The cost of homeownership rose in 201 of 226 — or 89 percent — of measured metro areas in the fourth quarter of 2024.
That’s according to the latest quarterly report from the National Association of Realtors, which also showed a bump in 30-year fixed mortgage rates, from 6.12 percent to 6.85 percent.
It’s the latest price jump in an ever-increasing real estate market. From 2019 to 2024, the median home price climbed by just under 50 percent.
“Record-high home prices and the accompanying housing wealth gains are definitely good news for property owners,” NAR Chief Economist Lawrence Yun said in a statement. “However, renters who are looking to transition into homeownership face significant hurdles.”
Midwest sees large leap in home prices
The report points to the heart of America for some of the biggest year-over-year median price bumps.
Six of the top 10 markets are in the Midwest:
- Peoria, Ill. (19.6 percent)
- Fond du Lac, Wis. (17.6 percent)
- Cleveland-Elyria, Ohio (16.4 percent)
- Akron, Ohio (15.5 percent)
- Canton-Massillon, Ohio (14.9 percent)
- Bismarck, N.D. (15.8 percent)
California boasts most expensive real estate
The most expensive markets are still in California, where the median home price in San Jose is just under $2 million. Other areas in the Golden State boast median home prices linger between $900,000 and $1 million.
Eight California cities topped 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-Thousand Oaks-Ventura ($920,000)
