As home prices rise dramatically across the nation, we at RealtyHop wanted to examine current real estate conditions in each of the 100 largest cities in the U.S. This National Home Value Report examines monthly price changes in homes across these cities to discover the fastest growing, and fastest cooling, markets. Read on to see how your city ranks this month.
The U.S. Housing Market is Surging – 70% of Cities Saw Price Increases Last Month
Over the past month, the U.S. real estate market continued on its strong upward trajectory. Of the 100 cities included in our report, 70 saw price growth this July, including 21 cities with an appreciation of 3% or more. Historically low interest rates, coupled with limited inventory, contributed to the hike in asking prices across the nation.
Top 5 Cities Where Prices Went Up in July
1. Austin, TX: 6.01%
Austin has experienced a meteoric rise in home prices over the past year, due to strong population growth supported by the tech sector (Tesla, Apple, Google), as well as pandemic related migration from larger cities. In fact, it’s not uncommon for homes in Austin to see 30 offers, and bidding wars that drive up closing prices dramatically. The median asking price in ATX currently sits at $529,000, up 6.01% from the previous month.
2. Arlington, TX: 5.59%
Arlington, the largest suburban city in the Dallas-Fort Worth metro, continues to also skyrocket. Properties on the market in Arlington are currently asking a median price of $275,000, which is 5.59% higher than last month.
3. Indianapolis, IN: 5.0%
Asking prices for Indianapolis homes rose 5.0% to $210,000, making it one of the strongest housing markets in the nation.
4. Henderson, NV: 4.94%
Median real estate values in Henderson reached $425,000 this July, 4.94% higher than the previous month.
5. Virginia Beach, NV: 4.84%
Virginia Beach rounded up our top five fastest-growing cities, jumping 4.84% over the past month to a median of $325,000.
Top 5 Markets Where Prices Fell in July
1. Atlanta, GA: -2.78%
While prices in Atlanta have trended upward since the start of 2021, the city saw a moderate 2.78% decrease in home prices this July. The likely cause was new inventory hitting the market, as active listings jumped 10% month-over-month according to the St. Louis Federal Reserve.
2. Birmingham, AL: -2.54%
Despite property prices in Birmingham increasing steadily this year, the city saw its first negative monthly change this July. Median asking prices fell 2.54% to $240,000 — the first drop since February.
3. Arlington, VA: -2.52%
The median asking price for a home in Arlington dropped 2.52% to $619,000 last month. With the end of the high season around the corner, this could signal that the market is cooling after a hot year so far.
4. Richmond, VA: -1.87%
Real estate values dipped 1.87% to $324,950 in Richmond, VA. The drop was in part due to growing home inventory – active listings were up 15% month-over-month. Buyers in the area should consider entering the market now with more negotiating power.
5. St. Paul, MN: -1.74%
St. Paul saw median asking prices drop to $259,900, 1.74% lower than the previous month.
Methodology
The RealtyHop National Home Value Report examines the median asking price of homes in each of the 100 most populated U.S. cities. Median asking prices are calculated based on over 300,000 active residential listings (excluding land and mobile homes) in the RealtyHop database during the month prior to publication. The dataset provides a snapshot of current market conditions for home sellers and buyers (i.e. the market right now), and not necessarily all homes that remain off-market.
