Home prices are still rising in many U.S. cities despite higher mortgage rates pricing many potential buyers out of the market, according to data from the National Association of Realtors. Though you might expect home prices to continue to accelerate in competitive markets in California or New York, most of the metro areas with the largest increases in year-over-year home values in 2022 were in the South, attracting homebuyers seeking warmer climates and greater affordability. Those cities dominated the list of the Top 10 hottest housing markets in the U.S., as ranked by the annual change in median home price.
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10. Deltona-Daytona Beach-Ormond Beach, Florida
Median home price: $353,800
Growth: 14.5%
Related: Coldest and Warmest Cities in Every State
9. Punta Gorda, Florida
Median home price: $392,800
Growth: 15.2%
Related: Watch Out for These Added Costs When Buying a House
8. El Paso, Texas
Median home price: $244,500
Growth: 15.2%
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7. Winston-Salem, North Carolina
Median home price: $285,200
Growth: 15.7%
6. Oshkosh-Neenah, Wisconsin
Median home price: $220,700
Growth: 16%
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5. Myrtle Beach-Conway, South Carolina
Median home price: $373,500
Growth: 16.2%
4. Greensboro-High Point, North Carolina
Median home price: $276,100
Growth: 17%
3. Naples-Immokalee-Marco Island, Florida
Median home price: $802,500
Growth: 17.2%
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2. North Port-Sarasota-Bradenton, Florida
Median home price: $520,000
Growth: 19.5%
1. Farmington, New Mexico
Median home price: $261,200
Growth: 20.3%
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