Despite rising mortgage rates, housing prices soared to a record high in April 2024, with Redfin reporting a median listing price of $383,725. Population growth is a critical factor that moves in tandem with rising housing prices and home values. A Cambridge University Press study found that a 1% increase in population growth tends to match a similar rise in housing prices.
To determine which U.S. cities have seen the highest growth in home values in recent years and to explore the connection between population growth and home value growth, MoneyGeek analyzed Zillow housing data for 625 cities with populations over 60,000. As of April 2024, cities in the Northeast experienced some of the highest year-over-year growth rates in home value. Similarly, in 2022, certain Florida cities had some of the highest one-year population growth rates and the greatest one-year home value increases.