14 Cities Where the Population and Home Prices Are Booming

Population increases often lead to an increase in home prices , as increase in demand and lack of supply can drive prices up. To find the places where a boom in population has also led to an increase in home prices, Zoocasa focused on places with a population of 100,000 or more where the population changed by more than 0.5%, either increasing or decreasing between July 2022 and July 2023. Zoocasa then compared median home prices from 2022 to 2024 to calculate the percentage difference in home prices in relation to these population shifts.

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The following cities all experienced population growth from 2022 to 2023, and home price increases of at least 10% from 2022 to 2024. Cities are sorted by percent increase in home price .

Providence, Rhode Island

• Population % change (July 2022 to July 2023): 0.6%
• Median home price (2022): $325,000
• Median home price (2024): $457,450
• Home price % change: 40.8%

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Tuscaloosa, Alabama

• Population % change (July 2022 to July 2023): 0.7%
• Median home price (2022): $258,500
• Median home price (2024): $321,400
• Home price % change: 24.3%

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Charleston, South Carolina

• Population % change (July 2022 to July 2023): 1.1%
• Median home price (2022): $565,836
• Median home price (2024): $700,000
• Home price % change: 23.7%

Irvine, California

• Population % change (July 2022 to July 2023): 0.6%
• Median home price (2022): $1,231,000
• Median home price (2024): $1,440,000
• Home price % change: 17%

Olathe, Kansas

• Population % change (July 2022 to July 2023): 1.3%
• Median home price (2022): $395,500
• Median home price (2024): $454,261
• Home price % change: 14.9%

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Wilmington, North Carolina

• Population % change (July 2022 to July 2023): 1.3%
• Median home price (2022): $362,100
• Median home price (2024): $415,000
• Home price % change: 14.6%

Cambridge, Massachusetts

• Population % change (July 2022 to July 2023): 0.7%
• Median home price (2022): $785,000
• Median home price (2024): $895,000
• Home price % change: 14%

Columbia, Missouri

• Population % change (July 2022 to July 2023): 0.7%
• Median home price (2022): $288,900
• Median home price (2024): $329,000
• Home price % change: 13.9%

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Scottsdale, Arizona

• Population % change (July 2022 to July 2023): 0.6%
• Median home price (2022): $1,055,000
• Median home price (2024): $1,200,000
• Home price % change: 13.7%

Madison, Wisconsin

• Population % change (July 2022 to July 2023): 1.0%
• Median home price (2022): $397,000
• Median home price (2024): $450,000
• Home price % change: 13.4%

Ramapo, New York

• Population % change (July 2022 to July 2023): 0.7%
• Median home price (2022): $660,000
• Median home price (2024): $745,000
• Home price % change: 12.9%

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Suffolk, Virginia

• Population % change (July 2022 to July 2023): 2.3%
• Median home price (2022): $361,802
• Median home price (2024): $402,707
• Home price % change: 11.3%

Chattanooga, Tennessee

• Population % change (July 2022 to July 2023): 1.6%
• Median home price (2022): $310,000
• Median home price (2024): $344,000
• Home price % change: 11%

Elizabeth, New Jersey

• Population % change (July 2022 to July 2023): 0.6%
• Median home price (2022): $568,000
• Median home price (2024): $630,000
• Home price % change: 10.9%

Data is sourced from Zoocasa and is accurate as of June 20, 2024.

This article originally appeared on GOBankingRates.com : 14 Cities Where the Population and Home Prices Are Booming