Home Prices Per Square Foot Boomed Most in New York, Boston, Nashville

June 18, 2024 - 3 min read

Property values spike in last five years

With the overall lack of inventory and home buying gold rush of 2020 and 2021, property values skyrocketed over the past five years.

From May 2019 to May 2024, the median price per square foot increased 52.7% nationwide, according to Realtor.com.

See which housing markets saw the highest and lowest price appreciation among the country’s largest metropolitan areas.

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Where price per square foot grew fastest

In the last five years, the combination of heavy demand and scant for-sale inventory caused historically high housing value growth. For fortunate homeowners, that meant building equity at a very fast pace.

In good news for house hunters, inventory has started to improve and decelerate that growth rate. The median U.S. listing price reached $442,500 in May, increases of 0.3% year-over-year and 37.5% from May 2019, according to Realtor.com.

However, the median price per square foot — a better indicator of home value since it puts all properties on an equal plane and avoids potential skewing from more high- or low-valued houses — rose 3.8% annually and 52.7% in that same five-year window.

Broken down to the 50 largest metropolitan areas, New York led the country in square footage price growth since 2019 with a 84.7% surge. Boston’s 72.9% growth rate came next, followed by 68.6% in Nashville, Tenn., 68% in Tampa, Fla., and 65.7% in San Diego.

The table below shows the top 20 U.S. housing markets by price-per-square-foot growth rate from May 2019 to May 2024, according to Realtor.com.

Metro AreaMedian Listing Price Per Square Foot Growth vs May 2019Median Listing Price Per Square Foot Growth vs May 2023Median Listing Price May 2024
New York84.7%10.2%$789,000
Boston72.9%10.2%$900,000
Nashville, Tenn.68.6%6.1%$588,000
Tampa, Fla.68.0%-0.5%$425,000
San Diego65.7%5.7%$1,072,000
Austin, Texas64.7%0.2%$565,000
Memphis, Tenn.64.2%1.8%$350,000
Riverside, Calif.62.7%6.6%$620,000
Washington, D.C.61.3%8.4%$640,000
Hartford, Conn.57.7%14.1%$447,000
Phoenix57.7%1.8%$545,000
Richmond, Va.56.9%5.7%$473,000
Charlotte, N.C.56.8%4.0%$435,000
Las Vegas56.2%N/A$477,000
Orlando, Fla.55.3%0.5%$440,000
Los Angeles54.9%7.3%$1,248,000
Columbus, Ohio54.8%5.9%$402,000
Indianapolis54.5%4.6%$350,000
Jacksonville, Fla.54.0%1.0%$423,000
Philadelphia53.8%8.3%$382,000

“In addition to higher median list prices and fewer homes for sale versus 2019, the increase in median price-per-square foot suggests that the typical home on the market today is worth 52.7% more than before the pandemic, more than double the roughly 23% increase in consumer price inflation in this period,” said Danielle Hale, Realtor.com’s chief economist.

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Housing markets with the slowest square footage price growth

Of course, not every city experienced the same levels of growth.

Detroit had the lowest pace of price gains per square foot at 23.2% over the past five years. Baltimore and San Jose, Calif., finished slightly above the Motor City, with increases of 24.8% and 26.3%, respectively.

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The table below shows the bottom 20 U.S. housing markets by price-per-square-foot growth rate since May 2019, according to Realtor.com.

Metro AreaMedian Listing Price Per Square Foot Growth vs May 2019Median Listing Price Per Square Foot Growth vs May 2023Median Listing Price May 2024
Detroit23.2%0.5%$260,000
Baltimore24.8%2.1%$360,000
San Jose, Calif.26.3%-0.4%$1,469,000
Birmingham, Ala.26.4%2.3%$300,000
New Orleans26.4%-1.5%$339,000
San Francisco30.8%-4.4%$1,041,000
Cleveland31.4%15.2%$274,000
Pittsburgh32.2%10.9%$264,000
Chicago32.4%6.9%$400,000
St. Louis32.4%6.3%$312,000
Minneapolis35.8%1.9%$465,000
Houston38.1%0.3%$370,000
San Antonio40.0%-0.9%$348,000
Portland, Ore.40.4%1.8%$625,000
Sacramento, Calif.40.7%4.2%$673,000
Milwaukee40.9%7.9%$400,000
Louisville, Ky.42.7%4.1%$340,000
Oklahoma City44.0%0.5%$339,000
Dallas44.4%1.1%$459,000
Virginia Beach, Va.45.6%6.6%$395,000

Advice for home buyers

The accelerated home price appreciation of the last five years created affordability challenges for many potential home buyers.

If you’re in the market to purchase a house, it’s a good idea to see if you qualify for grants or financial assistance, as well as wielding negotiation strategies.

Reach out to a local mortgage lender and begin your path to homeownership (and building home equity) today.

Time to make a move? Let us find the right mortgage for you


Paul Centopani
Authored By: Paul Centopani
The Mortgage Reports Editor
Paul Centopani is a writer and editor who started covering the lending and housing markets in 2018. Previous to joining The Mortgage Reports, he was a reporter for National Mortgage News. Paul grew up in Connecticut, graduated from Binghamton University and now lives in Chicago after a decade in New York and the D.C. area.
Aleksandra Kadzielawski
Reviewed By: Aleksandra Kadzielawski
The Mortgage Reports Editor
Aleksandra is the Senior Editor at The Mortgage Reports, where she brings 10 years of experience in mortgage and real estate to help consumers discover the right path to homeownership. Aleksandra received a bachelor’s degree from DePaul University. She is also a licensed real estate agent and a member of the National Association of Realtors (NAR).