The cost of homeownership rose at 226 people in the Metro area, or 89%, as measured in the fourth quarter of 2024.
That's according to the latest one Quarterly Report The 30-year fixed mortgage rate bump has also moved from 6.12% to 6.85% from the National Association of Realtors.
This is the latest price rise in the ever-growing real estate market. Between 2019 and 2024, median home prices rose by just under 50%.
“Recorded home prices and the associated benefits of home wealth are undoubtedly good news for property owners,” NAR chief economist Lawrence Yun said in a statement. “But tenants looking to move to homeowners face significant hurdles.”
The Midwest is seeing a big leap in home prices
The report points to the US centre for some of the median price increases over the previous year.
Six of the top 10 markets are in the Midwest.
- Peoria, Illinois (19.6%)
- Fondurac, Wisconsin (17.6%)
- Cleveland, Ohio – Lilia (16.4%)
- Akron, Ohio (15.5%)
- Canton Masilon, Ohio (14.9%)
- bismarck, ND (15.8%)
California boasts the most expensive property
The most expensive market is still in California, with the median home prices in San Jose being just under $2 million. Other areas of Golden State have median home prices between $900,000 and $1 million.
Eight California cities top the list:
- San Jose-Sunnyvale-Santa Clara ($1,920,000)
- Anaheim-Santa Ana-Irvine ($1,360,000)
- San Francisco Oakland Hayward ($1,315,600)
- San Diego Carlsbad ($985,000)
- Salinas ($943,900)
- Los Angeles Long Beach Glendale ($939,700)
- San Luis Obispo-Paso Robles ($927,200)
- oxnard-suly-oaks-ventura ($920,000)
