Q1 2024 Home Price Surge: Analyzing Metro Market Trends 

Lisa Mailhot  |  May 10, 2024


Q1 2024 Home Price Surge: Analyzing Metro Market Trends 


 The Market Roars Ahead

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. 

Significant Gains Across Regions

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:

  • Fond du Lac, Wis.: +23.7%
  • Kankakee, Ill.: +22.0%
  • Rockford, Ill.: +20.1%
  • Champaign-Urbana, Ill.: +20.0%
  • Racine, Wis.: +19.0%

West Coast Rebound

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:

  • San Jose-Sunnyvale-Santa Clara, Calif.: $1,840,000 (+13.7%)
  • Anaheim-Santa Ana-Irvine, Calif.: $1,365,000 (+14.2%)
  • San Francisco-Oakland-Hayward, Calif.: $1,300,000 (+14%)

Mortgage Rates and Affordability

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.


Challenges for First-Time Buyers

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.

Regional Highlights

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!



Reference: National Association of REALTORS® (NAR) - "Q1 Metro Home Price Report: More than 90% of Markets Post Increases" May 8, 2024.

Recent Blog Posts

Stay up to date on the latest real estate trends.


Unlocking Cost-Free Real Estate Marketing Strategies for Maximum Impact

Lisa Mailhot  |  May 17, 2024

Explore five innovative and cost-free real estate marketing strategies that leverage creativity and strategic thinking to enhance your brand's visibility. From network… Read more


The Rise of Tiny Homes as a Game-Changer in Modern Housing

Lisa Mailhot  |  May 16, 2024

Tiny homes are gaining popularity as affordable and eco-friendly housing options, but they come with pros and cons. Explore the tiny house movement and whether it's th… Read more


Practical Steps to Achieve Financial Prosperity

Lisa Mailhot  |  May 14, 2024

Discover effective strategies to build wealth and achieve financial freedom in our latest blog. Learn about setting financial goals, managing debt, and the importance … Read more


Inland Empire Warehouse Market Faces Oversupply, Rents Under Pressure

Lisa Mailhot  |  May 14, 2024

Explore the current challenges and opportunities in the Inland Empire warehouse market, where an oversupply bubble causing downward pressure on rents. Benefit from ind… Read more


Q1 2024 Home Price Surge: Analyzing Metro Market Trends 

Lisa Mailhot  |  May 10, 2024

Discover the latest trends in the U.S. housing market with over 90% of metro areas posting price gains in Q1 2024. Learn which regions are seeing the biggest increases… Read more


The Power of Diversity: Enhancing Real Estate Growth and Success

Lisa Mailhot  |  May 10, 2024

Discover how diversity can drive innovation, strengthen client relationships, boost team morale, and improve brand reputation in the real estate industry. Embrace the … Read more


Unraveling the Top 10 Deal Breakers in Commercial Real Estate

Lisa Mailhot  |  May 9, 2024

Navigating the complex world of commercial real estate can be a minefield, with many possible challenges that can disrupt even the most promising deals. From financing… Read more


How MLSs Are Taking the Reins in Enforcing NAR Settlement Changes

Lisa Mailhot  |  May 8, 2024

Discover the pivotal role of Multiple Listing Services (MLSs) in enforcing the latest commission rules set by the National Association of Realtors (NAR). Learn how the… Read more


Homeownership Dreams Fading for Renters in Orange County

Lisa Mailhot  |  May 7, 2024

The latest Federal Reserve Bank of New York survey has revealed a stark reality for renters in Orange County and nationwide – the prospect of owning a home is becoming… Read more

Let’s Talk

You’ve got questions and we can’t wait to answer them.