Tag Archives: realtor.com

Realtor.com® Forecasts the 10 Best Markets for First-Time Homebuyers in 2024

Posted on by
Reply

Small and Mid-Size Towns Prove to Be the Hottest Options for Buyers Starting Their Home Ownership Journey

Santa Clara, CA – Jan. 11, 2024 (PRNewswire) First-time homebuyers are optimistic when it comes to buying a home in 2024 with 61% indicating that now is a good time to buy, per a recent Realtor.com® survey. And, when it comes to investing in their first home, they may find the best luck in some unexpected places. In its most recent report, Realtor.com® unveiled the Best Markets for First-Time Homebuyers in 2024. This year’s ranking includes Irondequoit, N.Y.; Benton, Ark.; Winterset, Iowa; Newington, Conn.; Council Bluffs, Iowa; Cheektowaga, N.Y.; Grand Rapids, Mich.; Moore, Okla.; Mattydale, N.Y. and Riviera Beach, Md.

“Buying a first home can be a daunting task. Couple high interest rates with historically low inventory of homes available for sale in 2023 and hopeful buyers have faced a particularly challenging market,” said Danielle Hale, Chief Economist, Realtor.com®. “While affordability will remain an issue in 2024, a recent Realtor.com® survey showed that 95% of prospective first-time homebuyers overwhelmingly feel that they’ll be able to afford a home within their lifetime, with 40% saying they’ll be able to afford it within the next year.”

The Realtor.com® analysis of Best Markets for First-Time Homebuyers uncovers a collection of small to mid-size towns and cities that are hidden gems of opportunity where affordability meets healthy inventory, culture and liveliness, lower than average commute times, forecasted price growth, and good company of similar-aged peers.

Affordability – As one of the biggest purchases consumers will make in their lives, affordability is a major decision driver. In its analysis, Realtor.com® looked at listing prices compared to gross household incomes of 25- to 34-year-olds in a city for the past 12 months to understand home affordability. A lower ratio indicates a more affordable place to live. The top markets in this year’s list had an average 2023 listing price to income ratio of 3.1 compared to the national rate of 5.4. Additionally, homes in these towns/cities had an average median listing price that is 42% lower than the national median of $382,000. Within the top 10 list, Mattydale, N.Y., was the most affordable market relative to local incomes for 25–34-year-olds.

Investing in growth – Buying a home is not only a large investment up front, it’s a commitment for the duration of ownership, which means investing in the ongoing upkeep and maintenance of the home. Naturally, first-time home buyers are looking for homes that fit everything they want, but also provide opportunities for their investment to grow. The top markets are located within metro areas that have an average forecasted 2024 home price growth rate of 6.1%, which is considerably higher than the national expected decline of -1.7%. Irondequoit, N.Y., is located in the metro area with the highest expected median sale price growth rate (10.4%).

Options to buy – At a time marked by chronically low inventory levels, the top markets had an average count of 40.2 active listings per 1,000 existing households in 2023, and one area in particular, Riviera Beach, Md., had the most active listings per household (59.3 per 1,000) across the list of top 10.

Things to do – It’s not only about the house but what surrounds it, and first-time buyers are keen on finding areas that have plenty of things to do. The top places on this year’s list have great options for restaurants, cafes, bars, shopping, and entertainment businesses such as theaters, comedy clubs, and arts classes per point of interest data provided by Yelp. As a group, the top cities and towns have 16.6 of these businesses per 1,000 households, slightly higher than the overall city/town average of 15.6. However, Cheektowaga, N.Y.; Grand Rapids, Mich.; and Newington, Conn. particularly shine, with a ratio higher than 19 per 1,000 households.

Shorter commutes – The time it takes getting to and from work is a major consideration for home buyers, especially as return to office becomes more prevalent. With an average expected 2024 commute time of 24 minutes for the top cities on this year’s list, they clock in at less than the city/town average of 30 minutes and the national rate of 29 minutes – saving commuters about 50 hours per year for a 5-day commuter. Mattydale, N.Y., has the lowest average commute time to work, at 20 minutes.

Youthful towns – Along with having things to do, first-time buyers may want to be close to people in similar life stages and around the same ages. The share of homeowners between the ages of 25 and 34 in this year’s top markets is 8.1%, well above the national average of 5.4%. Among the top 10 cities and towns, Riviera Beach, Md., is expected to have the largest share of young adult homeowners (10.9%), which may prove to be a hot spot for the next generation of first-time home buyers.

