Nearly 90% of Metro Areas Registered Home Price Gains in Fourth Quarter of 2024
- anyerlinalba
- Mar 10
- 1 min read
"Single-family existing-home sales prices rose in 89% of measured metro areas – 201 of 226 – in the fourth quarter, up from 87% in the previous quarter. The national median single-family existing-home price climbed 4.8% from a year ago to $410,100.
Thirty-two markets (14%) recorded double-digit annual price appreciation (up from 7% in the prior quarter).
The monthly mortgage payment on a typical, existing single-family home with a 20% down payment was $2,124 – down 1.7% from one year ago."
In Q4 2024, nearly 90% of U.S. metro markets saw home price increases, with the national median single-family home price rising 4.8% year-over-year to $410,100. The South led in home sales (45.1%), while the Northeast saw the highest price growth (10.6%). The Midwest dominated the top 10 metro areas with the largest price gains, with Jackson, Miss., leading at 28.7%. California remained home to eight of the 10 most expensive markets, with San Jose topping the list at $1.92 million.
Housing affordability slightly improved, with the typical mortgage payment decreasing marginally. First-time buyers saw modest relief, as their mortgage burden dipped slightly. However, homeownership remains challenging for many, with over 43% of markets requiring a qualifying income of $100,000+ for a 10% down payment.
Credits:
National Association of Realtors.
February 6, 2025
Author:Troy Green
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