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The fourth quarter of 2024 saw home price increases in 89% (201 out of 226) of metro markets, according to the National Association of Realtors (NAR), with 14% of the metro areas posting double-digit price gains over the same period, up from 7% in the third quarter.

On the flip side, almost 11% of markets (24 of 226) experienced home price declines in the fourth quarter, down from 13% in the third quarter.

Compared to one year ago, the national median single-family existing-home price elevated 4.8% to $410,100. In the previous quarter, the year-over-year national median price increased 3.2%. In the past five years, from 2019 to 2024, the median home price rose by 49.9%.

Among the major regions, the South registered the largest share of single-family existing-home sales (45.1%) in the fourth quarter, with year-over-year price appreciation of 2.1%. Prices were also up by 10.6% in the Northeast, 8.0% in the Midwest and 4.0% in the West. Eight of the top 10 most expensive markets were in California.

“Record-high home prices and the accompanying housing wealth gains are definitely good news for property owners,” said NAR Chief Economist Lawrence Yun. “However, renters who are looking to transition into homeownership face significant hurdles.”

Separately, the newly published 2025 Rental Affordability Report from ATTOM determined that owning a home is more affordable than renting a three-bedroom property in more than half of county-level markets. The new report found owning and renting homes commonly consumes 25% to 60% of Americans’ wages, but it also determined that the typical single-family homes absorbed a smaller portion of average wages than renting three-bedroom residences roughly 60% of the 341 county-level markets with enough data to analyze.

The report also found significant differences in the affordability of owning versus renting in different regions, with buying a residence most favorable in the Midwest and South, followed by the Northeast. In the West, however, renting is the better option in about 80% of that region’s markets.

“Buying or renting a home in the US these days can be like searching for a diamond in a pile of marbles, and it’s only getting worse in most markets as the cost of both goes up,” said Rob Barber, CEO at ATTOM. “However, in most parts of the country, homeownership is somewhat more attainable for those who can gather the necessary resources to cover down payments that often surpass $200,000. The current situation is tenuous, especially if mortgage rates keep going back up like they have in the past couple of months. But for now, homeownership is the more viable choice.”