Regional Divides Define U.S. Home Prices in 2024: Midwest Rises as Boomtowns Cool

Executive Summary

The U.S. housing market navigated uncertain territory in 2024. After years of record appreciation, markets faced persistent 6-7% mortgage rates and stark regional differences in supply-demand dynamics. Parcl Labs' real-time price feeds cut through the noise to tell us exactly what did happen and is happening today—tracking daily price movements across U.S. housing markets through December 2024.

This analysis launches our 2024 housing market review series, leveraging the Parcl Labs API to deliver timely insights on this year's key trends. Our goal is to provide clear signal on current market conditions to inform your 2025 strategy.

First up: home prices across 50 major U.S. metros plus the USA covered by the Parcl Labs Price Feed.

Here's what we found:

US home prices showed resilience in 2024, despite mounting headwinds. National year-over-year appreciation reached 2.58% with year-to-date growth of 4.17%. While prices have retreated 3.23% from their summer peak - with seasonal softening beginning earlier than usual - the US retains substantial gains, up 44.58% since March 2020. However, the early price declines in the second half of 2024 warrant attention, particularly as inflation casts uncertainty over the interest rate trajectory.

Midwest markets emerged as price performance leaders in 2024. Among major metros, Detroit ranked second nationally (+9.61% YoY), while Cleveland (+8.60% YoY), Indianapolis (+7.28% YoY), and Pittsburgh (+7.26% YoY) showed similar strength. This momentum extended across the region, with Chicago (+5.39% YoY), Milwaukee (+6.53% YoY), and Madison (+6.25% YoY) posting solid gains.

Key urban metros outperformed the national benchmarks in 2024. Washington D.C. (+7.85% YoY) led major metros, while Northeast hubs showed consistent strength - New York (+4.26% YoY), Philadelphia (+4.48% YoY), and Boston (+4.02% YoY) all exceeded the national average (+2.58% YoY). Chicago (+5.39% YoY) and Seattle (+4.39% YoY) also posted strong gains, while Miami maintained growth (+3.33% YoY). Notably, California's largest metros continue to underperform when compared to the national trend with San Francisco (+1.78% YoY) and Los Angeles (+2.25% YoY) posting below average appreciation.

Pandemic boomtowns are seeing prices come down to earth, with Austin leading the correction. The Texas capital exemplifies the reversal, posting the steepest decline among major metros (-23.61% from peak, -6.17% YoY). Other former pandemic hotspots have also cooled significantly: Denver (-13.44% from peak, -4.56% YoY), Boise (-10.92% from peak, +3.21% YoY), and San Antonio (-9.69% from peak, -0.54% YoY). This adjustment extends across former high-flyers including Phoenix (-8.12% from peak, -0.08% YoY), Raleigh (-6.37% from peak, +1.23% YoY), and Nashville (-4.30% from peak, -0.18% YoY) - all markets that saw exceptional appreciation since 2020.

After posting some of the strongest gains since 2020, Florida markets are now at the center of national price weakness. Six of the 10 worst YTD price performers are Florida metros: North Port (-6.26% YoY, -10.12% from peak), Crestview (-5.88% YoY, -13.96% from peak), Tallahassee (-3.20% YoY, -6.06% from peak), Tampa (-2.97% YoY, -5.15% from peak), Deltona (-1.48% YoY, -4.22% from peak), and Jacksonville (-1.32% YoY, -5.92% from peak). Miami (+3.33% YoY) stands alone in maintaining price growth among major Florida markets. Prior to consensus, Parcl Labs tracked and reported Florida's developing weakness in 2024.

Want to see how the housing market finished 2024 in your area? Below we provide scorecards for the US and all 50 metro areas covered by our price feed - complete with performance metrics and detailed price charts for each market.

These trends don't stop with year-end. Our real-time price feeds track market movements daily, giving you the most current view of housing dynamics. Access this data directly through the Parcl Labs API and stay ahead of market shifts in 2025.

