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Home prices have continued to climb in the past few months, a trend that is showing no signs of slowing down. The latest S&P CoreLogic Case-Shiller Index, released May 28, found that prices reached a record high in March 2024. The 20-City House Price Index rose 7.4% from a year earlier, while the 10-City Composite saw an increase of 8.2%.
“Major U.S. cities that have continued to offer strong employment markets have some of the most expensive real estate in the country and, in several of them, home prices continue to rise,” said Realtor.com chief economist Danielle Hale.
While homes in some cities across the country are particularly expensive, there are several that might be worth a second look and worth considering if you’re in the market for a house — before prices get even higher.
What To Look For
Dr. Selma Hepp, chief economist for CoreLogic, said that based on regional trends, savvy homebuyers are looking in areas around Southern California and the Northeast, where home prices are expected to continue to grow.
“Additionally, the towns that are further outside the city centers are particularly of interest as they typically offer more space for work-from-home situations while making the commute once or twice a week into town longer, but not unbearable,” added Hepp.
For instance, some experts said that while New York City is an expensive place to own a home, it is set to become even pricier soon. So, if you’ve been hesitant about buying a home there, now might be the time to act.
“Despite some niche markets (neighborhoods), it’s currently a buyer’s market overall, offering good deals,” said Adie Kriegstein, real estate salesperson at Compass in New York City.
According to her, while it is a buyer’s market, not many buyers are searching, which can be beneficial and opportunistic for some.
“Remember, you can date the rate and marry the home. Next year, rates are expected to drop, potentially by more than 1%. When that happens, sellers will likely raise prices, and buyers will start snapping them.”
Here are some additional expensive cities worthy of consideration for potential homebuyers, according to U.S. News & World Report:
Hartford, Connecticut
Average median home price: $249,900, up 9.1% year-over-year, according to Realtor.com.
Los Angeles
Average median home price: $1.2 million, up 2.5% year-over-year, according to Realtor.com.
Miami
Average median home price: $575,859, up 8.8% year-over-year, according to Zillow.
New Haven, Connecticut
Average median home price: $295,201, up 9.6% year-over-year, according to Zillow.
New York City
Average median home price: $800,000, flat year-over-year, according to Realtor.com.
Santa Barbara, California
Average median home price: $1.83 million, up 7.5% in the past year, according to Zillow.
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