Across the U.S., New
York (84.7%), Boston
(72.9%), and Nashville (68.6%)
Experienced the Highest Increases in Median Price Per Square Foot
Since Before the Pandemic
SANTA
CLARA, Calif., June 4, 2024 /PRNewswire/ --
According to the Realtor.com® May housing data, median
list prices have increased 37.5% since May
2019, and while prices grew in that time frame, inventory is
down 34.2% compared with typical 2017 to 2019 levels pointing to
the market being in seller-friendly territory.
"In addition to higher median list prices and fewer homes for
sale versus 2019, the increase in median price-per-square foot
suggests that the typical home on the market today is worth 52.7%
more than before the pandemic, more than double the roughly 23%
increase in consumer price inflation in this period." said
Danielle Hale, Chief Economist,
Realtor.com® "The specifics will vary from market to
market, but the data suggest ongoing opportunity for many sellers.
Though with mortgage rates still much higher than many existing
homeowners enjoy, this opportunity favors sellers who don't have to
replace a mortgage, such as investors or second homeowners looking
for an exit, or equity-rich homeowners looking to downsize in their
current area or to a lower-cost region, as well as those planning
to rent their next home."
May 2024 Housing Metrics –
National
|
Metric
|
Change over May
2023
|
Change over May
2019
|
|
Median List Price Per
Sq.Ft.
|
+3.8 %
|
+52.7
|
|
Median listing
price
|
+0.3% (to
$442,500)
|
+37.5 %
|
|
Active
listings
|
+35.2 %
|
-33.3 %
|
|
New listings
|
+6.2 %
|
-26 %
|
|
Median days on
market
|
+1 days (to 44
days)
|
-8
days
|
|
Share of active
listings with price reductions
|
+3.8 percentage
points
(to 16.6%)
|
+1.2 percentage
points
|
A Closer Look at Price Per Square Foot
The median
price of homes for sale this May remained relatively stable growing
from $441,000 last year to
$442,500 this year, a slight increase
of 0.3%. However, a closer look at median price-per-square foot,
which can be seen as a better indication of home value, shows an
increase of 3.8%. The difference between percent change in median
listing price and median price-per-square foot shows that, in this
time frame, the share of inventory of smaller and more affordable
homes has grown, which helps hold down the median price even as
per-square-foot prices grow further. When looking at pre-pandemic
levels, across the country the median price-per-square foot
experienced staggering increases. Nearly half of the 50 metros
included in the report saw an increase in median price-per-square
foot of at least 50% since 2019, with the top metros seeing massive
changes; New York (84.7%),
Boston (72.9%), and Nashville (68.6%).
Metros with Highest Increase in Median List Price-Per-Sq. Ft.
Compared to May 2019
- New York-Newark-Jersey
City, N.Y.-N.J.-Pa. - 84.7%
- Boston-Cambridge-Newton,
Mass.-N.H. - 72.9%
- Nashville-Davidson-Murfreesboro-Franklin, Tenn. - 68.6%
- Tampa-St. Petersburg-Clearwater, Fla. - 68.0%
- San Diego-Chula Vista-Carlsbad, Calif. - 65.7%
- Austin-Round Rock-Georgetown, Texas - 64.7%
- Memphis, Tenn.-Miss.-Ark. -
64.2%
- Riverside-San Bernardino-Ontario, Calif. - 62.7%
- Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va. - 61.3%
- Hartford-East Hartford-Middletown, Conn. 57.7%
Income Required Continues to Rise
The increase in
median price per square foot between May
2019 and now can be seen as a positive for sellers,
especially considering the growth of 52.7% suggests the median home
on the market is worth that much more today than pre-pandemic.
However, for buyers the increase could mean being priced out for
certain homes if their household income did not experience similar
or greater growth, especially when taking higher mortgage rates
into account. This May, the typical monthly mortgage payment of the
median home grew by roughly $158
compared with a year ago. This increased the required household
income to purchase the median-priced home by $6,400, to $119,700, after also accounting for the cost of
tax and insurance.
Inventory Rises with More Affordable Homes Entering the
Market
For the seventh straight month, homes actively for
sale rose, with 35.2% more homes actively for sale in May 2024, compared with the same time last year.
