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9 Cities Where Home Prices Have Skyrocketed Over the Past Year

April 29, 2023

2 min Read

Written by Gabrielle Olya

Edited by Renee Ross

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Although the real estate market is cooling, home prices are still higher than they were last year, on average. In 2022, the average home price in the U.S. was $302,549, and it’s risen to $328,745 as of March this year — that’s an 8.7% year-over-year increase.

In some metro areas, home prices have jumped even more over the past year, and in these nine cities identified by Home Bay, prices have increased by more than 10% from 2022 to 2023. All top four cities are located in Florida, which could be a sign of an affordable housing crisis in the state.

Here’s a look at the cities where home prices have skyrocketed over the past year.