5 US Cities Where Home Values Have Gone Up the Most Month-Over-Month

San Jose is the economic, cultural and political center of Silicon Valley, and the largest city in Northern California.
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February marked a turning point for the 2025 real estate market as it emerged from a period of stagnation. As spring approaches, a surge of prospective homebuyers is entering the market as new listings roll in.

Zillow forecasts that in March, competitively priced and well-marketed homes will sell in about two weeks. While this isn’t nearly as quick as the peak period during the COVID-19 pandemic, when interest rates reached historic lows, it’s hardly sluggish. In certain cities, homes are expected to sell even faster.    

Some housing markets are picking up steam more quickly than others, leading to soaring home values. Zillow identified the five U.S. cities experiencing the biggest home price increases month-over-month from November 2024 to December 2024. Will these markets maintain their momentum and drive prices even higher in 2025? The data suggests they just might.  

Along with cost-of-living data (sourced from PayScale) compared to the national average, here are the five cities where home values have increased the most.

5. Minneapolis

  • Home value increase month-over-month: 0.5%
  • Cost of living as compared to national average: 6% lower
  • Cost of housing as compared to national average: 15% lower
  • Cost of utilities as compared to national average: 4% lower 
  • Cost of groceries as compared to national average: On par

4. Salt Lake City

  • Home value increase month-over-month: 0.5%
  • Cost of living as compared to national average: 10% higher
  • Cost of housing as compared to national average: 28% higher  
  • Cost of utilities as compared to national average: 7% lower 
  • Cost of groceries as compared to national average: On par 

3. Cleveland

  • Home value increase month-over-month: 0.5%
  • Cost of living as compared to national average: 9% lower  
  • Cost of housing as compared to national average: 21% lower  
  • Cost of utilities as compared to national average: 5% lower 
  • Cost of groceries as compared to national average: On par

2. Louisville, Kentucky

  • Home value increase month-over-month: 0.7%
  • Cost of living as compared to national average: 5% lower  
  • Cost of housing as compared to national average: 19% lower  
  • Cost of utilities as compared to national average: 15% lower  
  • Cost of groceries as compared to national average: On par

1. San Jose, California 

  • Home value increase month-over-month: 0.8%
  • Cost of living as compared to national average: 78% higher  
  • Cost of housing as compared to national average: 222% higher 
  • Cost of utilities as compared to national average: 47% higher
  • Cost of groceries as compared to national average: 15% higher

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