Map Reveals Top 10 Most Expensive Housing Markets Across US
Home prices continued rising across the U.S. this spring, led by gains in the Northeast and Midwest.
A map charting the nation's costliest housing markets has unveiled the top ten most expensive regions across the United States. Despite expectations of more affordable options, home prices have continued to soar, increasing in 80 percent of metropolitan areas between April and June. The overall trend is less severe than the pandemic surge, when demand clashed with scarce inventory, driving prices to unprecedented heights.
The National Association of Realtors (NAR) reported a 1.5 percent year-over-year rise in the national median single-family home price to $434,900. Only five percent of metro areas experienced double-digit price gains. However, this improvement in affordability has yet to materialize for many Americans after years of rising prices and high borrowing costs.
The Northeast and Midwest, grappling with severe inventory shortages and robust demand, significantly contributed to the national average home price increase. The Northeast's median home price surged by 3.8 percent to $547,200, while the Midwest saw a 3.6 percent rise to $340,800. In contrast, the South, particularly Florida and Texas, reported a modest 1 percent year-over-year increase to $380,000. The West was the sole exception, with prices falling by 0.8 percent to $637,900.
Coastal markets witnessed the most significant price hikes, accounting for three out of the top ten markets. These include California's usual expensive markets, driven by consistent demand, limited inventory, and high prices. Thriving job markets maintain demand in these cities. Despite the rising home prices, 20 percent of metro areas experienced declining median home prices, down from 27 percent in the first quarter and from 24 percent a year ago.
The average monthly mortgage payment on a typical home with a 20 percent down payment was $2,199, a $52 decrease from last year. However, the average share of income spent on mortgage payments rose from 21.8 percent last quarter to 23.8 percent, indicating ongoing affordability challenges.
Written by urgent.news from Newsweek's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
