Inflation might have come down, but the housing market is one area where prices are still rising, according to a recent analysis by financial education site SmartAsset.
Using Zillow’s home sales data, SmartAsset identified the largest 100 metro areas in the US and ranked them by their one-year home price changes from April 2023 to 2024.
SmartAsset found that, on average, US homes sold for 6% more in April than they did a year ago. Nineteen of these cities saw price increases of 10% or greater, which we’ve compiled below. These increases indicate that in much of the US, housing inventory can’t keep up with demand.
Unsurprisingly, several California cities were high on the list. According to SmartAsset, San Jose, San Francisco, Los Angeles, San Diego, and Oxnard have been ranked among the most expensive housing markets for the last five years. Demand for housing in the Golden State remains elevated, with the average April 2024 sale price in San Jose and San Francisco exceeding $1 million. This is great news for homeowners who can fetch a handsome price but less than ideal for homebuyers who are seeing housing prices steadily creep upwards year after year.
While Wichita, Kansas, topped the list for the greatest percentage increase, the average sale price remained somewhat reasonable compared to California cities. Wichita saw housing prices rise 21.2%, with an average sale price of $259,264. Although Toledo, Ohio, saw prices increase 16.4% year over year, the average sale price remains the lowest out of all of the top 100 metro areas at $157,176.
Below are the 19 cities with the fastest surging home prices, their one-year price changes, and the average sale prices as of April 2024.
