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10 Cities Where Homes Are Shrinking But Prices Are Skyrocketing

September 5, 2024

3 min Read

Written by Gabrielle Olya

Edited by Ashleigh Ray

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“Shrinkflation” isn’t just affecting grocery stores — it’s affecting real estate, too. Since 2019, the median home size in the U.S. has shrunk by 128 square feet, but the median price has increased by $125,000, according to reporting from USA Today Homefront.

This “shrinkflation” effect is particularly notable in the 10 cities where the median home size has shrunk the most, but prices continue to climb.

Colorado Springs, Colorado

Median square footage (2024): 2,351
Median square footage change (2019-2024): -21.19%
Median listing price (2024): $525,000
Median listing price change (2019-2024): 25.3%

Charlotte-Concord-Gastonia, North Carolina-South Carolina

Median square footage (2024): 2,031
Median square footage change (2019-2024): -20.26%
Median listing price (2024): $441,170
Median listing price change (2019-2024): 23.06%

New York-Newark-Jersey City, New York-New Jersey-Pennsylvania

Median square footage (2024): 1,556
Median square footage change (2019-2024): -19.38%
Median listing price (2024): $789,000
Median listing price change (2019-2024): 34.87%

Urban Honolulu, Hawaii

Median square footage (2024): 1,010
Median square footage change (2019-2024): -18.81%
Median listing price (2024): $725,000
Median listing price change (2019-2024): 3.79%

Hickory-Lenoir-Morganton, North Carolina

Median square footage (2024): 1,920
Median square footage change (2019-2024): -17.67%
Median listing price (2024): $375,420
Median listing price change (2019-2024): 25.56%

Houston-The Woodlands-Sugar Land, Texas

Median square footage (2024): 2,088
Median square footage change (2019-2024): -16.88%
Median listing price (2024): $372,900
Median listing price change (2019-2024): 15.53%

Washington-Arlington-Alexandria, D.C.-Virginia-Maryland-West Virginia

Median square footage (2024): 1,965
Median square footage change (2019-2024): -16.03%
Median listing price (2024): $632,004
Median listing price change (2019-2024): 30.31%

San Antonio-New Braunfels, Texas

Median square footage (2024): 1,952
Median square footage change (2019-2024): -15.97%
Median listing price (2024): $349,000
Median listing price change (2019-2024): 18.31%

Raleigh-Cary, North Carolina

Median square footage (2024): 2,219
Median square footage change (2019-2024): -15.6%
Median listing price (2024): $470,000
Median listing price change (2019-2024): 25%

Winston-Salem, North Carolina

Median square footage (2024): 1,939
Median square footage change (2019-2024): -15.55%
Median listing price (2024): $364,995
Median listing price change (2019-2024): 32.73%

Data is sourced from USA Today Homefront and is accurate as of Aug. 20, 2024.

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