15 Housing Markets Where Home Price Growth Is Still Strong

Home prices have grown at unprecedented rates over the last two years. Low supply coupled with high demand and low cost of borrowing created the perfect storm for a red-hot housing market. While some markets are showing signs of slowing due to concern over affordability, these 15 housing markets are still seeing home prices grow.

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Zillow Group named Tampa, Florida, one of the hottest real estate markets for 2022. The city, which is experiencing robust growth from pandemic-related migration patterns, has seen home prices rise 28% over the last year. While price growth is almost at a standstill, prices were still up .26% in August compared to the month prior.

International hot spot, Miami, Florida, is on fire. Home prices in the downtown core market are up close to 35% over the last year. Other neighborhoods, like Miami Shores, have seen home prices grow by 46% over the last year. The number of homes sold has risen, and days on the market have decreased.

Greenville, South Carolina, has attracted loads of new residents in the last few years, thanks to its affordability and proximity to major metropolitan areas across the Southeast. Home prices have risen close to 23% over the last year. While its rate of growth is slowing, the median home price still grew by just under 1%, indicating that demand for housing is still there.

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Connecticut is one of the smallest states in the Northeast. But its size shouldn't fool you. People have flocked to the state, particularly New Haven, over the last few years. Home price growth dipped temporarily in May, but it's back on its upward trajectory, with August's median home price being higher than the months prior.

Memphis, Tennessee, is one of the most affordable cities in the country. Home to great food, music, and rich culture, it's quickly gaining popularity, thanks to its affordable cost of living.

Despite home prices growing by more than 20% over the last year, its median home price is still just $156,000 -- around 127% less than the national average. Since 2017, it's maintained a steady upward trend in home pricing month over month and year over year.

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Home to many farms, ranches, and horse stables, Lakeland is one of Florida's many fast-growing cities. Nestled halfway between Orlando and Tampa, its slower-paced living but proximity to major cities has helped it gain popularity in recent years. Home prices have grown by 30% over the last year, although prices do seem to be stabilizing to more normalized levels as of late.

New Brunswick is a suburb of New York City. Its more affordable housing and proximity to the Big Apple mean there's a steady demand for housing. Prices have grown as dramatically as other cities on this list, but New Brunswick's prices are still climbing around 1% each month.

Orlando, Florida, has a lot more allure than theme parks and sunny weather alone. This major metropolitan area has become a hot spot for Florida living, drawing in new residents in huge swaths. Home prices over the last year have risen by 28%, with August's median sale price around $3,000 more than July 2022.

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Myrtle Beach, South Carolina, has been a popular vacation destination for years. Still, the freedom of remote work and the popularity of vacation homes over the last two years have heated up its housing market. The small coastal city has seen the median home price grow by 37% in the last year. Prices are still rising quickly, anywhere from $4,000 to $8,000 per month.

Akron, Ohio, has deep ties with rubber manufacturing and is home to major corporations and manufacturing plants, making the city a fantastic place to secure quality employment. Add in a low cost of living, and it's easy to see why home prices are still growing. Over the last year, prices have risen by 8% and remain steady.

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Demand for housing in the border town of El Paso, Texas, has been climbing steadily over the past five years. Even though it's the sixth-largest city in Texas, it's one of the state's most affordable cities and offers abundant job opportunities. Since 2021, the median home price has grown by 18%. And over the past few months, the median home price has consistently increased by around $2,000 per month.

Dearborn, Michigan, is a smaller but fast-growing city just outside of Detroit. Detroit's real estate market as a whole has been making a major comeback from its Great Recession fall, but the suburb of Dearborn has been absolutely booming. Over the last year, home prices have grown by 13% and are still rising steadily.

Jacksonville, Florida, is not only a major distribution hub -- thanks to its port and proximity to Southern states -- but also Florida's most populated city. Like many Florida cities, Jacksonville has seen a big population boom over the last few years, pushing home prices up notably.

Year over year, the median home price has jumped by 27%, with home prices growing around $3,500 per month for the past few months.

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The capital of New York is often outshined by New York City, but demand for housing in Albany has increased since the pandemic. Home prices over the last year have risen by nearly 12%, while month-over-month home price growth remains steady. The city certainly isn't as hot as some of its peers on the list; nonetheless, it's still seeing positive price growth.

Charleston, South Carolina, is far more than a popular tourist destination. This major port city is seeing new residents and real estate development pour in right now. The median home price has climbed 26% over the last year -- and home prices are still heating up. Month over month, the median home price has grown anywhere from $5,000 to $10,000 when compared to the month prior.

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Rising mortgage rates and a general lack of affordability in many markets are notably causing pricing growth to slow. It could simply be a matter of time before these cities follow suit. However, the cities known for more affordable costs of living to begin with could continue to see high demand as inflationary and economic pressures continue building.

Liz Brumer-Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Zillow Group (A shares) and Zillow Group (C shares). The Motley Fool has a disclosure policy.