11 Places Where Home Values Are Spiking

Home prices have hit record highs again in the U.S.

In June, the typical home in America was worth $350,213, according to Zillow. That tops the previous high-water mark of $348,225 in July 2022 by almost 1%.

Between May and June, U.S. home values climbed 1.4%, a rise that is part of what Zillow describes as “a four-month hot streak.”

The rise in prices defies experts’ predictions that home prices would remain soft throughout this year. A very low supply of homes has increased competition among buyers, which is helping to push prices higher.

In a summary of the findings, Jeff Tucker, senior economist at Zillow, says:

“Demand typically begins to ease in the summer, and there are signs that competition is waning, but large price declines are unlikely until more homeowners list their homes for sale.”

Here are the markets where prices are spiking most.

Hartford, Connecticut

This metropolitan area’s raw Zillow Home Value Index (ZHVI) as of June: $333,826

Change in this metropolitan area’s raw ZHVI from May to June: 2.1% increase

Not only are housing prices climbing in Hartford, but the city is also No. 2 on the list of the “15 Cities With the Highest Property Taxes.”

Chicago

This metropolitan area’s raw Zillow Home Value Index (ZHVI) as of June: $307,485

Change in this metropolitan area’s raw ZHVI from May to June: 2.1% increase

Sticker prices are rising in Chicago, but that isn’t the only bad news. Chicago is also among the “10 Places Where Hidden Homeowner Costs Are Painfully High.”

Buffalo, New York

This metropolitan area’s raw Zillow Home Value Index (ZHVI) as of June: $252,260

Change in this metropolitan area’s raw ZHVI from May to June: 2.1% increase

If Buffalo is on your radar for relocation, plan a visit first. Buffalo is one of the “15 Most Affordable Cities for Family Vacations.”

New Orleans

This metropolitan area’s raw Zillow Home Value Index (ZHVI) as of June: $246,896

Change in this metropolitan area’s raw ZHVI from May to June: 2.1% increase

If you move to New Orleans, prepare to deal with the “ick” factor: The city is one of the “10 U.S. Cities With the Worst Pest Problems.”

Detroit

This metropolitan area’s raw Zillow Home Value Index (ZHVI) as of June: $247,141

Change in this metropolitan area’s raw ZHVI from May to June: 2.0% increase

Despite rising prices, homes are still affordable in Detroit. It is also a great place to start a new business — or find a job at one.

Other metro areas with spiking home values

These cities also recorded strong gains in home values from May to June:

• Los Angeles: $902,809 (1.9%)
• Pittsburgh: $207,088 (1.9%)
• Boston: $658,657 (1.8%)
• Milwaukee: $329,908 (1.8%)
• St. Louis: $245,165 (1.8%)
• Cleveland: $218,515 (1.8%)

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