The Austin, Texas, metro area in March became the latest market to join the half-million-dollar club, according to a new analysis by Movoto by OJO Labs, a real estate search site. In Austin, the median home sold price was at least $500,000, joining 10 other large metros at that level.
Other markets with a median sale price of $500,000 or more include Boston ($560,000), Denver ($565,000), Los Angeles ($720,000), New York ($520,000), Portland, Ore. ($505,000), Sacramento, Calif. ($550,000), Salt Lake City ($503,000), San Diego ($825,000), San Francisco ($1.3 million), and Seattle ($626,000).
Many areas of the country have seen home prices rise by double-digit percentages over the past year. Memphis, Tenn., saw the largest home price increase of any metro area, jumping 34.6% year over year, according to OJO Labs’ study. Phoenix followed with the second-highest year-over-year increase at 29.9%, reaching a $435,000 median home sold price.