3 Markets Where Home Prices Are Ticking Up (and 3 Where They’re Declining)

Ahead of summer, home prices in May 2024 were up in many U.S. cities. The latest RE/MAX National Housing Report found that the median sales price of all 53 metro areas surveyed was $435,000 – up 2.4% compared to April 2024, and up 4.8% from May 2023. The markets with an annual decrease saw numbers dip only a bit, whereas the markets with an increase saw fairly significant jumps in prices.

Also happening in May: more homes for sale – and more sales. The number of new listings in May was up a whopping 15.1% from the same time last year. And the number of homes sold was up 10.9% compared to the last year, too.

Curious about pricing disparity among various markets heading into summer? Take a closer look at a few locations where home prices went up – and some others where they’ve dipped a bit – according to the latest housing data from RE/MAX:

Markets with the largest annual increase in median sales price

Cleveland, Ohio
Home prices were up 18.9% in the Cleveland area compared to May 2023. The median sales price for this metro was $245,000, and listings spent an average of 23 days on the market before selling.

Los Angeles, California
Home prices were up 12.1% in the Los Angeles metro compared to May 2023. The median sales price for this metro was $970,000 and listings spent an average of 28 days on the market before selling.

New York, New York
Home prices were up 11.9% in New York City compared to May 2023. The median sales price for this metro was $610,000, and listings spent an average of 46 days on the market before selling.

Markets with the largest annual decrease in median sales price

Birmingham, Alabama
Home prices were down 1.6% in the Birmingham area compared to May 2023. The median sales price for this metro was $297,000, and listings spent an average of 45 days on the market before selling.

Honolulu, Hawaii
Like Birmingham, home prices were down 1.6% in the Honolulu metro compared to May 2023. The median sales price for this metro was $692,500, and listings spent an average of 45 days on the market before selling.

San Antonio, Texas
Just as in Birmingham and Honolulu, home prices were down 1.6% in the San Antonio area compared to May 2023. The median sales price for this metro was $314,990, and listings spent an average of 62 days on the market before selling.

Ready to buy or sell a home? No matter where you’re located, it’s helpful to work with a real estate professional who can provide expert guidance to get the job done. Contact a local RE/MAX agent today.

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