As home prices continue to rise dramatically across the nation, we at RealtyHop wanted to examine real estate conditions in each of the 100 largest cities in the U.S. The National Home Value Report examines monthly price changes for homes across the country to discover the fastest growing, and fastest cooling, markets right now. Read on to see how your city fared this month.
56% of Cities Saw Price Increases; Fewer Than Last Month
56 of the 100 largest cities tracked in our report saw price increases this month, as low interest rates and limited inventory continued to drive the market higher. While still positive, this represented a cooling from our last report where 70% of cities saw an appreciation.
In another sign of softening, cities that did see a rise saw lower percentage increases. For example, only 13 cities saw home prices increase 3% or more this August, compared to 21 in July.
Top 5 Cities Where Prices Went Up in August
1. Durham, NC: 4.48%
Durham saw the highest increase in real estate of any city this month, up 4.48%. Median prices in the area have reached $350,000, up 18.64% from a year ago.
2. Honolulu, HI: 4.40%
After a drop in prices seen toward the end of last year, prices in Honolulu have steadily rebounded, and are now up 7.36% year over year. The median asking price for a home in the city is now $569,000, up 4.4% over the month.
3. Las Vegas, NV: 4.05%
Las Vegas saw a 4.05% jump in asking home prices this August, reaching a median of $385,000. This represents an 18.46% increase compared to the same time last year.
4. Phoenix, AZ: 3.95%
Real estate in Phoenix continued its steep rise, as prices jumped a further 3.95% in the month. The local real estate market is now up 27.42% year over year.
5. Louisville, KY: 3.84%
Louisville rounded out our top five markets, as prices rose 3.84% to a median of $230,000. Asking prices in the area are up 12.2% over the past year.
Top 5 Markets Where Prices Fell in August
1. St. Louis, MO: -4.74%
Asking prices in St. Louis were down a considerable 4.74% this August, settling at a median of $190,000. Despite this, real estate is still up 12.76% over the past year.
2. Cleveland, OH: -4.09%
Home prices in Cleveland cooled off from the considerable gains seen over the past year. Homes were down 4.09% compared to the month prior, though are still up 24.32% compared to last year.
3. Baltimore, MD: -3.55%
The median list price for a home in Baltimore dropped 3.55% to $219,900 in our dataset this month. Values are still up a considerable 15.8% year-over-year.
4. Arlington, VA: -3.07%
Arlington, VA saw home prices drop 3.07% in the month to a median of $600,000. While the city has seen prices increase slightly over the year, the rise has been comparatively weak versus the rest of the nation.
5. Richmond, VA: -2.14%
Richmond, VA placed in the bottom five cities for the second month in a row, down a further 2.14% this month. Despite this recent cooling, Richmond’s market is still up 10.94% year over year.
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.
