Here’s Where US Home Prices Are Rising—and Falling—the Most

The Midwest is the most affordable homebuying region in the U.S., according to new data, but it’s also the region where home prices are rising the fastest.

Milwaukee topped the list of February median home-sale price increases in the 50 most populous metro areas, with a jump of 20% year-over-year to $330,000. Detroit; Nassau County, N.Y.; San Jose, Calif.; and Cleveland rounded out the top five, according to data released Friday by Redfin, a residential real estate brokerage and mortgage originator.

The median home-sale price nationwide climbed just more than 3% in February to roughly $425,000, the slowest growth in six months, Redfin said. U.S. pending home sales fell over 6% year-over-year, the largest decline since September 2023. 

There aren’t enough homes for sale to meet demand in many places, contributing to higher prices. Despite home sales in the U.S. getting off to a slow start in 2025, economists and real estate professionals are hopeful they will pick up this spring as buyers return to the market.

In Austin, Texas, the median home price dropped almost 3% year-over-year, the largest drop among the 50 most populous metros, according to Redfin. Tampa, Fla.; San Antonio and Houston; Atlanta; and Jacksonville, Fla., rounded out the top decliners. In Texas and Florida, Redfin said, a higher supply of homes gives buyers the upper hand.

The typical U.S. home that went under contract in February was on the market for 54 days. This is up six days from a year earlier, marking the longest selling period for any February since 2020, according to Redfin data.