10 Cities Where Home Prices Are Rising Rapidly: Buffalo Tops the List!

In today’s high interest rate environment, many housing prices across the country have plateaued. However, some cities are bucking this trend with significant price increases. According to Realtor.com data, the median home price in May was $442,500, a slight increase from $441,000 the year before.

Danielle Hale, Chief Economist at Realtor.com states: “The median price of homes for sale remained relatively flat from last year, increasing 0.3%.” The data shows that listing prices were unchanged year-over-year in the South, but saw slight increases in other regions: the West (+0.8%), Midwest (4.4%) and Northeast (6.1%).

Yet despite these modest overall gains, some cities have seen dramatic increases in housing prices. In fact, four metro areas have seen double-digit increases in housing prices over the past year. Here are the 10 cities where housing prices have increased the most since last year.

10 cities where housing prices are rising rapidly

1. Buffalo, New York

Median house price: $300,000
Year-over-year percentage change: 18.6%

Buffalo leads the pack with a staggering 18.6% year-over-year increase in home prices. The median home price here is $300,000. Homes like a four-bedroom home currently on the market for $479,900 illustrate this increase.

2. Cleveland, Ohio

Median house price: $274,000
Year-over-year percentage change: 15.9%

Cleveland also saw significant growth with a 15.9% increase. The median home price is now $274,000, with properties like a $220,000 two-story brick home highlighting this trend.

3. Pittsburgh, Pennsylvania

Median house price: $264,000
Percentage change from one year to the next: 10.8%

Pittsburgh’s real estate market is heating up with a 10.8% increase in the median home price, now at $264,000. A three-bedroom split-level home is currently listed at $349,900.

4. Philadelphia, Pennsylvania

Median house price: $382,000
Year-over-year percentage change: 9.3%

The median home price in Philadelphia reached $382,000, reflecting a 9.3% year-over-year increase. Examples include a two-bedroom townhouse listed for $315,000.

5. Los Angeles, California

Median house price: $1,248,000
Year-over-year percentage change: 8.5%

In Los Angeles, the median home price jumped to $1,248,000, an increase of 8.5%. Listings such as a multi-family dwelling priced at $1,195,000 illustrate this growth.

6. Providence, RI

Median house price: $586,000
Percentage change from year to year: 8.5%

Providence also saw an 8.5% increase in home prices, bringing the median to $586,000. A three-bedroom home on the market for $479,000 is a typical example.

7. Riverside, California

Median house price: $620,000
Year-over-year percentage change: 6.8%

The Riverside real estate market saw a 6.8% increase, with the median home price now at $620,000. For example, a four-bedroom house costs $899,000.

While many regions are experiencing stable or modest price changes, these 10 cities are experiencing rapid increases in housing prices. Whether you’re looking to buy or sell, staying informed about these trends can help you make better real estate decisions.

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