The U.S. housing market has been on a tear, with median sales prices rising more than 40% since February 2020.While cities in southern states like Florida have witnessed some of the strongest price growth, more affordable cities across the Midwest are also seeing growing demand as buyers seek out cheaper options.This graphic shows the U.S. metros with the fastest price growth, based on data from Redfin.

Hottest Housing Markets in America
Below, we rank the metropolitan areas with the fastest annual median sales price growth as of February 2024:
Pittsburgh, PA soars to the top of the list, with median sale prices jumping 22% over the year.Once known as a center for steel and iron manufacturing, the city has emerged as a hub for high-tech industries including robotics, software engineering, and healthcare. At a time when housing affordability is near record lows, buyers have flocked to the market thanks to its lower home prices. In February, median sales prices in Pittsburgh were $250,000 compared to the U.S. median price of $412,219.Following next in line is Fort Lauderdale, FL with prices jumping 18% annually. Like several cities across the state, property values have boomed thanks to the state’s warm climate and low taxes. The state also ranks as one of the best in the country to retire. In 2023, it was one of the fastest growing states in the country, adding 365,205 residents overall.As we can see, just one housing market in the West, Meridian, ID, is experiencing some of the strongest price growth in the country. Since the pandemic, many Californians priced out of expensive real estate markets have moved to the state due to its strong job market, low crime rate, and affordability. In fact, Los Angeles and San Fransisco are some of the top metropolitan areas nationally that people are moving away from due to remote work trends and the high cost of living.More By This Author:How Small Investments Make A Big Impact Over Time G20 Inflation Rates: Feb 2024 Vs COVID PeakThe World’s Biggest Oil Producers In 2023