Realtor.com® May Housing Report: Median Price Per Square Foot Experiences Monumental Rise Growing 52.7% Since 2019
According to Realtor.com's May housing report, the median price per square foot has surged by 52.7% since 2019. New York, Boston, and Nashville saw the highest increases at 84.7%, 72.9%, and 68.6% respectively. Median list prices have risen by 37.5% since May 2019, while inventory is down 34.2% compared to pre-pandemic levels. This indicates a seller-friendly market. The increase in home value benefits sellers, especially investors and equity-rich homeowners, but high mortgage rates and rising home costs strain buyers. Active listings have grown by 35.2% year-over-year, with affordable homes entering the market, providing some relief for buyers. However, the typical monthly mortgage payment for a median-priced home has increased by $158 from last year, raising the required household income by $6,400 to $119,700.
- Median price per square foot increased by 52.7% since 2019.
- New York, Boston, and Nashville saw the highest increases in median price per square foot: 84.7%, 72.9%, and 68.6%, respectively.
- Median list prices have risen by 37.5% since May 2019.
- Active listings increased by 35.2% year-over-year.
- There was a 46.6% increase in homes priced between $200,000 and $350,000 year-over-year, indicating more affordable homes entering the market.
- Inventory is down 34.2% compared to typical 2017-2019 levels, indicating a housing supply.
- Median listing prices only saw a slight increase of 0.3% over the last year, from $441,000 to $442,500.
- Mortgage rates remain high, which can strain buyers.
- The typical monthly mortgage payment for a median-priced home increased by $158 compared to last year, requiring an additional household income of $6,400 to afford the median-priced home.
Insights
The significant rise in median price per square foot by
In the short-term, sellers can expect high returns, especially those who do not need to secure a new mortgage. On the long-term, sustained high prices may not be sustainable without corresponding increases in household incomes, especially with higher mortgage rates. Investors should watch for potential market corrections or shifts in buyer affordability.
The increase in active listings by
For buyers, this might provide more opportunities in the affordable segment, even as the overall median prices rise. Investors should consider regional trends carefully, as some markets may offer better entry points than others.
Across the
"In addition to higher median list prices and fewer homes for sale versus 2019, the increase in median price-per-square foot suggests that the typical home on the market today is worth
May 2024 Housing Metrics – National
Metric | Change over May 2023 | Change over May 2019 |
Median List Price Per Sq.Ft. | +3.8 % | +52.7 |
Median listing price | + | +37.5 % |
Active listings | +35.2 % | -33.3 % |
New listings | +6.2 % | -26 % |
Median days on market | +1 days (to 44 days) | -8 days |
Share of active listings with price reductions | +3.8 percentage points (to | +1.2 percentage points |
A Closer Look at Price Per Square Foot
The median price of homes for sale this May remained relatively stable growing from
Metros with Highest Increase in Median List Price-Per-Sq. Ft. Compared to May 2019
New York -Newark -Jersey City , N.Y.-N.J.-Pa. -84.7% Boston -Cambridge -Newton, Mass. -N.H. -72.9% Nashville -Davidson -Murfreesboro -Franklin, Tenn. -68.6% Tampa -St. Petersburg-Clearwater , Fla. -68.0% San Diego -Chula Vista -Carlsbad, Calif. -65.7% Austin -Round Rock -Georgetown, Texas -64.7% Memphis, Tenn. -Miss.-Ark. -64.2% Riverside -San Bernardino -Ontario, Calif. -62.7% Washington -Arlington -Alexandria , DC-Va.-Md.-W. Va. -61.3% Hartford -East Hartford -Middletown, Conn. 57.7%
Income Required Continues to Rise
The increase in median price per square foot between May 2019 and now can be seen as a positive for sellers, especially considering the growth of
Inventory Rises with More Affordable Homes Entering the Market
For the seventh straight month, homes actively for sale rose, with
As the market continues to evolve, homeowners, buyers and sellers looking to stay on top of the potential effects of fluctuations in the real estate market can use tools like MyHome on Realtor.com® to get trusted home valuations, estimate how much can be made by hosting a home on Airbnb, explore projects that can add the most value to a home and more.
