Average home sale price in the U.S. nears $1 million in higher-priced housing markets

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Average home sale price in the U.S. nears $1 million in higher-priced housing markets

Panoramic night view of urban sprawl in San Jose, Silicon Valley, California; Visible light trail left by cars driving on one of the freeways.

While the median sale price of U.S. homes is just shy of $421,000 in Q1 2024, homes in some areas more than doubled that average. These expensive places may prevent hopeful first-time homebuyers from investing in the area, making renting – or even moving to a less expensive area – a better alternative. In some cases, high wages and demand keeps the pressure up on a lackluster supply of homes.

With this in mind, SmartAsset ranked the 100 largest metro areas based on the average home sale prices as of April 2024 to find the most and least affordable places for homebuyers.

Key Findings 

• California metros take the top five spots for the most expensive housing markets. Home values in first place San Jose are more than double those in sixth place Honolulu. The average sale price in San Jose was $1.50 million in April 2024, up 12.9% from the year before. San Francisco ($1.13 million), Los Angeles ($926,000), San Diego ($876,000) and Oxnard ($845,000) rank second through fifth.
• Homes sell for less than $200k in four Ohio metros. These claim the top of the list for least expensive homes. In 2024, homes average $157,176 in Toledo, $177,000 in Akron, $187,000 in Dayton, and $187,000 in Cleveland.
• Home prices have increased by more than 50% since pre-pandemic. Over the last five years, home sale prices in large metro areas have increased by 51.3%. Knoxville, Tennessee, saw the largest increase in this time at 89.5%, while Honolulu saw the smallest relative climb in home prices at 23.4%.
• New York City climbs the ranks. In just one year, the New York metro jumped from 12th-most expensive to ninth. Homes sell for about $579,000 as of April 2024, after a 10.7% annual increase. Home prices across all major metros increased by an average 6% in the same time.

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SmartAsset

Top 10 Most Expensive Housing Markets

Table showing most expensive housing markets in 2024

1. San Jose, CA

• Average home sale price as of 4/30/2024: $1,502,362
• Price increase over one year: 12.9%
• Average home sale price as of 4/30/2023: $1,330,125
• Price increase over five years: 41%
• Average home sale price as of 4/30/2019: $1,065,478

2. San Francisco, CA

• Average home sale price as of 4/30/2024: $1,132,315
• Price increase over one year: 10.8%
• Average home sale price as of 4/30/2023: $1,022,054
• Price increase over five years: 30.5%
• Average home sale price as of 4/30/2019: $867,728

3. Los Angeles, CA

• Average home sale price as of 4/30/2024: $925,783
• Price increase over one year: 10.6%
• Average home sale price as of 4/30/2023: $836,884
• Price increase over five years: 47.9%
• Average home sale price as of 4/30/2019: $625,807

4. San Diego, CA

• Average home sale price as of 4/30/2024: $876,056
• Price increase over one year: 9.4%
• Average home sale price as of 4/30/2023: $800,970
• Price increase over five years: 55.1%
• Average home sale price as of 4/30/2019: $564,895

5. Oxnard, CA

• Average home sale price as of 4/30/2024: $844,806
• Price increase over one year: 8.2%
• Average home sale price as of 4/30/2023: $780,817
• Price increase over five years: 43%
• Average home sale price as of 4/30/2019: $590,774

6. Honolulu, HI

• Average home sale price as of 4/30/2024: $696,729
• Price increase over one year: 6.6%
• Average home sale price as of 4/30/2023: $653,767
• Price increase over five years: 23.4%
• Average home sale price as of 4/30/2019: $564,630

7. Seattle, WA

• Average home sale price as of 4/30/2024: $692,195
• Price increase over one year: 10.5%
• Average home sale price as of 4/30/2023: $626,562
• Price increase over five years: 53%
• Average home sale price as of 4/30/2019: $452,324

8. Boston, MA

• Average home sale price as of 4/30/2024: $648,108
• Price increase over one year: 8.1%
• Average home sale price as of 4/30/2023: $599,365
• Price increase over five years: 47.9%
• Average home sale price as of 4/30/2019: $438,282

9. New York, NY

• Average home sale price as of 4/30/2024: $579,117
• Price increase over one year: 10.7%
• Average home sale price as of 4/30/2023: $522,929
• Price increase over five years: 49.2%
• Average home sale price as of 4/30/2019: $388,273

10. Denver, CO

• Average home sale price as of 4/30/2024: $573,090
• Price increase over one year: 3%
• Average home sale price as of 4/30/2023: $556,343
• Price increase over five years: 45.3%
• Average home sale price as of 4/30/2019: $394,302

Top 10 Metro Areas With the Most Affordable Housing Markets

1. Toledo, OH

• Average home sale price as of 4/30/2024: $157,176
• Price increase over one year: 16.4%
• Average home sale price as of 4/30/2023: $135,009
• Price increase over five years: 33.2%
• Average home sale price as of 4/30/2019: $118,029

2. Akron, OH

• Average home sale price as of 4/30/2024: $176,757
• Price increase over one year: 3.8%
• Average home sale price as of 4/30/2023: $170,290
• Price increase over five years: 26.6%
• Average home sale price as of 4/30/2019: $139,667

3. Scranton, PA

• Average home sale price as of 4/30/2024: $180,387
• Price increase over one year: 0.2%
• Average home sale price as of 4/30/2023: $179,971
• Price increase over five years: 49.7%
• Average home sale price as of 4/30/2019: $120,539

4. Dayton, OH

• Average home sale price as of 4/30/2024: $186,913
• Price increase over one year: 8.9%
• Average home sale price as of 4/30/2023: $171,664
• Price increase over five years: 46.9%
• Average home sale price as of 4/30/2019: $127,199

5. Cleveland, OH

• Average home sale price as of 4/30/2024: $187,413
• Price increase over one year: 5.7%
• Average home sale price as of 4/30/2023: $177,352
• Price increase over five years: 36.2%
• Average home sale price as of 4/30/2019: $137,615

6. McAllen, TX

• Average home sale price as of 4/30/2024: $194,858
• Price increase over one year: 1%
• Average home sale price as of 4/30/2023: $192,890
• Price increase over five years: 32.8%
• Average home sale price as of 4/30/2019: $146,774

7. Syracuse, NY

• Average home sale price as of 4/30/2024: $202,329
• Price increase over one year: 7.3%
• Average home sale price as of 4/30/2023: $188,497
• Price increase over five years: 45.2%
• Average home sale price as of 4/30/2019: $139,370

8. Pittsburgh, PA

• Average home sale price as of 4/30/2024: $206,620
• Price increase over one year: 8.3%
• Average home sale price as of 4/30/2023: $190,855
• Price increase over five years: 34.7%
• Average home sale price as of 4/30/2019: $153,409

9. Little Rock, AR

• Average home sale price as of 4/30/2024: $213,760
• Price increase over one year: 3.4%
• Average home sale price as of 4/30/2023: $206,806
• Price increase over five years: 43.1%
• Average home sale price as of 4/30/2019: $149,363

10. Rochester, NY

• Average home sale price as of 4/30/2024: $216,291
• Price increase over one year: 10.6%
• Average home sale price as of 4/30/2023: $195,542
• Price increase over five years: 52.9%
• Average home sale price as of 4/30/2019: $141,458

Data and Methodology

This study examined home sale data for 100 of the largest metro areas in the U.S. to determine the most and least expensive housing markets. Data for April 2024, 2023 and 2019 comes from Zillow for single-family homes, condos and co-ops.

 

 

This story was produced by SmartAsset and reviewed and distributed by Stacker Media.

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