Housing prices are bucking the trend and continue to soar in a handful of U.S. markets, according to new data from real estate brokerage firm Redfin.
While it’s true that the median U.S. home sale price fell 0.6% year over year in February to $350,246 — the first annual drop since Redfin started tracking in 2012 — some major metropolitan areas have seen prices rise by as much 15% year over year.
Following are metros where prices have climbed the most during the past year.
5. Fort Lauderdale, Florida
Year-over-year change in the median home sale price in this metropolitan area: 7.8% increase as of February
Median sale prices fell in 24 of the 50 most populous U.S. metros in February, but the Sunshine State is bucking that trend.
Close to half of homebuyers in Fort Lauderdale — 45.3% — pay for their homes in cash, as we reported in “10 Cities Where Many Homebuyers Pay All Cash.”
4. Miami
Year-over-year change in the median home sale price in this metropolitan area: 9.1% increase as of February
Miami remains a major draw for those seeking to put down roots in paradise, as we reported in “The Top 10 Housing Markets for 2023, According to Zillow.”
3. Columbus, Ohio
Year-over-year change in the median home sale price in this metropolitan area: 9.5% increase as of February
Perhaps home prices are rising in Columbus because it is one of the “15 Affordable Cities With the Most 6-Figure Jobs.”
Although prices are falling in many of the U.S. markets that did not make this list, home shoppers shouldn’t get too excited. In a summary of Redfin’s findings, Taylor Marr, Redfin deputy chief economist, says:
“Prices will probably decline a bit more in the coming months, but first-time buyers hoping to score a major deal this year are likely out of luck. That’s because so few homeowners are listing their homes for sale. Limited inventory and continued interest in turnkey homes in desirable neighborhoods will keep prices somewhat propped up — and high rates will continue to be a hit on affordability.”
2. Milwaukee
Year-over-year change in the median home sale price in this metropolitan area: 13.2% increase as of February
Milwaukee might not jump to mind as a retirement destination, but it has a lot to offer seniors, as we note in “15 Best-Paying Cities for Working Seniors in 2023.”
1. West Palm Beach, Florida
Year-over-year change in the median home sale price in this metropolitan area: 15% increase as of February
Prices are soaring in West Palm Beach, which is one of the “10 Cities Where Remote Workers Drove up Home Prices.”
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Source: moneytalksnews.com