattanooga, TN | 18.2% | $346,700 |
| 4 | Elmira, NY | 17.6% | $167,800 |
| 5 | Fond du Lac, WI | 17.6% | $263,800 |
| 6 | Cleveland, OH | 16.4% | $221,900 |
| 7 | Bismarck, ND | 15.8% | $312,200 |
| 8 | Akron, OH | 15.5% | $209,600 |
| 9 | Blacksburg, VA | 15% | $311,900 |
| 10 | Canton, OH | 14.9% | $207,000 |
Chart: Home Price Increases by City
Below is a chart showing the year-over-year percentage increase in median home prices for these cities.
Top 10 Cities With the Largest Home Price Gains
Top 10 Metros With the Largest Home Price Increases
| Rank | City | Year-Over-Year Increase (%) | Median Home Price ($) |
|---|---|---|---|
| 1 | Jackson, MS | 28.7 | 251,600 |
| 2 | Peoria, IL | 19.6 | 172,500 |
| 3 | Chattanooga, TN | 18.2 | 346,700 |
| 4 | Elmira, NY | 17.6 | 167,800 |
| 5 | Fond du Lac, WI | 17.6 | 263,800 |
| 6 | Cleveland, OH | 16.4 | 221,900 |
| 7 | Bismarck, ND | 15.8 | 312,200 |
| 8 | Akron, OH | 15.5 | 209,600 |
| 9 | Blacksburg, VA | 15.0 | 311,900 |
| 10 | Canton, OH | 14.9 | 207,000 |
This visual representation helps you quickly compare how each city performed.
Why This Matters for Buyers and Sellers
If you’re planning to buy in these cities, don’t wait too long! Prices are rising quickly, and low inventory means competition is fierce.
For sellers, it’s the perfect time to list your property. High demand could help you secure top dollar.
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Final Thoughts
Understanding market trends is key to making informed real estate decisions. Whether you’re a buyer or seller, staying updated on cities with growing demand can guide your next move.
Which of these cities surprised you the most?