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National home prices are rising 2.6% on a year-over-year basis. While some markets in the Gulf and Mountain West regions are seeing mild home price declines, theres another cohort concentrated in the Northeast, Midwest, and West Coast that are seeing gains well above the national aggregate.
Among the 200 largest metro area housing markets, the chart below highlights the 30 markets with the largest home price increases between December 2023 and December 2024, according to ResiClubs analysis of the latest Zillow Home Value Index data published in January.
While home prices have softened in Gulf markets like Texas, Florida, and Louisiana (where inventory has spiked back above pre-pandemic levels) most of the housing markets in the Northeast and Midwest still have inventory far below pre-pandemic levels, and still have elevated home price growth.
Many pandemic boomtowns in the Sunbelt are experiencing greater affordability strain as well as facing significant home insurance shocks and higher levels of new-home inventory. In some Sunbelt areas, this inventory requires discounts to sell in the current environment of reduced pandemic-era migration and strained affordability.
In contrast, many Northeast and Midwest markets were less reliant on pandemic migration and have less new-home construction in progress. With lower exposure on that demand shock, active inventory in these Midwest and Northeast regions has remained relatively tight, keeping the advantage in the hands of home sellers.
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