2024 US Home Price Market Scorecard: US Metro Analysis

United States Home Price Trends 2024

U.S. home prices rose 4.17% YTD, while sitting 3.23% below their summer all-time high.

📊 Quick Stats:

⬇️ -0.99% Month over Month

⬆️ +2.58% Year over Year

⬆️ +4.17% Year to Date

⬇️ -3.23% From Peak

📈 +44.58% Since March 2020

The price feed shows a clear pattern: rapid appreciation through mid-2022, followed by a pullback into early 2023 as interest rates climbed. While prices recovered in 2024, the seasonal pattern shifted - unlike 2023's strength through summer and early fall, 2024 saw price softening begin earlier, with declines starting in mid-summer.

Atlanta Home Price Trends 2024

Atlanta home prices rose modestly in 2024, gaining 2.51% YTD while sitting 2.94% below their peak.

📊 Quick Stats:

⬇️ -0.09% Month over Month

⬆️ +2.77% Year over Year

⬆️ +2.51% Year to Date

⬇️ -2.94% From Peak

📈 +59.84% Since March 2020

Austin Home Price Trends 2024

Austin home prices declined significantly in 2024, falling 6.09% YTD while sitting 23.61% below their peak. Read more about Austin's market correction and the impact of new construction on home prices here.

📊 Quick Stats:

⬆️ +2.65% Month over Month

⬇️ -6.17% Year over Year

⬇️ -6.09% Year to Date

⬇️ -23.61% From Peak

📈 +32.25% Since March 2020

Boise Home Price Trends 2024

Boise home prices rose modestly in 2024, gaining 2.70% YTD while sitting 10.92% below their peak.

📊 Quick Stats:

⬇️ -0.53% Month over Month

⬆️ +3.21% Year over Year

⬆️ +2.70% Year to Date

⬇️ -10.92% From Peak

📈 +47.60% Since March 2020

Boston Home Price Trends 2024

Boston home prices showed steady growth in 2024, rising 6.14% YTD while sitting 6.06% below their peak.

📊 Quick Stats:

⬇️ -0.06% Month over Month

⬆️ +4.02% Year over Year

⬆️ +6.14% Year to Date

⬇️ -6.06% From Peak

📈 +52.37% Since March 2020

Boulder Home Price Trends 2024

Boulder home prices have declined substantially, falling 9.59% YoY and sitting 27.73% below their peak.

📊 Quick Stats:

⬇️ -2.79% Month over Month

⬇️ -9.59% Year over Year

⬆️ +2.88% Year to Date

⬇️ -27.73% From Peak

📈 +6.88% Since March 2020

Charleston Home Price Trends 2024

Charleston home prices showed moderate growth in 2024, rising 4.81% YTD despite falling 7.52% below their peak.

📊 Quick Stats:

⬇️ -1.36% Month over Month

⬆️ +9.69% Year over Year

⬆️ +4.81% Year to Date

⬇️ -7.52% From Peak

📈 +44.96% Since March 2020

Charlotte Home Price Trends 2024

Charlotte home prices showed minimal growth in 2024, rising 1.88% YTD while sitting 3.42% below their peak.

📊 Quick Stats:

⬇️ -0.68% Month over Month

⬆️ +2.78% Year over Year

⬆️ +1.88% Year to Date

⬇️ -3.42% From Peak

📈 +65.94% Since March 2020

Chicago Home Price Trends 2024

Chicago home prices maintained steady growth in 2024, rising 5.69% YTD while sitting 3.93% below their peak.

📊 Quick Stats:

⬇️ -1.49% Month over Month

⬆️ +5.39% Year over Year

⬆️ +5.69% Year to Date

⬇️ -3.93% From Peak

📈 +50.85% Since March 2020

Cincinnati Home Price Trends 2024

Cincinnati home prices showed steady growth in 2024, rising 5.35% YTD while sitting 4.60% below their peak.

