Your Guide to the Housing Market in 2024

The challenging housing market conditions that dominated 2023 are easing, but buyers and sellers must take action to stay ahead.

A young couple stands in front of their newly-acquired house, holding their young daughter, with moving boxes to the side.
(Image credit: Getty Images)

The housing market took a beating last year. The one-two punch of swelling mortgage rates and record-low home supply dealt a tough blow to many aspiring home buyers in 2023. Just ask Drew and Lauren Coppel of Herndon, Va. The couple, who purchased their current townhome in October 2019, were looking to buy a larger house toward the beginning of last year but were reluctant to let go of their 30-year mortgage rate of 2.899%, which they scored by refinancing in 2021. When mortgage rates rose above 6.5% midyear, the Coppels decided to put their house search on ice.

“We’re going to wait for rates to come back down,” says Lauren. “We’ll probably wait for them to drop below 6% so that we can get more home for our money.” In the meantime, they’re going to beef up their down payment savings, zero in on what home features matter most to them, and research neighborhoods they want to live in.

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2023 Home Price Growth in the 50 Largest Metro Areas
METRO AREA Median home sale price, USDYear-over-year % change*
Atlanta-Sandy Springs-Marietta, GA$379,2002.2%
Austin-Round Rock, TX485,700-10.3
Baltimore-Columbia-Towson, MD406,3004.0
Birmingham-Hoover, AL310,2000.7
Boston-Cambridge-Newton, MA-NH745,1006.6
Buffalo-Cheektowaga-Niagara Falls, NY260,6006.9
Charlotte-Concord-Gastonia, NC-SC406,9001.6
Chicago-Naperville-Elgin, IL-IN-WI365,1004.5
Cincinnati, OH-KY-IN290,3309.3
Cleveland-Elyria, OH236,7004.0
Columbus, OH323,4003.6
Dallas-Fort Worth-Arlington, TX385,700-1.1
Denver-Aurora-Lakewood, CO673,0001.1
Detroit-Warren-Dearborn, MI266,6000.2
Hartford-West Hartford-East Hartford, CT375,1009.0
Houston-The Woodlands-Sugar Land, TX345,600-1.1
Indianapolis-Carmel-Anderson, IN316,4005
Jacksonville, FL390,002.0
Kansas City, MO-KS328,8004.5
Las Vegas-Henderson-Paradise, NV460,6000.6
Los Angeles-Long Beach-Glendale, CA897,6001.4
Louisville-Jefferson County, KY-IN271,9003.1
Memphis, TN-MS-AR280,0001.2
Miami-Fort Lauderdale-West Palm Beach, FL602,0005.7
Milwaukee-Waukesha-West Allis, WI386,1007.8
Minneapolis-St. Paul-Bloomington, MN-WI387,9001.8
Nashville-Davidson-Murfreesboro-Franklin, TN413,6001.3
New Orleans-Metairie, LA281,5000.9
New York-Newark-Jersey City, NY-NJ-PA665,0006.0
Oklahoma City, OK251,2006.8
Orlando-Kissimmee-Sanford, FL436,5002.7
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD368,5005.5
Phoenix-Mesa-Scottsdale, AZ467,200-1.5
Portland-Vancouver-Hillsboro, OR-WA593,400-0.2
Providence-Warwick, RI-MA480,1005.8
Raleigh, NC478,6003.9
Richmond, VA401,7004.5
Riverside-San Bernardino-Ontario, CA565,000-0.4
Rochester, NY247,00010.3
Sacramento-Roseville-Arden-Arcade, CA542,0001.8
Salt Lake City, UT554,500-1.2
San Antonio-New Braunfels, TX332,200-3.1
San Diego-Carlsbad, CA978,5008.7
San Francisco-Oakland-Hayward, CA1,300,0001.6
San Jose-Sunnyvale-Santa Clara, CA1,850,0009.6
Seattle-Tacoma-Bellevue, WA744,3000.4
St. Louis, MO-IL268,6004.6
Tampa-St. Petersburg-Clearwater, FL415,0002.4
Virginia Beach-Norfolk-Newport News, VA-NC344,5005.3
Washington-Arlington-Alexandria, DC-VA-MD-WV612,6005.4

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Daniel Bortz
Contributing Writer, Kiplinger's Personal Finance

Daniel Bortz is a freelance writer based in Arlington, Va. His work has been published by The New York Times, The Washington Post, Consumer Reports, Newsweek, and Money magazine, among others.