In the fourth quarter of 2024, nearly 90% of metropolitan areas saw an increase in home prices, according to a report by the National Association of REALTORS (NAR). The data indicates that 201 out of 226 metro markets experienced price gains, with 14% of these areas recording double-digit increases. This marks a rise from the previous quarter's figures.

"Record-high home prices and the accompanying housing wealth gains are definitely good news for property owners," stated Lawrence Yun, NAR Chief Economist. However, he acknowledged that renters aiming to purchase homes face considerable challenges.

The national median price for single-family existing homes rose by 4.8% compared to the previous year, reaching $410,100. Over the past five years, this figure has surged by nearly 50%.

Regionally, the South accounted for the largest share of sales at 45.1%, with a modest price appreciation of 2.1%. Other regions also saw price increases: Northeast at 10.6%, Midwest at 8.0%, and West at 4.0%.

The top ten metro areas with significant year-over-year median price hikes included Jackson, Miss., Peoria, Ill., and Chattanooga, Tenn.-Ga., among others—all reporting increases of at least 14.9%. Notably, six were located in the Midwest.

Conversely, eight out of ten most expensive U.S. markets were in California, led by San Jose-Sunnyvale-Santa Clara with a median price nearing $2 million.

Despite overall gains, about 11% of markets saw declines in home prices during this period—a slight improvement from the third quarter's figures.

Yun suggested that workers who have flexibility might find more affordable housing options if they consider relocating due to varied pricing across different regions.

Housing affordability showed slight improvement as well; monthly mortgage payments on typical single-family homes decreased slightly from both the previous quarter and one year ago.

First-time buyers benefited from improved conditions too; their mortgage payments dropped marginally compared to earlier periods.

To afford a mortgage with a 10% down payment in almost half of all markets required an income exceeding $100,000—a slight increase from prior data—while only a small fraction needed less than $50,000.

For further information on navigating real estate transactions or accessing detailed market statistics including MSA home prices visit facts.realtor or contact local REALTOR associations directly.