📊 Quick Stats:

⬇️ -1.57% Month over Month

⬆️ +1.51% Year over Year

⬆️ +5.35% Year to Date

⬇️ -4.60% From Peak

📈 +60.03% Since March 2020

Cleveland Home Price Trends 2024

Cleveland home prices posted strong gains in 2024, rising 9.51% YTD while sitting 6.51% below their peak.

📊 Quick Stats:

⬇️ -0.41% Month over Month

⬆️ +8.60% Year over Year

⬆️ +9.51% Year to Date

⬇️ -6.51% From Peak

📈 +60.32% Since March 2020

Columbus Home Price Trends 2024

Columbus home prices showed steady appreciation in 2024, rising 4.86% YTD while sitting 3.16% below their peak.

📊 Quick Stats:

⬆️ +0.43% Month over Month

⬆️ +5.86% Year over Year

⬆️ +4.86% Year to Date

⬇️ -3.16% From Peak

📈 +56.54% Since March 2020

Crestview Home Price Trends 2024

Crestview home prices declined significantly in 2024, falling 9.05% YTD and sitting 13.96% below their peak.

📊 Quick Stats:

⬆️ +0.87% Month over Month

⬇️ -5.88% Year over Year

⬇️ -9.05% Year to Date

⬇️ -13.96% From Peak

📈 +49.46% Since March 2020

Dallas Home Price Trends 2024

Dallas home prices posted incremental gains in 2024, rising 2.00% YTD while sitting 4.39% below their peak. Read more about Dallas' supply-demand situation here.

📊 Quick Stats:

⬆️ +0.02% Month over Month

⬆️ +2.77% Year over Year

⬆️ +2.00% Year to Date

⬇️ -4.39% From Peak

📈 +48.84% Since March 2020

Deltona Home Price Trends 2024

Deltona home prices declined in 2024, falling 2.41% YTD while sitting 4.22% below their peak.

📊 Quick Stats:

⬇️ -0.24% Month over Month

⬇️ -1.48% Year over Year

⬇️ -2.41% Year to Date

⬇️ -4.22% From Peak

📈 +51.27% Since March 2020

Denver Home Price Trends 2024

Denver home prices showed weakness in 2024, rising 0.26% YTD while sitting 13.44% below their peak. Read more about Denver’s situation here.

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📊 Quick Stats:

⬇️ -1.19% Month over Month

⬇️ -4.56% Year over Year

⬆️ +0.26% Year to Date

⬇️ -13.44% From Peak

📈 +21.92% Since March 2020

Detroit Home Price Trends 2024

Detroit home prices led major markets in 2024, surging 11.92% YTD while sitting 4.37% below their peak.

📊 Quick Stats:

⬇️ -1.04% Month over Month

⬆️ +9.61% Year over Year

⬆️ +11.92% Year to Date

⬇️ -4.37% From Peak

📈 +56.39% Since March 2020

Houston Home Price Trends 2024

Houston home prices showed steady growth in 2024, rising 6.13% YTD while sitting 0.87% below their peak.

📊 Quick Stats:

⬆️ +0.92% Month over Month

⬆️ +4.51% Year over Year

⬆️ +6.13% Year to Date

⬇️ -0.87% From Peak

📈 +44.66% Since March 2020

Indianapolis Home Price Trends 2024

Indianapolis home prices maintained strong growth in 2024, rising 6.33% YTD while sitting 2.99% below their peak.

📊 Quick Stats:

⬇️ -2.13% Month over Month

⬆️ +7.28% Year over Year

⬆️ +6.33% Year to Date

⬇️ -2.99% From Peak

📈 +50.75% Since March 2020

Jacksonville Home Price Trends 2024

Jacksonville home prices declined in 2024, falling 4.16% YTD while sitting 5.92% below their peak.

