Housing Price Trends

April 25th, 2023

Nationwide: Signs of increasing affordability

This spring, despite rate hikes and inflation, things look more hopeful for homebuyers than last year. The reasons for these brighter prospects? Modest increases in home prices and rising wages.

At the end of March, ATTOM Data revealed an increase in median single-family home and condo prices of just under 1% from Q4 ’22 to Q1 ’23. It’s a welcome trend that comes on the heels of an 8% drop in US median home prices over the last six months of 2022 and 6% wage growth – a boost for the average homebuyer’s budget. So, while the market continues to price out some homebuyers, there are increasing signs of affordability nationwide.

What’s happening by region and state?

According to the National Association of Realtors (NAR), existing single-family home sales jumped 14.5% in February, the largest monthly gain in over two years. This can be partially attributed to the fact that Q1 ’23 median home prices in 6% of US counties analyzed by ATTOM Data are more affordable than in the past—up from 1% in Q4 ‘22.

Additionally, In Q1 ’23, the median price of homes sold in the U.S. increased only slightly from Q4 ‘22 to $320,000. At the local level, median home prices in Q1 ‘23 remain up year-over-year in 65% of counties analyzed. Meanwhile, price increases in the last decade have leveled median home values, affecting home equity in most markets. Check out the latest data from NAR Local Market Reports. Here’s a Q4 ’22 snapshot of the states BlueHub SUN serves.

Hartford Area

Median home price: $318,200
One-year appreciation: 7.9%

New Haven/Milford Area

Median home price: $329,600
One-year appreciation: 9.1%

Norwich/New London Area

Median home price: $322,600
One-year appreciation: 7.9%

Bridgeport-Stamford-Norwalk Area

Median home price: $621,100
One-year appreciation: 7.4%

Dover Area

Median home price: $308,100
One-year appreciation: 3.9%

Bloomington Area

Median home price: $199,700
One-year appreciation: 10.4%

Champaign-Urbana Area

Median home price: $175,500
One-year appreciation: 0.5%

Chicago-Naperville-Elgin Area

Median home price: $323,200
One-year appreciation: 1.6%

Decatur Area

Median home price: $119,200
One-year appreciation: 8.0%

Kankakee Area

Median home price: $177,400
One-year appreciation: -0.7%

Peoria Area

Median home price: $133,600
One-year appreciation: 1.1%

Rockford Area

Median home price: $161,000
One-year appreciation: 3.7%

Springfield Area

Median home price: $162,400
One-year appreciation: 5.7%

Baltimore-Columbia-Towson Area

Median home price: $363,500
One-year appreciation: 2.7%

Cumberland Area

Median home price: $132,300
One-year appreciation: -4.1%

Hagerstown-Martinsburg Area

Median home price: $266,500
One-year appreciation: 3.9%

Barnstable Town Area

Median home price: $668,100
One-year appreciation: 4.0%

Boston-Cambridge-Newton Area

Median home price: $657,900
One-year appreciation: 3.5%

Pittsfield Area

Median home price: $335,700
One-year appreciation: 7.4%

Springfield Area

Median home price: $318,600
One-year appreciation: 9.6%

Worcester Area

Median home price: $398,000
One-year appreciation: 6.4%

Ann Arbor Area

Median home price: $354,600
One-year appreciation: 6.4%

Detroit Area

Median home price: $237,000
One-year appreciation: -1.6%

Grand Rapids-Wyoming Area

Median home price: $284,500
One-year appreciation: 7.1%

Lansing-East Lansing Area

Median home price: $195,600
One-year appreciation: 2.1%

Atlantic City-Hammonton Area

Median home price: $312,400
One-year appreciation: 0.1%

Newark Area

Median home price: $538,500
One-year appreciation: 8.8%

New York-Jersey City-White Plains Area

Median home price: $577,300
One-year appreciation: 5.9%

New York-Newark-Jersey City Area

Median home price: $594,300
One-year appreciation: 4.9%

Trenton Area

Median home price: $357,800
One-year appreciation: 3.2%

Akron Area

Median home price: $192,300
One-year appreciation: 3.3%

Canton-Massillon Area

Median home price: $169,600
One-year appreciation: -3.3%

Cincinnati Area

Median home price: $255,300
One-year appreciation: 4.4%

Cleveland-Elyria Area

Median home price: $208,700
One-year appreciation: 6.6%

Columbus Area

Median home price: $286,700
One-year appreciation: 5.1%

Dayton Area

Median home price: $200,700
One-year appreciation: 2.9%

Toledo Area

Median home price: $159,300
One-year appreciation: 0.4%

Allentown-Bethlehem-Easton Area

Median home price: $299,800
One-year appreciation: 12.0%

Erie Area

Median home price: $158,800
One-year appreciation: 6.6%

Harrisburg-Carlisle Area

Median home price: $237,000
One-year appreciation: 5.9%

Newark Area

Median home price: $538,500
One-year appreciation: 8.8%

New York-Newark-Jersey City Area

Median home price: $594,300
One-year appreciation: 4.9%

Philadelphia-Camden-Wilmington Area

Median home price: $329,500
One-year appreciation: 7.5%

Reading Area

Median home price: $233,700
One-year appreciation: 5.4%

York-Hanover Area

Median home price: $135,500
One-year appreciation: -0.7%

Providence-Warwick Area

Median home price: $431,700
One-year appreciation: 7.8%

Appleton Area

Median home price: $253,600
One-year appreciation: 6.1%

Fond du Lac Area

Median home price: $189,200
One-year appreciation: 6.1%

Green Bay Area

Median home price: $260,000
One-year appreciation: 8.7%

Madison Area

Median home price: $380,000
One-year appreciation: 6.5%

Milwaukee-Waukesha-West Allis Area

Median home price: $335,000
One-year appreciation: 8.1%

Oshkosh-Neenah Area

Median home price: $220,700
One-year appreciation: 16.0%

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