Close to 90 percent of metro areas in the U.S. experienced a rise in single-family home prices during the fourth quarter of 2024. The National Association of Realtors (NAR) also indicates that 14 percent of all metro areas saw double-digit price increases.
The South registered the largest share of single-family existing home sales at 45.1 percent during the final quarter of 2024, with a price increase of 2.1 percent. Home prices also grew by 10.6 percent in the Northeast, 8 percent in the Midwest and 4 percent in the West.
However, six of the top 10 performing metro areas were located in the Midwest. They included: Peoria, Ill., with a 19.6 percent sales price gain; followed by Fond du Lac, Wis., at 17.6 percent; Cleveland-Elyria, Ohio, at 16.4 percent; Bismark, N.D. at 15.8 percent; Akron, Ohio, at 15.5 percent; and Canton-Massillon, Ohio, at 14.9 percent.
Overall, Jackson, Miss., saw the highest gains in the nation at 28.7 percent. Nadia Evangelou, NAR senior economist and director of real estate research, told The Epoch Times that affordability of homes in this metro area and others like it are attracting more people.
“Even though this is a significant increase in price, Jackson and those metros in the Midwest are still more affordable than much of the county,” she said.
According to Rocket Homes Real Estate, the January 2025 median sales prices in Jackson was $123,289—well below the national average. “I think with prices like this, we can expect to see more gains in Jackson, as well as in the Midwest,” Evangelou added.
Rocket shows Peoria’s median home sales price at $143,176 and $240,400 in Fond du Lac.
“These areas have also experienced a lot of job growth over the past year, and in Jackson, wages have increased by over 7.3 percent. Younger people who are looking for employment are starting to move into these areas, which also have very low unemployment rates,” Evangelou explained.
Central Mississippi Realtors President Yolanda Parris told The Epoch Times she is encouraged by the NAR report spotlighting Jackson as the metro area with the highest percentage of price gains in the country.
“This significant appreciation underscores the resilience and growing appeal of our housing market,” she said. “The Jackson housing market has exhibited notable activity despite our low inventory. We have seen a lot of new construction in the metro area to help with the growing demand for housing.”
Parris notes that Jackson has attracted interest from buyers in Atlanta, Washington, D.C., and Hattiesburg, suggesting that the city is becoming a destination for people from various parts of the country. “Despite recent price increases, Jackson’s housing market remains relatively affordable compared to national averages, offering attractive opportunities for both first-time homebuyers and investors,” she said.
She also named new industries and educational institutions as other factors drawing newcomers to the region. “Our metro area has attracted businesses such as Continental Tire Company, Amazon, and several others, including Compass Data Center,” she added. “The city’s presence of reputable educational institutions adds to its appeal to families and professionals.”
While Jackson continues to offer some of the most affordable homes in the nation, the Golden State remains a magnet for luxury properties and high-end buyers.
Not surprisingly, NAR’s report showed 8 of the top 10 most expensive markets in the U.S. are in California. The median home price in the San Jose-Sunnyvale-Santa Clara region reached $1.92 million—a 9.7 percent hike—at the end of 2024. Median prices in the Anaheim-Santa Ana-Irvine area grew 4.7 percent to $1.36 million, and San Francisco-Oakland-Hayward, by 5.2 percent to $1.32 million. Honolulu home prices saw 3.2 percent uptick to $1.1 million.
“While we do see people leaving California due to the high cost of living, the inbound net migration in 2024 was positive, as opposed to more losses in 2023,” said Evangelou.
Nationwide, NAR found that the monthly mortgage payment on a typical existing single-family home with a 20 percent down payment was $2,124 in the last quarter, representing a 0.8 percent decrease from the third quarter of 2024.
In addition, NAR indicates families on average spend 24.8 percent of their income on mortgage payments, down from 25.2 percent in the third quarter and 26.5 percent lower than in 2023. Families needed a qualifying income of at least $100,000 to afford a 10 percent down payment mortgage in 43.8 percent of markets.
Only about 11 percent of America’s metro markets experienced home price declines in the fourth quarter. “Due to more new construction, Florida and Texas have more inventory now, which is easing the price growth,” said Evangelou. “This is good news for buyers.”
