Q1 2024 Home Price Surge: Analyzing Metro Market Trends
Lisa Mailhot | May 10, 2024
Buyers
Lisa Mailhot | May 10, 2024
Buyers
In the first quarter of 2024, the U.S. housing market showcased remarkable resilience. According to the latest report from the National Association of REALTORS® (NAR), more than 90% of metro markets saw home price increases, despite the highest mortgage rates in two decades.
Home prices soared in various regions, with the Midwest and expensive West Coast cities leading the charge. Notably, Illinois and Wisconsin dominated the top 10 markets with the largest year-over-year median price increases, showcasing significant growth:
California's high-cost markets, which faced price declines last year, are bouncing back robustly. Leading the list with substantial year-over-year gains are:
During this period, the 30-year fixed mortgage rate fluctuated between 6.60% and 6.94%. Despite this, housing affordability saw some improvement due to declining mortgage payments, with the average family spending 24.2% of their income on mortgage payments, down from 26.1% in the previous quarter.
First-time homebuyers continued to navigate a challenging market with limited inventory and high prices. However, affordability conditions improved slightly from the previous quarter, making it a crucial time for strategic purchasing decisions.
The South led in single-family home sales, capturing 46% of the market, with a year-over-year price increase of 3.3%. Meanwhile, the Northeast experienced the highest price appreciation at 11%, followed by the Midwest at 7.4% and the West at 7.3%.
The Q1 2024 report highlights a dynamic housing market with significant price increases across various regions, driven by robust demand and limited supply. If you're considering moving or investing in a home, let's connect to explore opportunities in your desired area!
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