10 U.S. cities where home prices increased the most this year—4 are in Illinois (2024)

FAQs

Where have home prices increased the most in the US? ›

Median Home Prices

The median sale price of a home in Illinois as of April 2024 was $295,600, according to Redfin's monthly housing market data. This is an increase of 7.5% from April 2023.

After more than a year of Atlanta dominating the list of most overvalued housing markets, Detroit is now the most overpriced market in the United States, according to researchers at Florida Atlantic University and Florida International University.

California is home to the most expensive housing markets in the US: See a nationwide breakdown. California is one of the largest and most populous states in the U.S. – it's also one of the most expensive places to live.

The most overvalued markets to purchase a home tend to be located along the California coast, as well as in tourist-popular Hawaii, tech-heavy Seattle and holdover “Zoomtowns” in Colorado, Idaho and Utah.

What time of year are house prices highest? ›

Generally speaking, late spring and summer are the peak real estate season, when there's the most inventory to choose from — but also the most competition, and the highest prices. If affordability is a concern, you're likely to score a better deal during the winter months.

The fastest-growing cities in Illinois are Volo, Pingree Grove, Hampshire, Manhattan, Yorkville, Gilberts, Mahomet, Savoy, Minooka, and Huntley. It'll be interesting to see if these places can keep growing at the same rate over the next couple of years. We'll be here to let you know!

By December 2024, the median price of homes is forecast to be $272,800 in Illinois and $324,200 in Chicago PMSA, respectively, an increase of 8.4% and 12.0% from December 2023 (See Table: Annual Median Price Forecast [Nov 2022 to Dec 2023]).

Rockford took home the state's highest ranking, at 17th in the nation, according to the site. "The Realtor.com Market Hotness Index exposes how local areas are experiencing fast moving supply and rising demand," experts explain.

Buying in Hawaii and California can cost up to 70% or more of local per capita income. Housing costs were usually high in Maui, even before the devastating fires of August 2023. How Much Is My House Worth?

With a median home price of $919,507 and a median monthly rent of $1,842, San Diego landed the number one spot on the U.S. News list. Jones says, “California metro areas consistently top the list of most expensive housing markets in the US, so it's no surprise to see San Diego at the top of this year's list.”

Since 2019, home prices have surged 54 percent. In the last year, prices increased 5.8 percent — a more steady rise after the volatile years of the early pandemic, according to a Washington Post analysis of home value data from the mortgage technology division of Intercontinental Exchange (ICE).