A few metros saw huge gains in active listings year-over-year
including Tampa (87.4%),
Phoenix (80.3%), and Orlando (78.0%). A deeper dive into the mix of
homes for sale shows a 46.6% increase in homes priced in the
$200,000 to $350,000 range across the country year-over-year,
even surpassing last month's high of 41.0%, indicating affordable
homes continue to enter the market; some much welcomed news for
prospective buyers.
As the market continues to evolve, homeowners, buyers and
sellers looking to stay on top of the potential effects of
fluctuations in the real estate market can use tools like MyHome on
Realtor.com® to get trusted home valuations, estimate
how much can be made by hosting a home on Airbnb, explore projects
that can add the most value to a home and more.
Additional details and full analysis of the market inventory
levels and additional trends in listing prices and more can be
found in the Realtor.com® May Monthly Housing Report.
List of Metro Areas Sorted by Median Listing Price per Sq.
Ft. vs 2019 (Most to Least)
|
Metro
Area
|
Median Listing
Price
|
Median Listing Price
YoY
|
Median Listing Price
per Sq. Ft. YoY
|
Median Listing Price
vs May 2019
|
Median Listing Price
per Sq. Ft. vs 2019
|
|
New York-Newark-Jersey
City, N.Y.-N.J.-Pa.
|
$789,000
|
7.50 %
|
10.20 %
|
34.00 %
|
84.70 %
|
|
Boston-Cambridge-Newton, Mass.-N.H.
|
$900,000
|
3.80 %
|
10.20 %
|
49.40 %
|
72.90 %
|
|
Nashville-Davidson-Murfreesboro-Franklin,
Tenn.
|
$588,000
|
1.50 %
|
6.10 %
|
57.10 %
|
68.60 %
|
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
$425,000
|
-3.20 %
|
-0.50 %
|
49.60 %
|
68.00 %
|
|
San Diego-Chula
Vista-Carlsbad, Calif.
|
$1,072,000
|
1.60 %
|
5.70 %
|
49.50 %
|
65.70 %
|
|
Austin-Round
Rock-Georgetown, Texas
|
$565,000
|
-3.10 %
|
0.20 %
|
52.30 %
|
64.70 %
|
|
Memphis,
Tenn.-Miss.-Ark.
|
$350,000
|
7.70 %
|
1.80 %
|
52.10 %
|
64.20 %
|
|
Riverside-San
Bernardino-Ontario, Calif.
|
$620,000
|
6.80 %
|
6.60 %
|
48.00 %
|
62.70 %
|
|
Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.
|
$640,000
|
0.00 %
|
8.40 %
|
31.30 %
|
61.30 %
|
|
Hartford-East
Hartford-Middletown, Conn.
|
$447,000
|
5.10 %
|
14.10 %
|
49.00 %
|
57.70 %
|
|
Phoenix-Mesa-Chandler,
Ariz.
|
$545,000
|
2.90 %
|
1.80 %
|
45.50 %
|
57.70 %
|
|
Richmond,
Va.
|
$473,000
|
7.10 %
|
5.70 %
|
39.80 %
|
56.90 %
|
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
$435,000
|
0.00 %
|
4.00 %
|
22.30 %
|
56.80 %
|
|
Las
Vegas-Henderson-Paradise, Nev.*
|
$477,000
|
N/A
|
N/A
|
49.10 %
|
56.20 %
|
|
Orlando-Kissimmee-Sanford, Fla.
|
$440,000
|
-2.10 %
|
0.50 %
|
39.70 %
|
55.30 %
|
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
$1,248,000
|
8.50 %
|
7.30 %
|
55.10 %
|
54.90 %
|
|
Columbus,
Ohio
|
$402,000
|
2.20 %
|
5.90 %
|
29.70 %
|
54.80 %
|
|
Indianapolis-Carmel-Anderson, Ind.
|
$350,000
|
0.90 %
|
4.60 %
|
23.70 %
|
54.50 %
|
|
Jacksonville,
Fla.
|
$423,000
|
-0.90 %
|
1.00 %
|
34.20 %
|
54.00 %
|
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
$382,000
|
9.30 %
|
8.30 %
|
33.90 %
|
53.80 %
|
|
Raleigh-Cary,
N.C.
|
$462,000
|
-2.60 %
|
4.40 %
|
23.20 %
|
53.70 %
|
|
Atlanta-Sandy
Springs-Alpharetta, Ga.