Additional details and full analysis of the market inventory levels and additional trends in listing prices and more can be found in the Realtor.com® May Monthly Housing Report.
List of Metro Areas Sorted by Median Listing Price per Sq. Ft. vs 2019 (Most to Least)
Metro Area | Median Listing Price | Median Listing Price YoY | Median Listing Price per Sq. Ft. YoY | Median Listing Price vs May 2019 | Median Listing Price per Sq. Ft. vs 2019 |
7.50 % | 10.20 % | 34.00 % | 84.70 % | ||
3.80 % | 10.20 % | 49.40 % | 72.90 % | ||
1.50 % | 6.10 % | 57.10 % | 68.60 % | ||
-3.20 % | -0.50 % | 49.60 % | 68.00 % | ||
1.60 % | 5.70 % | 49.50 % | 65.70 % | ||
-3.10 % | 0.20 % | 52.30 % | 64.70 % | ||
7.70 % | 1.80 % | 52.10 % | 64.20 % | ||
6.80 % | 6.60 % | 48.00 % | 62.70 % | ||
0.00 % | 8.40 % | 31.30 % | 61.30 % | ||
5.10 % | 14.10 % | 49.00 % | 57.70 % | ||
2.90 % | 1.80 % | 45.50 % | 57.70 % | ||
7.10 % | 5.70 % | 39.80 % | 56.90 % | ||
0.00 % | 4.00 % | 22.30 % | 56.80 % | ||
N/A | N/A | 49.10 % | 56.20 % | ||
-2.10 % | 0.50 % | 39.70 % | 55.30 % | ||
8.50 % | 7.30 % | 55.10 % | 54.90 % | ||
2.20 % | 5.90 % | 29.70 % | 54.80 % | ||
0.90 % | 4.60 % | 23.70 % | 54.50 % | ||
-0.90 % | 1.00 % | 34.20 % | 54.00 % | ||
9.30 % | 8.30 % | 33.90 % | 53.80 % | ||
-2.60 % | 4.40 % | 23.20 % | 53.70 % | ||
-1.40 % | 2.50 % | 28.50 % | 52.90 % | ||
-1.60 % | 4.70 % | 32.20 % | 52.20 % | ||
18.60 % | 10.50 % | 35.80 % | 50.30 % | ||
-11.20 % | -7.80 % | 34.90 % | 49.70 % | ||
-4.90 % | -1.10 % | 35.40 % | 48.90 % | ||
-5.50 % | -0.20 % | 24.60 % | 47.00 % | ||
8.50 % | 1.00 % | 54.20 % | 46.90 % | ||
-6.30 % | 1.90 % | 24.10 % | 46.80 % | ||
2.10 % | 6.60 % | 33.90 % | 45.60 % | ||
-2.10 % | 1.10 % | 26.10 % | 44.40 % | ||
-4.30 % | 0.50 % | 31.20 % | 44.00 % | ||
5.00 % | 4.10 % | 17.30 % | 42.70 % | ||
6.70 % | 7.90 % | 31.20 % | 40.90 % | ||
1.60 % | 4.20 % | 36.70 % | 40.70 % | ||
-2.30 % | 1.80 % | 30.50 % | 40.40 % | ||
-2.60 % | -0.90 % | 17.80 % | 40.00 % | ||
-1.30 % | 0.30 % | 13.90 % | 38.10 % | ||
1.10 % | 1.90 % | 27.60 % | 35.80 % | ||
6.30 % | 6.90 % | 17.90 % | 32.40 % | ||
10.90 % | 6.30 % | 35.00 % | 32.40 % | ||
10.80 % | 10.90 % | 34.60 % | 32.20 % | ||
15.90 % | 15.20 % | 35.50 % | 31.40 % | ||
-11.70 % | -4.40 % | 7.50 % | 30.80 % | ||
1.20 % | 2.30 % | 13.20 % | 26.40 % | ||
-1.90 % | -1.50 % | 16.00 % | 26.40 % | ||
-4.00 % | -0.40 % | 23.60 % | 26.30 % | ||
2.80 % | 2.10 % | 6.50 % | 24.80 % | ||
-3.00 % | 0.50 % | -0.20 % | 23.20 % | ||
N/A | N/A | N/A | N/A |
About Realtor.com®
Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.
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