Cities Breaking Records for Price Appreciation
Strong demand and low inventories fueled home prices to record highs in 2017, as the median home price in the U.S. reached $235,000, up 8.3 percent from 2016, according to real estate data firm ATTOM Data Solutions. Still, annual price appreciation showed signs of slowing; in 2016, the national median home price jumped 8.5 percent year over year, according to ATTOM’s latest housing report.
Sixty-four of 112 metros—or 57 percent—set a new record for metro-level home prices in 2017, including Los Angeles, Dallas, Houston, Atlanta, and San Francisco. Among those 112 metros, each with populations of 200,000 or more, the cities with the biggest year-over-year price increases were Ocala, Fla. (up 14.3 percent); Kansas City, Mo. (13.4 percent); San Jose, Calif. (13.3 percent); Salem, Ore. (12.9 percent); and Nashville, Tenn. (12.5 percent).
Among major metro areas with populations of at least 1 million, the cities that posted double-digit gains included Las Vegas (up 12.3 percent); Salt Lake City (10.9 percent); Seattle (10.8 percent); Orlando, Fla. (10.7 percent); Tampa-St. Petersburg, Fla. (10.7 percent); Portland, Ore. (10.5 percent); and Jacksonville, Fla. (10.1 percent).
View the following chart to see home price appreciation by metro.