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So far, these are the fastest growing markets

So far, these are the fastest growing markets

The U.S. housing market is close to its highest value ever. The median sale price of a home sold in the second quarter of 2019 was $279,600, a 4.3% increase compared to the same period in 2018 and well above the market’s peak prior to the housing crisis. 

While all but a handful of metropolitan housing markets have increased in value, some grew at an impressive rate relative to the national market. One market even gained nearly 25% in value in the last year. 

Based on median single-family home price changes over the year through the second quarter of 2019 from the National Association of Realtors, 24/7 Wall St. reviewed the fastest growing housing markets. Single-family home price data for the 180 metropolitan areas reviewed came from the National Association of Realtors. Income data came from the U.S. Census Bureau’s American Community Survey.

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Growing housing prices tend to reflect growing demand for homes in an area, usually tied to a healthy job market and a growing population and often the result of a steady economy. These are characteristics of some of the cities on this list. At times, however, the cost of living in these places – especially housing – can become too high. These are America’s 25 least affordable housing markets.

Many of the housing markets on this list do not fit the description of a highly in-demand housing market. These are places in the Northeast and Midwest that have long struggled economically in the post-industrial U.S. economy. They include cities like Elmira, N.Y., and Youngstown, Ohio. Even after increasing in value in the past year, the typical home price in these places is less than $120,000 – among the lowest in the country.

It remains to be seen if the short-term growth in these markets represents a sign of economic revitalization or a temporary reversal of a continuing negative trend. If it is the former, these places have a lot of ground to make up. Based on population decline since 2000, both Elmira and Youngstown are among America’s fastest shrinking cities. 

To identify the fastest growing housing markets, 24/7 Wall St. reviewed the largest change in median home prices over the 12 months through the second quarter of 2019. Single-family home price data for the 180 metropolitan areas reviewed came from the National Association of Realtors. Income data came from the U.S. Census Bureau’s American Community Survey.

25. Florence, S.C.

• 1-yr. chg. in median home sale price: +8.8%

• Median home sale price 2018 Q2: $136,100

• Median home sale price 2019 Q2: $148,100

• Median household income: $40,562

24. Fond du Lac, Wis.

• 1-yr. chg. in median home sale price: +8.9%

• Median home sale price 2018 Q2: $134,600

• Median home sale price 2019 Q2: $146,600

• Median household income: $61,417

23. Durham-Chapel Hill, N.C.

• 1-yr. chg. in median home sale price: +8.9%

• Median home sale price 2018 Q2: $288,500

• Median home sale price 2019 Q2: $314,300

• Median household income: $61,271

22. Pittsfield, Mass.

• 1-yr. chg. in median home sale price: +9.0%

• Median home sale price 2018 Q2: $205,600

• Median home sale price 2019 Q2: $224,100

• Median household income: $57,054

21. Kingston, N.Y.

• 1-yr. chg. in median home sale price: +9.1%

• Median home sale price 2018 Q2: $215,200

• Median home sale price 2019 Q2: $234,700

• Median household income: $63,621

20. Ocala, Fla.

• 1-yr. chg. in median home sale price: +9.2%

• Median home sale price 2018 Q2: $158,000

• Median home sale price 2019 Q2: $172,500

• Median household income: $43,910

19. Greensboro-High Point, N.C.

• 1-yr. chg. in median home sale price: +9.2%

• Median home sale price 2018 Q2: $166,700

• Median home sale price 2019 Q2: $182,100

• Median household income: $50,285

18. Spokane-Spokane Valley, Wash.

• 1-yr. chg. in median home sale price: +9.3%

• Median home sale price 2018 Q2: $242,900

• Median home sale price 2019 Q2: $265,600

• Median household income: $53,321

17. Columbus, Ohio

• 1-yr. chg. in median home sale price: +9.4%

• Median home sale price 2018 Q2: $208,600

• Median home sale price 2019 Q2: $228,300

• Median household income: $63,764

16. Fort Wayne, IN

• 1-yr. chg. in median home sale price: +9.5%

• Median home sale price 2018 Q2: $145,000

• Median home sale price 2019 Q2: $158,800

• Median household income: $52,908

15. Farmington, N.M.

• 1-yr. chg. in median home sale price: +9.6%

• Median home sale price 2018 Q2: $176,100

• Median home sale price 2019 Q2: $193,000

• Median household income: $45,942

14. Kennewick-Richland, Wash.

• 1-yr. chg. in median home sale price: +9.8%

• Median home sale price 2018 Q2: $276,300

• Median home sale price 2019 Q2: $303,300

• Median household income: $63,617

13. Columbia, S.C.

• 1-yr. chg. in median home sale price: +9.8%

• Median home sale price 2018 Q2: $171,600

• Median home sale price 2019 Q2: $188,500

• Median household income: $54,480

12. South Bend-Mishawaka, Ind.-Mich.

• 1-yr. chg. in median home sale price: +9.9%

• Median home sale price 2018 Q2: $132,900

• Median home sale price 2019 Q2: $146,000

• Median household income: $51,880

11. Wichita, Kan.

• 1-yr. chg. in median home sale price: +9.9%

• Median home sale price 2018 Q2: $148,900

• Median home sale price 2019 Q2: $163,700

• Median household income: $54,432

10. Glens Falls, N.Y.

• 1-yr. chg. in median home sale price: +10.1%

• Median home sale price 2018 Q2: $163,800

• Median home sale price 2019 Q2: $180,400

• Median household income: $58,723

9. Atlantic City-Hammonton, N.J.

• 1-yr. chg. in median home sale price: +10.4%

• Median home sale price 2018 Q2: $193,200

• Median home sale price 2019 Q2: $213,200

• Median household income: $61,777

8. Burlington-South Burlington, Vt.

• 1-yr. chg. in median home sale price: +10.9%

• Median home sale price 2018 Q2: $292,800

• Median home sale price 2019 Q2: $324,800

• Median household income: $63,160

7. Beaumont-Port Arthur, Texas

• 1-yr. chg. in median home sale price: +11.4%

• Median home sale price 2018 Q2: $153,600

• Median home sale price 2019 Q2: $171,100

• Median household income: $49,875

6. Abilene, Texas

• 1-yr. chg. in median home sale price: +12.0%

• Median home sale price 2018 Q2: $167,200

• Median home sale price 2019 Q2: $187,200

• Median household income: $51,130

5. Columbia, Mo.

• 1-yr. chg. in median home sale price: +12.0%

• Median home sale price 2018 Q2: $186,300

• Median home sale price 2019 Q2: $208,700

• Median household income: $51,340

4. Elmira, N.Y.

• 1-yr. chg. in median home sale price: +12.3%

• Median home sale price 2018 Q2: $106,300

• Median home sale price 2019 Q2: $119,400

• Median household income: $51,194

3. Boise City-Nampa, Idaho

• 1-yr. chg. in median home sale price: +12.5%

• Median home sale price 2018 Q2: $262,800

• Median home sale price 2019 Q2: $295,600

• Median household income: $55,324

2. Youngstown-Warren-Boardman, Ohio-Pa.

• 1-yr. chg. in median home sale price: +13.8%

• Median home sale price 2018 Q2: $94,400

• Median home sale price 2019 Q2: $107,400

• Median household income: $45,382

1. Cumberland, Md.-W.Va.

• 1-yr. chg. in median home sale price: +24.1%

• Median home sale price 2018 Q2: $94,900

• Median home sale price 2019 Q2: $117,800

• Median household income: $42,113

24/7 Wall Street is a USA TODAY content partner offering financial news and commentary. Its content is produced independently of USA TODAY.

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