📊 Quick Stats:

⬇️ -2.20% Month over Month

⬇️ -1.32% Year over Year

⬇️ -4.16% Year to Date

⬇️ -5.92% From Peak

📈 +56.46% Since March 2020

Lakeland Home Price Trends 2024

Lakeland home prices declined in 2024, falling 1.47% YTD while sitting 6.62% below their peak.

📊 Quick Stats:

⬇️ -1.18% Month over Month

⬇️ -1.82% Year over Year

⬇️ -1.47% Year to Date

⬇️ -6.62% From Peak

📈 +46.23% Since March 2020

Las Vegas Home Price Trends 2024

Las Vegas home prices showed moderate growth in 2024, rising 4.44% YTD while sitting 1.97% below their peak.

📊 Quick Stats:

⬇️ -0.64% Month over Month

⬆️ +3.79% Year over Year

⬆️ +4.44% Year to Date

⬇️ -1.97% From Peak

📈 +51.86% Since March 2020

Los Angeles Home Price Trends 2024

Los Angeles home prices posted modest gains in 2024, rising 4.11% YTD while sitting 2.92% below their peak.

📊 Quick Stats:

⬇️ -0.46% Month over Month

⬆️ +2.25% Year over Year

⬆️ +4.11% Year to Date

⬇️ -2.92% From Peak

📈 +43.58% Since March 2020

Louisville Home Price Trends 2024

Louisville home prices showed steady growth in 2024, rising 6.16% YTD while sitting 3.87% below their peak.

📊 Quick Stats:

⬇️ -0.53% Month over Month

⬆️ +3.20% Year over Year

⬆️ +6.16% Year to Date

⬇️ -3.87% From Peak

📈 +33.97% Since March 2020

Madison Home Price Trends 2024

Madison home prices showed steady growth in 2024, rising 6.24% YTD while sitting 2.45% below their peak.

📊 Quick Stats:

⬇️ -1.37% Month over Month

⬆️ +6.25% Year over Year

⬆️ +6.24% Year to Date

⬇️ -2.45% From Peak

📈 +44.25% Since March 2020

Memphis Home Price Trends 2024

Memphis home prices declined slightly in 2024, falling 0.60% YTD while sitting 12.42% below their peak.

📊 Quick Stats:

⬆️ +0.43% Month over Month

⬆️ +4.49% Year over Year

⬇️ -0.60% Year to Date

⬇️ -12.42% From Peak

📈 +38.63% Since March 2020

Miami Home Price Trends 2024

Miami home prices maintained growth in 2024, rising 4.64% YTD while sitting 2.51% below their peak.

📊 Quick Stats:

⬆️ +0.16% Month over Month

⬆️ +3.33% Year over Year

⬆️ +4.64% Year to Date

⬇️ -2.51% From Peak

📈 +69.06% Since March 2020

Milwaukee Home Price Trends 2024

Milwaukee home prices showed solid growth in 2024, rising 6.50% YTD while sitting 6.87% below their peak.

📊 Quick Stats:

⬇️ -2.55% Month over Month

⬆️ +6.53% Year over Year

⬆️ +6.50% Year to Date

⬇️ -6.87% From Peak

📈 +59.18% Since March 2020

Minneapolis Home Price Trends 2024

Minneapolis home prices posted modest gains in 2024, rising 2.04% YTD while sitting 6.72% below their peak.

📊 Quick Stats:

⬇️ -3.09% Month over Month

⬇️ -0.06% Year over Year

⬆️ +2.04% Year to Date

⬇️ -6.72% From Peak

📈 +20.74% Since March 2020

Nashville Home Price Trends 2024

Nashville home prices showed minimal growth in 2024, rising 2.86% YTD while sitting 4.30% below their peak.

📊 Quick Stats:

⬆️ +1.04% Month over Month

⬇️ -0.18% Year over Year

⬆️ +2.86% Year to Date

⬇️ -4.30% From Peak

📈 +57.77% Since March 2020

New York Home Price Trends 2024

New York home prices maintained steady growth in 2024, rising 6.41% YTD while sitting 1.86% below their peak.

