Where Home Prices Increased Most

Despite cooling inflation, homes across the U.S. in April sold at prices averaging 6% higher than a year before. This indicates demand for homes is still strong, while the supply of inventory underwhelms. While this market could favor those who are looking to sell their homes and move to a less expensive area, hopeful first-time homebuyers may be feeling the squeeze.

To find where home prices grew most, SmartAsset ranked the largest 100 metro areas based on one-year price increases according to Zillow home sale data.

Key Findings

Home prices skyrocketed 21% in one year in this metro area. Wichita, KS saw home sales go from an average of $213,955 in 2023 to $259,264 in April 2024. Since 2019, when the average home sold for $153,347, prices have increased just over 69%.
Home prices increased 90% over five years in Knoxville, TN. In 2019, homes sold for $176,407 in Knoxville, up to $334,279 in 2024. This is the highest growth rate over a five-year period for the 100 largest metro areas. When it comes to one-year growth, Knoxville ranked 21st studywide with a 9.8% increase.
Expensive homes in California continue to outpace other markets. San Jose, San Francisco, Los Angeles, San Diego and Oxnard metro areas have remained as the five most expensive housing markets of the largest metro areas for the last five years. Year over year, prices in these areas continued to grow between 8.2% all the way up to 12.9% in the case of San Jose, outpacing the national average of 6% price increases.
Home prices declined in five major metro areas. Cape Coral, FL saw the biggest drop in home prices at -5.3% to $220,904. Jackson, MS ranked second in this metric with a -3.7% change in price to $173,931. Birmingham, AL (-1.8% to $180,032); Lakeland, FL (-0.5% to $178,785); and Memphis, TN (-0.4% to $157,011) also bucked the general trend.

Top 10 Metro Areas Where Home Prices Increased Most Year Over Year

1. Wichita, KS

1-year increase: 21.2%
5-year increase: 69.1%
Average sale price, April 2024: $259,264
Average sale price, April 2023: $213,955
Average sale price, April 2019: $153,347

2. Toledo, OH

1-year increase: 16.4%
5-year increase: 33.2%
Average sale price, April 2024: $157,176
Average sale price, April 2023: $135,009
Average sale price, April 2019: $118,029

3. Madison, WI

1-year increase: 15.3%
5-year increase: 53.4%
Average sale price, April 2024: $387,610
Average sale price, April 2023: $336,131
Average sale price, April 2019: $252,603

4. San Jose, CA

1-year increase: 12.9%
5-year increase: 41.0%
Average sale price, April 2024: $1,502,362
Average sale price, April 2023: $1,330,125
Average sale price, April 2019: $1,065,478

5. New Haven, CT

1-year increase: 12.8%
5-year increase: 62.3%
Average sale price, April 2024: $336,023
Average sale price, April 2023: $297,819
Average sale price, April 2019: $207,062

6. Miami, FL

1-year increase: 12.6%
5-year increase: 76.1%
Average sale price, April 2024: $472,421
Average sale price, April 2023: $419,674
Average sale price, April 2019: $268,263

7. Buffalo, NY

1-year increase: 12.2%
5-year increase: 51.0%
Average sale price, April 2024: $231,596
Average sale price, April 2023: $206,480
Average sale price, April 2019: $153,409

8. Grand Rapids, MI

1-year increase: 12.0%
5-year increase: 64.4%
Average sale price, April 2024: $314,511
Average sale price, April 2023: $280,791
Average sale price, April 2019: $191,293

9. Harrisburg, PA

1-year increase: 11.0%
5-year increase: 45.1%
Average sale price, April 2024: $241,475
Average sale price, April 2023: $217,634
Average sale price, April 2019: $166,377

10. Charleston, SC

1-year increase: 10.9%
5-year increase: 68.1%
Average sale price, April 2024: $423,050
Average sale price, April 2023: $381,326
Average sale price, April 2019: $251,723

Top 10 Metro Areas Where Home Prices Increased Most Over Five Years

1. Knoxville, TN

5-year increase: 89.5%
1-year increase: 9.8%
Average sale price, April 2024: $334,279
Average sale price, April 2023: $304,529
Average sale price, April 2019: $176,407

2. North Port, FL

5-year increase: 79.3%
1-year increase: 2.4%
Average sale price, April 2024: $457,208
Average sale price, April 2023: $446,471
Average sale price, April 2019: $254,985

3. Tampa, FL

5-year increase: 77.1%
1-year increase: 4.5%
Average sale price, April 2024: $367,424
Average sale price, April 2023: $351,672
Average sale price, April 2019: $207,523

4. Miami, FL

5-year increase: 76.1%
1-year increase: 12.6%
Average sale price, April 2024: $472,421
Average sale price, April 2023: $419,674
Average sale price, April 2019: $268,263

5. Boise City, ID

5-year increase: 71.1%
1-year increase: 6.0%
Average sale price, April 2024: $465,948
Average sale price, April 2023: $439,566
Average sale price, April 2019: $272,313

6. Tucson, AZ

5-year increase: 70.1%
1-year increase: 9.2%
Average sale price, April 2024: $347,102
Average sale price, April 2023: $317,856
Average sale price, April 2019: $204,012

7. Spokane, WA

5-year increase: 70.0%
1-year increase: 6.2%
Average sale price, April 2024: $394,672
Average sale price, April 2023: $371,616
Average sale price, April 2019: $232,157

8. Phoenix, AZ

5-year increase: 69.5%
1-year increase: 6.7%
Average sale price, April 2024: $448,280
Average sale price, April 2023: $420,172
Average sale price, April 2019: $264,424

9. Wichita, KS

5-year increase: 69.1%
1-year increase: 21.2%
Average sale price, April 2024: $259,264
Average sale price, April 2023: $213,955
Average sale price, April 2019: $153,347

10. Palm Bay, FL

5-year increase: 68.7%
1-year increase: 3.4%
Average sale price, April 2024: $340,386
Average sale price, April 2023: $329,207
Average sale price, April 2019: $201,787

Data and Methodology

This study examined home sale data for 100 of the largest metro areas in the U.S. to determine one-year and five-year price growth. Data for April 2024, 2023 and 2019 comes from Zillow for single-family homes, condos and co-ops.

Where Home Prices Increased Most – 2024 Study