📊Redfin data highlights notable shifts in year-over-year single-family residential median sale prices across the U.S. for December 2024.
🔹Chicago leads the nation with a staggering +13.6% YoY increase
🔹Miami remains resilient at +11.0% YoY, despite a Sunbelt slowdown
🔹Seattle leads the West Coast at +9.9% YoY, highlighting steady growth
🔹Sunbelt markets including Austin and Dallas have slowed with YoY increases of +1.3% and +3.4%, respectively
While rising mortgage rates have historically put downward pressure on home prices, demand remains strong due to constrained inventory levels and persistent buyer interest in key regions. The Midwest’s standout performance, particularly in Chicago, highlights an increasing trend of affordability-seeking migration, offering buyers a viable alternative to pricier coastal areas.
In contrast, the Sunbelt, which enjoyed a massive influx of buyers during the pandemic-driven migration, is now seeing more moderate growth due to an increase in supply. Meanwhile, cities like Seattle continue to benefit from strong local economies and consistent housing demand, supporting steady price appreciation.
As we move further into 2025, the housing market will likely hinge on broader economic trends, including mortgage rate movements, regional employment dynamics, and the pace of new construction. These factors will shape whether the U.S. sees continued price growth or greater stabilization in the months ahead.
