Single-Family Home Prices Had Positive Price Gains in 83% of 228 Metro Areas in 2025 Q1

The National Association of REALTORS® reported that home prices continued to rise in the first quarter of 2025. The national median price rose 3.4%, year over year, to $402,300.  

Monthly mortgage payments on a single-family home in the first quarter increased 4.1% to $2,120 compared to $2,036 from a year ago. The qualifying median family income fell to $101,743 in the fourth quarter of 2024, compared to $101,856 in the same quarter of 2023, but was $97,731 a year ago. The effective 30-year fixed mortgage rate increased to 6.90% in the first quarter of 2025, compared to 6.83% one year ago. Median family incomes rose to $104,281 in the first quarter of 2025, compared to $99,798 a year ago.  

Knowing the mortgage rates and qualifying incomes for down payments will help potential homeowners determine which metro areas are affordable for them. 

Here is a look at the metro areas with the strongest price growth in the first quarter of 2025, as well as a look at the yearly change in median existing single-family home prices among the top five highest and lowest growth metro areas of the first quarter of 2025.

The Five Metro Areas With the Highest Single-Family Home Price Appreciation

The Five Most Expensive Metro Areas for Q1 2025

Qualifying Income Based on Sales Price of Existing Single-Family Homes for Metropolitan Areas by Region

For the U.S., at the 5% down payment threshold, the qualifying income amount for the first quarter of 2025 was $120,819. At the 10% down payment mark, the qualifying income was $114,460. With a 20% down payment, the income required to qualify for a mortgage was $101,743. The West led all regions in terms of the highest qualifying income, while the Midwest had the lowest qualifying income for 5%, 10%, and 20% down payments on a single-family home.