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  • Charted: The Growth in U.S. House Prices by State in 2024

Charted: The Growth in U.S. House Prices by State in 2024

Also, Mapped: Median Income by State in 2024 and 8 more Real Estate Insights

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30 Yr. VA




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Real Estate Trends

New listings are growing and prices still aren't crashing link

  • Housing inventory is increasing, yet national home prices remain stable without dramatic drops. This is due to the persistent influence of supply and demand economics.

  • The new listing data is growing year over year but will be the second-lowest ever recorded, with a peak of only 72,329 listings, below the minimum target of 80,000. This indicates a still constrained market despite the growth in inventory.

  • The current market is not comparable to the stressed seller market of 2008-2011 when home prices crashed. Even with increased inventory, the market dynamics differ significantly from that period.

New Home Sales Down 16.5% in May link


  • The U.S. Government is reporting that sales of new single-family houses in May, 2024 were at a seasonally adjusted annual rate of 619k, which is 11.3% lower than April’s revised rate and is 16.5% lower than one year ago.

  • The median sales price of new houses sold in May was $417,400 with an average sales price of $520k.

  • There were an estimated 481k new houses for sale at the end of May representing a 9.3-month supply at the current sales rate.

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Something I found Interesting

Suburbs outpace big cities for housing inventory growth: StorageCafe link

  • Housing supply in suburbs and exurbs is growing faster than in major cities, driven by affordability, more space, and a slower pace of life. Southern and Sun Belt markets, particularly in Texas and Florida, dominate this growth.

  • Over the past decade, housing inventory in exurbs grew by an average of 15%, compared to 14% in suburbs and 10% in principal cities. Population growth followed a similar trend, with exurbs growing by 16%, suburbs by 13%, and principal cities by 9%.

  • Vineyard, Utah, saw the most significant inventory growth, increasing its stock by over 7,000% in ten years. Other top-growing cities include Blackwells Mills, New Jersey; Fulshear, Texas; Woodbridge, Virginia; and Nocatee, Florida.

  • Major cities like Austin and Fort Worth also saw substantial growth in housing supply, with increases of 23% and 21%, respectively. This was attributed to the influx of tech companies and startups, which attract young professionals and families.

  • Rising home prices and low inventory levels are pushing Americans from urban cores to suburbs and exurbs. Millennials and Generation Z are leading this trend, seeking lower density areas and rural charm.

Location Specific

ADUs Outpace Single-Family Homes in San Diego link

  • San Diego County issued nearly 12,000 building permits last year, a 21% increase from 2022. This marks the largest construction surge in 17 years, indicating strong growth in the housing sector.

  • Accessory dwelling units (ADUs) have seen a significant rise, surpassing single-family home permits. This trend reflects a shift towards more flexible and affordable housing solutions.

  • The increased focus on ADUs suggests a response to housing shortages and affordability issues. These units provide additional living spaces without the need for expansive land development.

One Chart

Mapped: The Growth in U.S. House Prices by State in 2024


Pro Member Only Content Below

(More insights, More details per insight, and more charts)

What To Expect in the Real Estate Market For the Rest of the Year 

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Surprising U.S. Office Attendance Stats Midyear 2024

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This housing sector’s demand is surging due to demographic trends

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This Apartment Type Is Filling Up at the Slowest Pace Since 2020

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Who is getting funded in Proptech?

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Off Topic

Mapped: Median Income by State in 2024


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