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These US cities have fastest-growing home prices

Florida, North Carolina and South Carolina cities saw double-digit increases in housing prices last quarter.

by Alejandra O’Connell-Domenech | Feb. 13, 2023

Story at a glance

  • The National Association of Realtors released its latest quarterly report showing that nearly 90 percent of all metro areas saw housing prices go up last quarter.
  • Farmington, N.M., experienced the steepest increase in housing prices, reporting a 20.3 percent year-to-year increase.  
  • Several Florida cities, including Naples, Daytona Beach and North Port, also saw spikes in housing prices.

Farmington, N.M., has the fastest-rising housing costs in the United States, according to a new report from the National Association of Realtors (NAR) scanning home prices across the nation.

Communities in Florida and North Carolina took up seven of the top 10 metro areas with the fastest-growing home prices, with Florida’s North Port-Sarasota-Bradenton area coming in second.

Myrtle Beach, S.C. (Greg Nash)

The report found that prices for single-family homes increased in nearly 90 percent of all metro areas, with the median price increasing by 4 percent from the same time last year to $378,700.  The report looked at changes in housing prices in 186 metropolitan areas across the country.  

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Monthly mortgage payments on existing single-family homes with a 20 percent down payment increased by 58 percent, shooting up to $1,969, according to the report.  

That number represents a 7 percent increase from last year’s third quarter where the monthly mortgage payment on a typical single-family home was $1,838.  

Between the third quarter of last year and the same period in 2021, monthly mortgage payments surged, increasing by 58 percent, or $720 a month to $1,838.  

Meanwhile, 11 percent of metro area housing markets experienced a drop in home prices in the fourth quarter of last year, a trend that may continue into this year.  

“A few markets may see double-digit price drops, especially some of the more expensive parts of the country which have also seen weaker employment and higher instances of residents moving to other areas,” said NAR Chief Economist Lawrence Yun 

But while housing prices have gone up, it could be worse, the report stressed.  

Only 18 percent of metro areas reported a double-digit increase in housing prices, a steep shift from last year’s third quarter when 46 percent of metro areas saw double-digit price increases.  

Here are the 10 metro areas where home prices increased the most:  

  1. Farmington, N.M. (20.3 percent)  
  1. North Port-Sarasota-Bradenton, Fla. (19.5 percent) 
  1. Naples-Immokalee-Marko Island, Fla. (17.2 percent)  
  1. Greensboro-High Point, N.C. (17.0 percent)  
  1. Myrtle Beach-Conway-North Myrtle Beach, S.C.-N.C. (16.2 percent) 
  1. Oshkosh-Neenah, Wis. (16.0 percent) 
  1. Winston-Salem, N.C. (15.7 percent) 
  1. El Paso, Texas (15.2 percent) 
  1. Punta Gorda, Fla. (15.2 percent) 
  1. Deltona-Daytona Beach-Ormond Beach, Fla. ( 14.5 percent) 

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