Thanks in part to rising interest rates, home prices have slowed down in about 70 percent of the 200 largest housing markets, according to Realtor Magazine.
But while many homebuyers are pleased with that development, sellers in several metros are still enjoying double-digit annual price growth.
“Even with the deceleration in home price increases … we are still seeing strong home buying in smaller metros that have good affordability and solid job growth,” CoreLogic chief economist Frank Nothaft told Realtor.
Realtor recently analyzed listing data for 200 of the largest metro areas in the U.S. and ranked them on price and price-per-square-foot increases. It also looked at the markets’ housing inventory, days on the market, and the percentage of homes seeing a price increase into its analysis.
A handful of the growing housing markets in Realtor’s list were hit by natural disasters such as flooding or fires. As a result, some of these markets are posting price growth as home buyers compete for a limited number of properties. In other markets, new residents are a flocking in while others are seeing more residents relocate from more expensive surrounding markets.
Here are ten cities that are reporting some of the biggest growth, according to realtor.com listing data:
- Chico, CA — Median list price: $330,100 | List price change: 14.7% | Inventory change: -20.8%
- Birmingham, AL — Median list price: $220,000 | List price change: 10.8% | Inventory change: -9.2%
- Spokane, WA — Median list price: $299,100 | List price change: 15.4% | Inventory change: -14.2%
- Greensboro, NC — Median list price: $220,000 | List price change: 14.6% | Inventory change: -21.1%
- Columbia, SC — Median list price: $232,000 | List price change: 16.5% | Inventory change: -12.9%
- South Bend, IN — Median list price: $150,000 | List price change: 15.4% | Inventory change: -11.8%
- Trenton, NJ — Median list price: $290,100 | List price change: 16% | Inventory change: 3%
- Reading, PA — Median list price: $200,000 | List price change: 14.2% | Inventory change: -10%
- Killeen, TX — Median list price: $205,000 | List price change: 13.9% | Inventory change: -8.3%
- Milwaukee, WI — Median list price: $245,000 | List price change: 14% | Inventory change: -5.8%
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