Property values spike in last five years
With the overall lack of inventory and home buying gold rush of 2020 and 2021, property values skyrocketed over the past five years.
From May 2019 to May 2024, the median price per square foot increased 52.7% nationwide, according to Realtor.com.
See which housing markets saw the highest and lowest price appreciation among the country’s largest metropolitan areas.
Check your home buying options. Start hereWhere price per square foot grew fastest
In the last five years, the combination of heavy demand and scant for-sale inventory caused historically high housing value growth. For fortunate homeowners, that meant building equity at a very fast pace.
In good news for house hunters, inventory has started to improve and decelerate that growth rate. The median U.S. listing price reached $442,500 in May, increases of 0.3% year-over-year and 37.5% from May 2019, according to Realtor.com.
However, the median price per square foot — a better indicator of home value since it puts all properties on an equal plane and avoids potential skewing from more high- or low-valued houses — rose 3.8% annually and 52.7% in that same five-year window.
Broken down to the 50 largest metropolitan areas, New York led the country in square footage price growth since 2019 with a 84.7% surge. Boston’s 72.9% growth rate came next, followed by 68.6% in Nashville, Tenn., 68% in Tampa, Fla., and 65.7% in San Diego.
The table below shows the top 20 U.S. housing markets by price-per-square-foot growth rate from May 2019 to May 2024, according to Realtor.com.
| Metro Area | Median Listing Price Per Square Foot Growth vs May 2019 | Median Listing Price Per Square Foot Growth vs May 2023 | Median Listing Price May 2024 |
| New York | 84.7% | 10.2% | $789,000 |
| Boston | 72.9% | 10.2% | $900,000 |
| Nashville, Tenn. | 68.6% | 6.1% | $588,000 |
| Tampa, Fla. | 68.0% | -0.5% | $425,000 |
| San Diego | 65.7% | 5.7% | $1,072,000 |
| Austin, Texas | 64.7% | 0.2% | $565,000 |
| Memphis, Tenn. | 64.2% | 1.8% | $350,000 |
| Riverside, Calif. | 62.7% | 6.6% | $620,000 |
| Washington, D.C. | 61.3% | 8.4% | $640,000 |
| Hartford, Conn. | 57.7% | 14.1% | $447,000 |
| Phoenix | 57.7% | 1.8% | $545,000 |
| Richmond, Va. | 56.9% | 5.7% | $473,000 |
| Charlotte, N.C. | 56.8% | 4.0% | $435,000 |
| Las Vegas | 56.2% | N/A | $477,000 |
| Orlando, Fla. | 55.3% | 0.5% | $440,000 |
| Los Angeles | 54.9% | 7.3% | $1,248,000 |
| Columbus, Ohio | 54.8% | 5.9% | $402,000 |
| Indianapolis | 54.5% | 4.6% | $350,000 |
| Jacksonville, Fla. | 54.0% | 1.0% | $423,000 |
| Philadelphia | 53.8% | 8.3% | $382,000 |
“In addition to higher median list prices and fewer homes for sale versus 2019, the increase in median price-per-square foot suggests that the typical home on the market today is worth 52.7% more than before the pandemic, more than double the roughly 23% increase in consumer price inflation in this period,” said Danielle Hale, Realtor.com’s chief economist.
Check what interest rates you qualify for hereHousing markets with the slowest square footage price growth
Of course, not every city experienced the same levels of growth.
Detroit had the lowest pace of price gains per square foot at 23.2% over the past five years. Baltimore and San Jose, Calif., finished slightly above the Motor City, with increases of 24.8% and 26.3%, respectively.
Check your home buying options. Start hereThe table below shows the bottom 20 U.S. housing markets by price-per-square-foot growth rate since May 2019, according to Realtor.com.
| Metro Area | Median Listing Price Per Square Foot Growth vs May 2019 | Median Listing Price Per Square Foot Growth vs May 2023 | Median Listing Price May 2024 |
| Detroit | 23.2% | 0.5% | $260,000 |
| Baltimore | 24.8% | 2.1% | $360,000 |
| San Jose, Calif. | 26.3% | -0.4% | $1,469,000 |
| Birmingham, Ala. | 26.4% | 2.3% | $300,000 |
| New Orleans | 26.4% | -1.5% | $339,000 |
| San Francisco | 30.8% | -4.4% | $1,041,000 |
| Cleveland | 31.4% | 15.2% | $274,000 |
| Pittsburgh | 32.2% | 10.9% | $264,000 |
| Chicago | 32.4% | 6.9% | $400,000 |
| St. Louis | 32.4% | 6.3% | $312,000 |
| Minneapolis | 35.8% | 1.9% | $465,000 |
| Houston | 38.1% | 0.3% | $370,000 |
| San Antonio | 40.0% | -0.9% | $348,000 |
| Portland, Ore. | 40.4% | 1.8% | $625,000 |
| Sacramento, Calif. | 40.7% | 4.2% | $673,000 |
| Milwaukee | 40.9% | 7.9% | $400,000 |
| Louisville, Ky. | 42.7% | 4.1% | $340,000 |
| Oklahoma City | 44.0% | 0.5% | $339,000 |
| Dallas | 44.4% | 1.1% | $459,000 |
| Virginia Beach, Va. | 45.6% | 6.6% | $395,000 |
Advice for home buyers
The accelerated home price appreciation of the last five years created affordability challenges for many potential home buyers.
If you’re in the market to purchase a house, it’s a good idea to see if you qualify for grants or financial assistance, as well as wielding negotiation strategies.
Reach out to a local mortgage lender and begin your path to homeownership (and building home equity) today.
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