US Metro Area Home Prices Jan 2024 Update

Feb. 5, 2024
6 min read
Team skills.ai

Author

Team skills.ai

Executive summary

  • The most expensive metro areas last month were led by Vineyard Haven, MA ($2,692,500 median listing price) and included places like Hailey, ID and Glenwood Springs, CO.
  • The most affordable metro areas were led by Selma, AL ($77,000 median listing price) and included places like Macomb, IL and Parsons, KS.
  • The metro areas with the most significant price increase compared to the previous month were Grants, NM (+28.75%), Vernon, TX and Gallup, NM.
  • Metro areas with the shortest median days on the market in the last 13 months include Rochester, NY (19 days) and Manchester-Nashua, NH (26 days). In contrast, Zapata, TX had the longest median days on the market (142 days).
  • There were more frequent price reduction incidents compared to price increases across all metro areas, with one area recording 81,588 price reductions and 9,412 price increases.
  • Geographic disparities were evident in pending listing counts across various metro areas. High activity regions included the New York-Newark-Jersey City, Houston-The Woodlands-Sugar Land, and Dallas-Fort Worth-Arlington areas, while low activity areas included Huron, SD, and Casper, WY.

About the data

Comprehensive listing price data for US Metro Area houses, covering a 13-month period up to the last complete month. Sourced from Realtor.com, this data provides an in-depth view of the housing market trends over the past year.


Analytics

1. What are the top 10 most expensive metro areas last month?

The top 10 most expensive metro areas last month were:

  • Vineyard Haven, MA with a median listing price of $2,692,500.
  • Hailey, ID had the second highest median price at $2,075,000.
  • Glenwood Springs, CO came in third with a median price of $1,810,350.
  • Santa Maria-Santa Barbara, CA and Steamboat Springs, CO were next, with median prices of $1,795,000 and $1,697,500 respectively.
  • Napa, CA and Heber, UT both had a median price of $1,499,000.
  • Kapaa, HI, Key West, FL, and Kahului-Wailuku-Lahaina, HI rounded out the top 10 with median prices of $1,400,000, $1,392,500, and $1,375,000 respectively.

2. What are the top 10 most affordable metro areas last month?

  • The most affordable metro area last month was Selma, AL with a median listing price of $77,000.
  • The second most affordable was Macomb, IL, with a median listing price of $79,900.
  • Parsons, KS ranked third with a median listing price of $92,750.
  • Greenville, MS and St. Marys, PA followed closely, with median listing prices of $97,000 and $98,000 respectively.
  • The remaining five metro areas in the top ten most affordable list were Johnstown, PA ($99,900), Danville, IL ($104,900), Mexico, MO ($109,900), Mount Gay-Shamrock, WV ($110,000), and Lincoln, IL ($112,400).

3. Which metro areas price increased the most last month, comparing to the month before.

The data analysis reveals the top five metro areas with the highest price increase percentage over the last month:

  • Grants, NM experienced the highest increase, with a rate of 28.75%.
  • Vernon, TX followed with an increase of 26.49%.
  • Gallup, NM saw a rise of 25.80%.
  • Ottawa, KS had an increase of 25.29%.
  • Freeport, IL completes the top five with a price growth of 20.80%.

These areas saw the most significant price changes compared to the previous month.

4. Market Responsiveness: Determine the metro areas with the shortest and longest median days on the market in the last 13 months.

  • The metro area with the shortest median days on the market in the last 13 months is Rochester, NY, with only 19 days.
  • Manchester-Nashua, NH follows closely with a median of 26 days on the market.
  • On the longer end of the spectrum, Zapata, TX holds the record for the area with the longest median days on the market, taking 142 days on average.
  • Other areas with notably long median days on the market include Hope, AR (111 days), and Malone, NY (109 days).
  • It's worth noting that there is a significant gap between the shortest and longest median days on the market, indicating substantial variability in market responsiveness across different metro areas.

5. Price Change Analysis: Evaluate the metro areas with the most frequent price increase and price reduction incidents over the past year.

  • The metro area with the highest frequency of price increase incidents recorded 9,412 instances over the past year.
  • Conversely, the area with the most price reduction incidents saw a significantly higher number, with 81,588 cases reported.
  • The total number of price change incidents, both increases and decreases, was highest in the first metro area, reaching 86,488 events.
  • The metro area with the least frequency of price changes, both increases and reductions, registered 42,914 incidents.
  • Overall, the data shows a higher frequency of price reductions compared to price increases across all metro areas.

6. Pending Listing Analysis

The analysis of pending listing counts across various metropolitan and micropolitan statistical areas in the United States as of October 2023 reveals significant geographic disparities in real estate activity. The findings are summarized as follows:

  • High Activity Regions: The New York-Newark-Jersey City, NY-NJ-PA area leads with the highest number of pending listings at 15,050, indicating a robust real estate market.
  • Active Markets in Texas: Texas cities like Houston-The Woodlands-Sugar Land (9,256) and Dallas-Fort Worth-Arlington (8,859) also show high numbers of pending listings, reflecting strong demand in these regions.
  • Florida's Market: Florida has multiple areas with high activity, including Miami-Fort Lauderdale-Pompano Beach (10,342) and Tampa-St. Petersburg-Clearwater (6,406), suggesting a thriving market.
  • Low Activity Areas: On the opposite end, areas like Huron, SD, and Casper, WY, each have only 1 pending listing, indicating significantly lower real estate activity.
  • Geographic Disparities: The data underscores the vast differences in real estate activity across the United States, with certain areas experiencing high demand and others showing minimal activity, likely influenced by economic factors, population density, and local market conditions.

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