Nearly 90% of metro markets—201 out of 226, or 89%—saw home price increases in the fourth quarter of 2024, as the 30-year fixed mortgage rate fluctuated between 6.12% and 6.85%, according to the latest quarterly report from the National Association of REALTORS®. Fourteen percent of the tracked metro areas reported double-digit price gains over the same period, doubling from 7% in the third quarter.
“Record-high home prices and the accompanying housing wealth gains are definitely good news for property owners,” said NAR Chief Economist Lawrence Yun. “However, renters who are looking to transition into homeownership face significant hurdles.”
Compared to the previous year, the national median single-family existing-home price rose 4.8% to $410,100. In the prior quarter, the year-over-year increase was 3.2%. Over the past five years, from 2019 to 2024, the median home price has surged by 49.9%.
Home Price Trends
- Nearly 90% (201 out of 226) of metro markets saw home price increases in Q4 2024.
- 14% of metro areas posted double-digit price gains—up from 7% in Q3.
- The national median single-family home price rose 4.8% year-over-year to $410,100.
- Over the past five years (2019-2024), home prices surged by 49.9%.
Regional Market Performance
- South: Largest share of single-family sales (45.1%), +2.1% price increase.
- Northeast: +10.6% price appreciation.
- Midwest: +8.0% price increase.
- West: +4.0% price increase.
Top 10 Metro Areas with the Largest Price Gains
- All posted at least a 14.9% increase, with six markets in the Midwest.
- Biggest year-over-year gains:
- Jackson, MS (+28.7%)
- Peoria, IL (+19.6%)
- Chattanooga, TN-GA (+18.2%)
- Elmira, NY (+17.6%)
- Fond du Lac, WI (+17.6%)
- Cleveland-Elyria, OH (+16.4%)
- Bismarck, ND (+15.8%)
- Akron, OH (+15.5%)
- Blacksburg-Christiansburg, VA (+15.0%)
- Canton-Massillon, OH (+14.9%)
Most Expensive U.S. Housing Markets
- 8 out of the 10 priciest markets are in California.
- Top 3:
- San Jose-Sunnyvale-Santa Clara, CA – $1.92M (+9.7%)
- Anaheim-Santa Ana-Irvine, CA – $1.36M (+4.7%)
- San Francisco-Oakland-Hayward, CA – $1.315M (+5.2%)
Markets with Price Declines
- 11% of metro areas (24 out of 226) saw home price drops, down from 13% in Q3.
Housing Affordability
- Monthly mortgage payments on a typical home (20% down payment):
- $2,124 in Q4 (-0.8% from Q3, -1.7% from a year ago).
- Families spent 24.8% of income on mortgage payments (down from 25.2% in Q3 and 26.5% a year ago).
- First-time buyers (10% down payment on a $348,600 home):
- $2,083 monthly payment (-0.9% from Q3, -1.7% from a year ago).
- First-time buyers spent 37.4% of income on mortgage payments (down from 38.1% in Q3).
Income Requirements for Homeownership
- 43.8% of metro markets required a $100K+ income for a 10% down payment mortgage (up from 42.5% in Q3).
- 2.2% of markets allowed home purchases with a qualifying income below $50K (unchanged from Q3).
