These cities have the fastest-growing housing prices, according to Redfin
The cities with the fastest-growing home prices may surprise you. (Getty Images)
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(NEXSTAR) — Even though recent data shows the housing market could be cooling, sales prices are still surging in several major cities. According to a recent ranking from real estate company Redfin, the top 10 cities with the fastest–growing sales prices are located in only three states — and the majority are in just one state.
Ranking at first with a 37.1% year-over-year sales price increase is Detroit, Michigan. The median sale price for a home in Detroit is $96,500 as of June. Redfin data shows buyers payer about $74 per square foot. Homes in Detroit stay on the market for around 27 days and sell about 4% below list price.
Myrtle Beach, South Carolina, ranks second on the list, with a 34% sales price increase in the past year. The Myrtle Beach median home sale price is $288,000. Despite this, Redfin says homes in this city typically sell for about 1% below list price and homes sell in around 52 days.
The rest of the list is dominated by the state with the most metros with fast-growing sales prices: Florida.
These Florida cities are (ranked 3-10): Lehigh Acres (32% growth); West Palm Beach (29.9%); St. Petersburg (28.9%); Port St. Lucie (28.6%); Cape Coral (27.9%); Palm Bay (27.8%); Riverview (27.7%) and Kissimmee (25.9%).
So how expensive are homes in Florida? Data from June 2022 shows the median sale price is $410,400 — with 39.1% of homes selling above list price.
Nationwide, the median sale price for a home in June 2022 was $428,400, an 11.2% increase over the same time last year. But even though this is a double-digit increase in prices, it’s also the smallest year-over-year increase “in nearly two years,” Redfin market analyst Tim Ellis says.
On the flip side, some major U.S. metros are seeing slowing real estate markets.
A recent Redfin study showed the top 10 real estate markets that are cooling the fastest — a list which includes Seattle, Denver, Boise, Idaho, and Tacoma, Washington. Several California cities also made the list, including San Jose (No. 1), Sacramento (No. 2), and Oakland (No. 3), among others.