📊 Quick Stats:

⬇️ -0.48% Month over Month

⬆️ +4.26% Year over Year

⬆️ +6.41% Year to Date

⬇️ -1.86% From Peak

📈 +51.68% Since March 2020

North Port Home Price Trends 2024

North Port home prices declined significantly in 2024, falling 5.16% YTD while sitting 10.12% below their peak.

📊 Quick Stats:

⬆️ +0.18% Month over Month

⬇️ -6.26% Year over Year

⬇️ -5.16% Year to Date

⬇️ -10.12% From Peak

📈 +53.64% Since March 2020

Oklahoma City Home Price Trends 2024

Oklahoma City home prices showed moderate growth in 2024, rising 4.12% YTD while sitting 2.59% below their peak.

📊 Quick Stats:

⬆️ +0.11% Month over Month

⬆️ +2.93% Year over Year

⬆️ +4.12% Year to Date

⬇️ -2.59% From Peak

📈 +57.61% Since March 2020

Orlando Home Price Trends 2024

Orlando home prices showed minimal growth in 2024, rising 0.45% YTD while sitting 2.32% below their peak.

📊 Quick Stats:

⬇️ -0.82% Month over Month

⬇️ -0.16% Year over Year

⬆️ +0.45% Year to Date

⬇️ -2.32% From Peak

📈 +55.56% Since March 2020

Pensacola Home Price Trends 2024

Pensacola home prices showed minimal growth in 2024, rising 0.82% YTD while sitting 3.39% below their peak.

📊 Quick Stats:

⬆️ +2.44% Month over Month

⬆️ +3.00% Year over Year

⬆️ +0.82% Year to Date

⬇️ -3.39% From Peak

📈 +62.19% Since March 2020

Philadelphia Home Price Trends 2024

Philadelphia home prices showed steady growth in 2024, rising 5.66% YTD while sitting 3.42% below their peak.

📊 Quick Stats:

⬆️ +0.37% Month over Month

⬆️ +4.48% Year over Year

⬆️ +5.66% Year to Date

⬇️ -3.42% From Peak

📈 +65.68% Since March 2020

Phoenix Home Price Trends 2024

Phoenix home prices showed minimal growth in 2024, rising 2.85% YTD while sitting 8.12% below their peak.

📊 Quick Stats:

⬆️ +0.64% Month over Month

⬇️ -0.08% Year over Year

⬆️ +2.85% Year to Date

⬇️ -8.12% From Peak

📈 +52.80% Since March 2020

Pittsburgh Home Price Trends 2024

Pittsburgh home prices showed strong growth in 2024, rising 10.35% YTD while sitting 5.51% below their peak.

📊 Quick Stats:

⬇️ -0.36% Month over Month

⬆️ +7.26% Year over Year

⬆️ +10.35% Year to Date

⬇️ -5.51% From Peak

📈 +48.15% Since March 2020

Portland Home Price Trends 2024

Portland home prices showed minimal growth in 2024, rising 2.89% YTD while sitting 8.32% below their peak.

📊 Quick Stats:

⬇️ -0.08% Month over Month

⬆️ +0.46% Year over Year

⬆️ +2.89% Year to Date

⬇️ -8.32% From Peak

📈 +33.11% Since March 2020

Providence Home Price Trends 2024

Providence home prices showed steady growth in 2024, rising 9.77% YTD with no decline from peak.

📊 Quick Stats:

⬆️ +0.98% Month over Month

⬆️ +7.99% Year over Year

⬆️ +9.77% Year to Date

⬆️ +0.00% From Peak

📈 +59.13% Since March 2020

Raleigh Home Price Trends 2024

Raleigh home prices showed slight decline in 2024, falling 0.07% YTD while sitting 6.37% below their peak.

