Top 15 Cities Where Home Prices Are Still Increasing

Home prices are still ticking up, but the year-over-year increases have been incremental compared to the height of price increases from 2020 to 2022.

Some cities, however, are still feeling the heat. Here, prices continued to rise in July compared to a year earlier as markets stay hot in some regions. Buying a home in these areas may require looking at new ways to help pay your mortgage .

But while mortgage rates continue to move lower, housing prices are creeping up. These 15 markets are seeing the biggest rises, according to the year-over-year home price index by real estate firm Redfin.

1. Providence, Rhode Island

Home price index: 9.18%

Providence had a median sale price of $503,500 for homes in July, which is higher than the national median sale price of $438,706 for the same time period.

2. St. Louis, Missouri

Home price index: 9.21%

St. Louis has a lower median sale price than the national average with a median home price of $227,000 in July. But be prepared to pay more as 41.5% of homes sold garnered a price higher than the listing price.

3. Columbus, Ohio

Home price index: 9.70%

Home prices have steadily increased in Columbus in recent months with the current median sale price 1.8% higher than a year ago.

Are you a homeowner? Discover 8 savvy money moves to stretch your budget

4. San Jose, California

Home price index: 10.35%

California has a tough housing market with a median sale price of $836,300 in July for all homes in the state. But San Jose is even worse with a median sale price of $1.43 million for a home for that month.

5. Warren, Michigan

Home price index: 10.45%

Warren, a suburban city north of Detroit, has affordable homes with a median sale price of $173,000, according to Redfin. But buyers are likely to find a competitive market: In July, the average home sold 1% above list price in an average of 11 days.

6. New Brunswick, New Jersey

Home price index: 10.69%

The home of Rutgers University, New Brunswick has seen an increase in housing prices in the past year. The city’s median sale price for a home in July 2024 was $396,500 compared with $331,000 in October 2023.

7. New York, New York

Home price index: 10.69%

New York is a challenging market for buyers with a median sale price of $850,000 in July. That monthly median cost hasn’t been below $800,000 since February.

8. Newark, New Jersey

Home price index: 11.39%

Near New York City is Newark, which is also suffering from prices above the national median price of $438,706. But Newark residents can buy something more affordable than in New York. In July, the median sale price was $515,000.

9. Cleveland, Ohio

Home price index: 11.55%

The median sale price for a home in Cleveland was only $125,000, but competition could make it hard to break into the market. Homes sell for around 2% above listing price so expect to make a competitive bid if you want a home there. The average time on the market was just 26 days in July.

Grow Your $$: 11 brilliant ways to build wealth after 40

10. Miami, Florida

Home price index: 11.60%

Miami is hot and so is its housing market with a median sale price of $615,000 in July. There could be some relief, however, as only 5.8% of homes sold above their listing price for the month.

11. Anaheim, California

Home price index: 12.99%

Another California city that made the list was Anaheim, which is struggling with sale prices. The home of Disneyland may be better for financial villains than princesses with a median sale price of $950,000 in July.

12. Detroit, Michigan

Home price index: 14.07%

Detroit has an affordable housing market with a median sale price of $91,000 for a home in the city, but that’s a 5.8% increase compared to a year earlier.

Are you a homeowner? Discover 8 savvy money moves to stretch your budget

13. Nassau County, New York

Home price index: 14.16%

Nassau County is a good place for commuters due to its proximity to New York City, but that convenience can cost you. The median sale price for a home in Nassau County was $785,000 in July.

14. Chicago, Illinois

Home price index: 14.23%

The Chicago housing market had a median sale price of $365,000 in July across the city. The number of homes sold declined from a peak in May, potentially making the market more competitive.

15. Milwaukee, Wisconsin

Home price index: 14.28%

Milwaukee’s median sale price was $225,000 in July, coming in lower than the national average sale price. Your offer will have to be competitive, though, as homes sold for around 2% above the list price.

Bottom line

Buyers in certain areas around the country will still find it hard to break into the market, as prices continue to rise. Beyond the sale price, homeowners need to consider the cost of owning it.

Remember to estimate costs for property taxes, utilities, repairs, and home insurance. You may be able to find the best deals on car insurance and home insurance by bundling them with the same provider.

Money tips that can work for everyone

No matter what your bank account balance is, there's always an opportunity to optimize and improve your finances. Here's a quick checklist of things you can look at today.

Focus on paying off your debt. Debt can hold you back from making progress with your overall financial well-being. Aside from cutting expenses, there are tools that can help you pay off debt faster like balance transfer credit cards and debt counseling.

Earning extra income can give you breathing room. If finances are tight, earning some extra money to supplement your income can make a huge difference. A new job is one option to consider, but if you're not ready to make a big change or already retired, a part-time side job could be a better choice.

Cut your expenses. It sounds painful and so not fun, but it doesn't have to be. Take a look at your biggest expenses because that's where you'll probably find the biggest savings. For example, auto insurance rates have been soaring so shopping around for a new insurance company can be the fastest way to cut your bill. Also, look for ways to cut your grocery bill (despite rising inflation).