Price growth in housing markets across the U.S. is slowing, thanks to dampening demand from higher mortgage rates. But some metros continue to see double-digit growth in housing prices.
Realtor.com analyzed the largest 100 metro areas to compare price growth from July 2021 to July 2022. For the sake of geographic diversity, their top ten list features one metro per state. Metros include the city, surrounding towns, suburbs, and smaller urban areas.
Some of the metros in the table below became migration hot spots during the pandemic, especially with the growth of remote work. Some have always been hot spots.
Affordability was a major contributing factor for most of these metros. Eight of the ten markets listed below have median home prices well below the national average. Even the exceptions, Miami and Honolulu, are relatively affordable compared to Manhattan or San Francisco.
Top takeaways for real estate agents
While there has been a decline in many markets this summer, if you’re an agent working in one of these markets, chances are you’ve witnessed the surge in housing prices, along with the higher-than-average number of offers.
Still, the relative affordability of housing in these metros, combined with low inventory, will likely keep price growth comparatively high. And as more people discover and flock to “rural but sophisticated” areas with more room to breathe, breathtaking scenery, and (with some) a small-town feel, demand is likely to keep increasing.