Economists' Outlook

Housing stats and analysis from NAR's research experts.

Metros with Median List Price of $400K or Less Showing Stronger Price Appreciation

Home prices are rising at a modest pace, at 3.6 percent nationally as of April 2019. However, the pace of price appreciation varies significantly across metro areas, with highly expensive metros ($700,000 or over) showing price declines and less expensive metro areas, usually with the median list price at $400,000 or below, are showing strong price gains.

The scatterplot below shows median list prices (X-axis) and the year-over-year price appreciation (Y-axis) based on list prices in April 2019. The general trend is that metros with high list prices, usually $700,000, are showing price declines in April 2019 from one year ago (blue). Meanwhile, the general trend is that metros with a median list price about $400,000 and below are showing price appreciation.  (Hover over an area to view the underlying data.)

Metros With Decreasing Prices

Most of the price decline is occurring in metro areas with the median list prices above $700,000 or over: San Jose-Sunnyvale-Sta. Clara ($1.1M; - 8.4% y/y); San Jose-San Francisco-Oakland, CA ($848,295; -4.1% y/y); Los Angeles-Long Beach-Anaheim, CA ($750,050; -1.2%y/y), and Bridgeport-Stamford-Norwalk, CT ($$750,050; -4.9% y/y). However, in Seattle-Tacoma-Bellevue, WA where prices are more affordable than in the CA metros, home prices were up in April from one year ago ($625,025; 9.8% y/y).

However, list prices were lower in Austin, TX ($369,998; -1.4% y/y), Dallas-Fort Worth-Arlington, TX ($349,950; -2.8% y/y), and Houston-The Woodlands-Sugar Land, TX ($322,974; -1.0% y/y).

Metros With Increasing Prices

In the less expensive metro areas where the median list price is at $400,000 or less, home prices are still appreciating, and in 17 areas, list prices  are up by double-digit from one year ago: Winston-Salem, NC (15.8%), Columbia, SC (13.8%), Milwaukee-Waukesha-West Allis, IL (12.8%), Chattanooga, GA (12.7%), Spokane-Spokane Valley, WA (12.1%), Rochester, NY (11.9%), Kansas City, MO (12.3%),  El Paso, TX (11.4%),  Toledo, OH (10.8%), Boise, ID (10.7%), Worcester, MA (10%).

(Scroll down the table to view all metro areas.)