15 major U.S. cities where home prices have risen the most in 2024
eeing increased demand as buyers look for lower-cost alternatives outside more expensive markets.
Even with high mortgage rates discouraging buyers, home prices climbed in most major U.S. cities in 2024.
In the 50 largest U.S. cities, median home prices are up 5.8% through November, compared with all of 2023, according to Redfin data shared with CNBC Make It.
Anaheim, California, saw the most growth, with home prices up 12.5%. Like other fast-growing markets, it’s close to a major city — Los Angeles — where expensive homes are pushing buyers into surrounding areas. Similar trends can be seen in other metro areas near major cities, such as Newark and Nassau County near New York.
Here are the 15 metro areas with the fastest home price growth so far in 2024, according to Redfin:
Anaheim’s housing prices have steadily risen in recent years due to a persistent shortage of homes, with a growing population expected to further strain availability over time. Developers have also been building homes for above-moderate-income families, widening the gap and leaving many residents without affordable options, according to local outlet Voice of OC.
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