Where Are Home Prices Increasing the Most in America?

It seems like home prices everywhere are on the rise, but are they actually? While some parts of the U.S. have continued to see home prices skyrocketing, other areas have begun to see a cool down in the housing market with a drop in the average sale price of homes. The team at RealEstateAgents.com created a study that compares the median price of single-family homes between the end of 2021 and the end of 2022 to find the cities where real estate values have continued on an upward trend, and the cities where real estate values have dropped the most during this time. Which cities do you expect to see at the top of either list? Check out the chart below to see if you are right!

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It comes as no surprise that real estate values are increasing the most in Florida, with an increase of 19.5% in the North Port-Sarasota-Bradenton metro area and an increase of 17.2% in Naples-Immokalee-Marco Island metro area. Studies have found that Florida had the largest net gain in new people moving to the state in 2022, a trend that has been going on for several years now. What was surprising, though, was to see which metro area in the U.S. earned the number one spot for fastest-growing real estate values. The median sale price of a home in Farmington, New Mexico increased the most over the course of a year, with a 20.3% increase in sale prices during this time. According to the team at RealEstateAgents.com, this large increase could be caused by many California residents moving to New Mexico to escape CA’s high cost of living. Did your city end up on either list for the fastest-growing or fastest-dropping real estate values?