Single-Family Home Prices Had Gains in 92.3% of 221 Metro Areas in 2024 Q1

The National Association of REALTORS® reported that home prices continued to rise in the first quarter of 2024. National median prices rose 5.0% year over year to $389,400, while median home prices fell by 0.5% compared to the previous quarter. Of the 221 metro areas, 28.5% had double-digit year-over-year price increases in the first quarter of 2024.

Monthly mortgage payments on a single-family home in the first quarter increased 9.3% to $2,037 compared to $1,864 a year ago. Qualifying median family incomes fell to $97,781 compared to the fourth quarter of 2023 ($103,729) but were $89,486 a year ago. The effective 30-year fixed mortgage rate increased to 6.83% in the first quarter of 2024 compared to 6.44% one year ago. Median family incomes rose to $100,968 in the first quarter of 2024 compared to $95,954 a year ago.  

Knowing the mortgage rates and the qualifying incomes for down payments will help potential homeowners figure out what metro areas are affordable for them.

Here is a look at the metro areas with the strongest price growth in the first quarter of 2024, as well as the yearly change in median existing single-family home prices among the top five highest and lowest growth metro areas of the first quarter of 2024.

Top Five Single-family Metro Areas With the Highest Home Price Appreciation in Q1 2024

Bottom Five Single-family Metro Areas With the Slowest Home Price Appreciation in Q1 2024

Five Most Expensive Single-family Home Metro Areas in Q1 2024

Five Least Expensive Single-family Home Metro Areas in Q1 2024

Qualifying Income Based on Sales Price of Existing Single-family Homes for Metropolitan Areas by Region

For the U.S., at the 5% down-payment threshold, the qualifying income for the first quarter of 2024 was $116,115. At the 10% down-payment mark, the qualifying income was $110,004, and with a 20% down-payment, the income required to qualify for a mortgage was $97,781. The West led all regions with the highest qualifying income, while the Midwest had the lowest income for 5%, 10%, and 20% down payments on a single-family home.