In the second quarter of 2024, nearly 90% of U.S. metro areas saw housing prices surge, according to the latest report from the National Association of Realtors (NAR).
California’s grip on the nation’s priciest real estate tightened, with seven of the top 10 most expensive housing markets rooted firmly in the Golden State.
The other three? Scattered across the idyllic landscapes of Hawaii, Colorado, and Florida.
Topping the list, San Jose-Sunnyvale-Santa Clara broke new ground, with the median price for an existing single-family home soaring past $2 million—the first time a metro area has hit this milestone since NAR started tracking prices in 1979.
The top ten most expensive U.S. housing markets in 2024 are as follows:
- San Jose-Sunnyvale-Santa Clara, California
- San Francisco-Oakland-Hayward, California
- Anaheim-Santa Ana-Irvine, California
- Urban Honolulu, Hawaii
- San Diego-Carlsbad, California
- Salinas, California
- Oxnard-Thousand Oaks-Ventura, California
- San Luis Obispo-Paso Robles, California
- Boulder, Colorado
- Naples-Immokalee-Marco Island, Florida
Nationally, the median price of an existing single-family home climbed to $422,100, up 4.9% from last year.
For buyers, the dream of homeownership comes with a heftier price tag—monthly mortgage payments have jumped 10.3% from a year ago, now averaging $2,262 with a 20% down payment.
NAR’s Chief Economist Lawrence Yun noted that the record-high home prices across the country bring mixed outcomes.
“It’s terrific news for homeowners who are moving ahead in wealth gains,” Yun said in the report.
“However, it’s difficult for those wanting to buy a home as the required income to qualify has roughly doubled from just a few years ago.”
As the housing market continues to heat up, the landscape reveals a tale of two realities—where homeowners reap the rewards, while aspiring buyers face steeper climbs.
This dynamic also influences the broader business environment, as housing affordability impacts consumer spending and financial decisions across various sectors.
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