📊 Quick Stats:

⬇️ -1.80% Month over Month

⬆️ +1.23% Year over Year

⬇️ -0.07% Year to Date

⬇️ -6.37% From Peak

📈 +52.58% Since March 2020

Richmond Home Price Trends 2024

Richmond home prices showed steady growth in 2024, rising 6.22% YTD while sitting 1.28% below their peak.

📊 Quick Stats:

⬆️ +0.31% Month over Month

⬆️ +5.69% Year over Year

⬆️ +6.22% Year to Date

⬇️ -1.28% From Peak

📈 +59.80% Since March 2020

San Antonio Home Price Trends 2024

San Antonio home prices declined in 2024, falling 3.90% YTD while sitting 9.69% below their peak.

📊 Quick Stats:

⬆️ +3.15% Month over Month

⬇️ -0.54% Year over Year

⬇️ -3.90% Year to Date

⬇️ -9.69% From Peak

📈 +39.18% Since March 2020

San Diego Home Price Trends 2024

San Diego home prices showed steady growth in 2024, rising 6.11% YTD while sitting 3.81% below their peak.

📊 Quick Stats:

⬇️ -0.92% Month over Month

⬆️ +2.98% Year over Year

⬆️ +6.11% Year to Date

⬇️ -3.81% From Peak

📈 +57.40% Since March 2020

San Francisco Home Price Trends 2024

San Francisco home prices showed moderate growth in 2024, rising 5.30% YTD while sitting 11.45% below their peak.

📊 Quick Stats:

⬇️ -0.75% Month over Month

⬆️ +1.78% Year over Year

⬆️ +5.30% Year to Date

⬇️ -11.45% From Peak

📈 +37.20% Since March 2020

San Jose Home Price Trends 2024

San Jose home prices showed strong growth in 2024, rising 8.33% YTD while sitting 6.92% below their peak.

📊 Quick Stats:

⬇️ -1.62% Month over Month

⬆️ +6.75% Year over Year

⬆️ +8.33% Year to Date

⬇️ -6.92% From Peak

📈 +38.87% Since March 2020

Seattle Home Price Trends 2024

Seattle home prices showed steady growth in 2024, rising 6.60% YTD while sitting 9.72% below their peak.

📊 Quick Stats:

⬇️ -1.50% Month over Month

⬆️ +4.39% Year over Year

⬆️ +6.60% Year to Date

⬇️ -9.72% From Peak

📈 +44.14% Since March 2020

Tallahassee Home Price Trends 2024

Tallahassee home prices declined in 2024, falling 0.64% YTD while sitting 6.06% below their peak.

📊 Quick Stats:

⬇️ -2.63% Month over Month

⬇️ -3.20% Year over Year

⬇️ -0.64% Year to Date

⬇️ -6.06% From Peak

📈 +41.70% Since March 2020

Tampa Home Price Trends 2024

Tampa home prices declined in 2024, falling 0.78% YTD while sitting 5.15% below their peak.

📊 Quick Stats:

⬆️ +0.63% Month over Month

⬇️ -2.97% Year over Year

⬇️ -0.78% Year to Date

⬇️ -5.15% From Peak

📈 +66.61% Since March 2020

Urban Honolulu Home Price Trends 2024

Urban Honolulu home prices declined significantly in 2024, falling 5.87% YTD while sitting 10.61% below their peak.

📊 Quick Stats:

⬆️ +0.00% Month over Month

⬇️ -3.25% Year over Year

⬇️ -5.87% Year to Date

⬇️ -10.61% From Peak

📈 +23.30% Since March 2020

Washington DC Home Price Trends 2024

Washington DC home prices showed strong growth in 2024, rising 7.06% YTD while sitting 2.19% below their peak.

📊 Quick Stats:

⬇️ -0.29% Month over Month

⬆️ +7.85% Year over Year

⬆️ +7.06% Year to Date

⬇️ -2.19% From Peak

📈 +29.73% Since March 2020