Mausam Bhatt Chief Product and Technology Officer | realtors.com
The U.S. housing market is experiencing varied trends, with some regions facing challenges due to high mortgage rates and low inventory. However, four cities in the South and West—Atlanta, Charlotte, Raleigh, and Dallas—are witnessing a surge in home sale prices and demand. This trend was highlighted in a recent analysis by John Burns Research & Consulting.
Realtor.com senior economic research analyst Hannah Jones noted that these Sun Belt markets saw significant price increases during the COVID-19 pandemic and have continued on this trajectory. "Home shoppers looking for more bang for their buck, without sacrificing access to amenities and job opportunities, homed in on these markets," said Jones. The result has been a decrease in home supply coupled with rising prices due to increased competition among buyers.
In 2022, these cities experienced a dramatic drop in home inventory levels—between 48% and 76% compared to pre-pandemic figures—as demand soared. "These incredibly tight inventory conditions paved the way for sharp price growth," explained Jones.
Atlanta's median home sale price reached $415,000 in November 2024, marking a 7% increase from the previous year and a 35.7% rise since 2019. Jones remarked that "home prices jumped significantly in Atlanta in 2018" and continued upward through the pandemic period. Atlanta attracts residents with its diverse job market across technology, health care, and film production sectors.
Charlotte's housing market saw an even larger leap; its median home sale price rose by 8.6% year over year to $423,500 as of November 2024—a nearly 60% increase from five years ago. Since 2015, Charlotte has experienced consistent price growth that accelerated during the pandemic era.
Raleigh also emerged as one of the fastest-growing metros nationwide. In November 2024, its median home sale price peaked at $465,000—a jump of 8.4% from the previous year and up an impressive 67.7% over five years prior.
Dallas followed suit with a median home sale price of $357,000 after seeing an annual uptick of 7.2%. The city's housing market began gaining momentum during the pandemic after previously moderate growth rates.
Overall demand remains strong across these four cities despite broader national challenges faced by other segments within America's real estate landscape today.
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