People are flocking to these 4 desirable cities as homeowners’ sale prices skyrocket
While some segments of the US housing market are still struggling to recover from a sluggish year of buying and selling marked by high mortgage rates and lagging inventory, four markets in the South and the West are going full steam ahead.
Atlanta, Charlotte, NC, Raleigh, NC, and Dallas are all experiencing surging home sale prices and demand, according to a new data analysis from John Burns Research & Consulting.
The common thread that runs through these four distinct Sun Belt real estate markets is that they all saw home sale prices skyrocket during the COVID-19 pandemic, and they have been going strong ever since, according to Realtor.com® senior economic research analyst Hannah Jones.
“Home shoppers looking for more bang for their buck, without sacrificing access to amenities and job opportunities, homed in on these markets,” says Jones. “An influx of demand led to dwindling home supply and climbing prices as buyers faced stiff competition.”
In 2022, this foursome of markets saw home inventory levels plunge between 48% and 76% compared with pre-pandemic levels amid escalating demand for housing.
“These incredibly tight inventory conditions paved the way for sharp price growth,” explains Jones.
1. Atlanta, GA
he latest available figures from Realtor.com show that the median home sale price in Atlanta in November 2024 reached $415,000, up 7% year over year and up 35.7% compared with 2019.
It is noteworthy that the median US home sale price stood at $360,000 in November.
“Home prices jumped significantly in Atlanta in 2018, and continued to climb through the pandemic and post-pandemic periods,” Jones says.
There are plenty of reasons why people are flocking to “The Big Peach,” as Atlanta is affectionately known. The city of a half-million people is a bustling economic hub offering plentiful job opportunities in a variety of industries, from technology to health care to film production, earning it the nickname “the Hollywood of the South.”
On top of that, Atlanta boasts mild winters, an abundance of parks and forests for the outdoorsy types, a thriving arts scene for the cultured set, and a cornucopia of top-notch restaurants to satisfy any palate.
2. Charlotte, NC
In Charlotte, the median home sale price in November was $423,500, marking an increase of 8.6% compared with the same period the year before—and a giant leap of just under 60% from 2019.
According to Jones, home prices have climbed in Charlotte since 2015, but went into overdrive five years ago and through the pandemic.
Charlotte, dubbed the “Queen City,” has much to recommend itself, from the Levine Museum of the New South to the family-friendly Discovery Place Science.
Charlotte is also home to no fewer than three professional sports teams, including the NFL’s Carolina Panthers, NBA’s Charlotte Hornets, and MLS’ Charlotte FC, plus the NASCAR Hall of Fame.
Those who enjoy an outdoor lifestyle won’t be disappointed with the US National Whitewater Center boasting 1,300 acres of the Catawba River.
3. Raleigh, NC
Located some 165 miles east of Charlotte, Raleigh, NC, has seen an influx of newcomers over the past few years, making it one of the fastest-growing metros in the US.
The median home sale price in the “City of Oaks” in November 2024 peaked at $465,000, up 8.4% from the same period in 2023, and up a staggering 67.7% compared with five years earlier.
“Raleigh saw price growth pick up significantly during the pandemic, but has seen steady price growth throughout the last 10 years,” says Jones.
The capital city of North Carolina, Raleigh is best known for its educational institutions, chief among them the North Carolina State University.
The city is also celebrated for its live music scene and performance venues like the Lincoln Theater, its many museums and parks, and its thriving craft breweries and food halls.
4. Dallas, TX
With Texas being the fastest-growing state in the US, it is not surprising that the median home sale price in Dallas saw an uptick of 7.2% year over year, to $357,000.
Compared with November 2019, the median sale price in Dallas increased by 28.5%.
“Dallas saw steady, but rather low, price growth pre-pandemic, but prices really started to pick up during the pandemic,” according to Jones.
With a population of 1.3 million people, Dallas is the ninth most populous city in the US It is also a major economic center, drawing young professionals seeking jobs in the financial sector, information technology, health care, and manufacturing.
In terms of leisure, the city is dotted with several world-class museums, including the Sixth Floor Museum at Dealey Plaza dedicated to the John F. Kennedy assassination, and the Perot Museum of Nature and Science.
For the gourmands, Dallas offers a diverse food scene that goes beyond its Tex-Mex and barbecue roots, including the Michelin-starred Tatsu Dallas.