|
$424,000
|
-1.40 %
|
2.50 %
|
28.50 %
|
52.90 %
|
|
Cincinnati,
Ohio-Ky.-Ind.
|
$383,000
|
-1.60 %
|
4.70 %
|
32.20 %
|
52.20 %
|
|
Buffalo-Cheektowaga,
N.Y.
|
$300,000
|
18.60 %
|
10.50 %
|
35.80 %
|
50.30 %
|
|
Miami-Fort
Lauderdale-Pompano Beach, Fla.
|
$539,000
|
-11.20 %
|
-7.80 %
|
34.90 %
|
49.70 %
|
|
Kansas City,
Mo.-Kan.
|
$440,000
|
-4.90 %
|
-1.10 %
|
35.40 %
|
48.90 %
|
|
Seattle-Tacoma-Bellevue, Wash.
|
$777,000
|
-5.50 %
|
-0.20 %
|
24.60 %
|
47.00 %
|
|
Providence-Warwick,
R.I.-Mass.
|
$586,000
|
8.50 %
|
1.00 %
|
54.20 %
|
46.90 %
|
|
Denver-Aurora-Lakewood,
Colo.
|
$639,000
|
-6.30 %
|
1.90 %
|
24.10 %
|
46.80 %
|
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
$395,000
|
2.10 %
|
6.60 %
|
33.90 %
|
45.60 %
|
|
Dallas-Fort
Worth-Arlington, Texas
|
$459,000
|
-2.10 %
|
1.10 %
|
26.10 %
|
44.40 %
|
|
Oklahoma City,
Okla.
|
$339,000
|
-4.30 %
|
0.50 %
|
31.20 %
|
44.00 %
|
|
Louisville/Jefferson
County, Ky.-Ind.
|
$340,000
|
5.00 %
|
4.10 %
|
17.30 %
|
42.70 %
|
|
Milwaukee-Waukesha,
Wis.
|
$400,000
|
6.70 %
|
7.90 %
|
31.20 %
|
40.90 %
|
|
Sacramento-Roseville-Folsom, Calif.
|
$673,000
|
1.60 %
|
4.20 %
|
36.70 %
|
40.70 %
|
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
$625,000
|
-2.30 %
|
1.80 %
|
30.50 %
|
40.40 %
|
|
San Antonio-New
Braunfels, Texas
|
$348,000
|
-2.60 %
|
-0.90 %
|
17.80 %
|
40.00 %
|
|
Houston-The
Woodlands-Sugar Land, Texas
|
$370,000
|
-1.30 %
|
0.30 %
|
13.90 %
|
38.10 %
|
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
$465,000
|
1.10 %
|
1.90 %
|
27.60 %
|
35.80 %
|
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
$400,000
|
6.30 %
|
6.90 %
|
17.90 %
|
32.40 %
|
|
St. Louis,
Mo.-Ill.
|
$312,000
|
10.90 %
|
6.30 %
|
35.00 %
|
32.40 %
|
|
Pittsburgh,
Pa.
|
$264,000
|
10.80 %
|
10.90 %
|
34.60 %
|
32.20 %
|
|
Cleveland-Elyria,
Ohio
|
$274,000
|
15.90 %
|
15.20 %
|
35.50 %
|
31.40 %
|
|
San
Francisco-Oakland-Berkeley, Calif.
|
$1,041,000
|
-11.70 %
|
-4.40 %
|
7.50 %
|
30.80 %
|
|
Birmingham-Hoover,
Ala.
|
$300,000
|
1.20 %
|
2.30 %
|
13.20 %
|
26.40 %
|
|
New Orleans-Metairie,
La.
|
$339,000
|
-1.90 %
|
-1.50 %
|
16.00 %
|
26.40 %
|
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
$1,469,000
|
-4.00 %
|
-0.40 %
|
23.60 %
|
26.30 %
|
|
Baltimore-Columbia-Towson, Md.
|
$360,000
|
2.80 %
|
2.10 %
|
6.50 %
|
24.80 %
|
|
Detroit-Warren-Dearborn, Mich.
|
$260,000
|
-3.00 %
|
0.50 %
|
-0.20 %
|
23.20 %
|
|
Rochester,
N.Y.*
|
$310,000
|
N/A
|
N/A
|
N/A
|
N/A
|
About Realtor.com®
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more than 25 years ago. Today, through its website and mobile apps,
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