Realtor.com® Best Markets for First-Time Homebuyers Ranked
RankPlace NameMetro NameRegion2024 Forecasted 25-34 Homeowner Share of Households12 Month Ending November 2023 Inventoryper 1000 Household12 Month Ending November 2023 Median Listing Price12 Month Ending November 2023 Price to Income Ratio2024 Forecasted Average Travel Time to Work (Minutes)November 2023 Yelp Culture and Lifestyle Businesses per 1000 Households
1Irondequoit, NYRochester, NYNortheast8.2 %34.1$187,0002.52214.9
2Benton, ARLittle Rock-North Little Rock-Conway, ARSouth7.6 %50.2$197,5003.02517.9
3Winterset, IADes Moines-West Des Moines, IAMidwest7.3 %47.8$269,4004.02318.0
4Newington, CTHartford-West Hartford-East Hartford, CTNortheast6.6 %37.8$290,2943.42319.2
5Council Bluffs, IAOmaha-Council Bluffs, NE-IAMidwest6.4 %37.6$200,0003.02113.0
6Cheektowaga, NYBuffalo-Cheektowaga-Niagara Falls, NYNortheast7.2 %26.6$199,0003.12122.6
7Grand Rapids, MIGrand Rapids-Wyoming, MIMidwest9.5 %33.1$260,0004.32120.0
8Moore, OKOklahoma City, OKSouth9.7 %43.6$231,4753.22614.1
9Mattydale, NYSyracuse, NYNortheast7.4 %31.6$138,4502.0209.2
10Riviera Beach, MDBaltimore-Columbia-Towson, MDSouth10.9 %59.3$264,0792.73316.7
 USA  5.4 %38.6$382,2305.429 

Complete details of the report can be found on Realtor.com®, along with a First-Time Home Buyers Resource Center, multiple guides on mortgages and tools like a RealCost™ Buying Power Tool to help prospective buyers understand how much house they can afford. 

Methodology
This year, the candidate list of places was filtered to only expose areas with an expected 2024 population of at least 5,000. The inventory of homes for sale and local median listing prices are from Realtor.com® December 2022 to November 2023 listing data and are reported at the city/place level. The cities and places are defined as postal codes mapped to Census Designated places and reflect approximate but not precise city or place boundaries. The population, household count, household income, and average commute time data were sourced from 2023 and 2024 Claritas estimates based on Census Bureau data. Population and household count numbers are at the city/place level but are also composed of mapped zip code data while household incomes and average commute times at the city/place level. The stated forecasted unemployment rates are Moody’s Analytics projections of U.S. Bureau of Labor Statistics Local Area Unemployment Statistics for each city/place’s surrounding metro area. Counts of culture and lifestyle businesses were aggregated from Yelp’s November 2023 point of interest data and are aggregated at the city/place level. The 2024 sales and price forecasts are Realtor.com® projections for each city/place’s surrounding metro area as detailed in our 2024 Housing Forecast and Top Housing Markets for 2024 reports. Additional data sourced from an October 2023 survey of 5,012 U.S. respondents aged 18+, conducted by Realtor.com® and Censuswide, with data weighted to be nationally representative.

About Realtor.com®
Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today’s on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.

Media contact: press@realtor.com

SOURCE Realtor.com

Realtor.com® December Housing Report: Signs Point to Increases in Number of Home Listings and Stable Prices

Posted on by
Reply

In December the Number of Homes Actively for Sale Grew 4.4% Year-Over-Year Indicating a More Active Market and Higher Levels of Inventory for Prospective Buyers

Santa Clara, CA – Jan. 9, 2024  (PRNewswire) For the first time since May 2023 home shoppers are seeing a larger number of unsold homes on the market, according to the Realtor.com® December Monthly Housing Trends Report, released today. Looking ahead, as mortgage rates have been on a downward trend since the beginning of November, Realtor.com® anticipates a positive impact on home-selling sentiment and the possibility that more new listings will enter the market.

“Across the U.S. we’re seeing improvements in inventory levels, especially in the South, which experienced a 7.7% increase in active listings year-over-year,” said Danielle Hale, chief economist, Realtor.com® “While the uptick in December inventory levels is encouraging, it is important to note that two-thirds of outstanding mortgages in the U.S. have a rate under 4% and more than 90% have a rate less than 6%. We are optimistic that inventory levels are moving in a positive direction, but the number of homes on the market is still low relative to pre-pandemic levels. Some sellers are clearly motivated already, but other households may hold out for lower rates before selling or moving to new homes.”

On the Up and Up

Homebuyers typically avoid big moves during the December holiday season unless they absolutely must sell or buy, leading to generally different real estate activity than what is experienced in the peak summer season. Though the market is still not where it was pre-pandemic as active inventory sits 34.3% below typical 2017 to 2019 levels, in December 2023 home sellers were active with 9.1% more newly listed homes compared to last year.  When looking at the month-over-month change between November and December, a time when the decline in inventory has historically hovered between 6.8% and 13.2%, this year there was a more modest 5.5% decrease, indicating a much smaller than typical drop for this time of year. 

December 2023 Housing Metrics – National

MetricChange over Dec 2022Change over Dec 2019
Median listing price+1.2% (to $410,000)+36.7 %
Active listings+4.9 %-30.9 %
New listings+9.1 %-11.8 %
Median days on market-4 days (to 61 days)-16 days
Share of active listings with price reductions-1.4 percentage points(to 12.7%)+2.2 percentage points

Southern Belles

When examining the 50 largest metros, 23 experienced increased inventory levels year-over-year, with Memphis (+28.5%), New Orleans (25.5%) and San Antonio (20.9%) experiencing the most growth among them. Though this growth is promising, the country is still seeing lower inventory levels as a whole relative to pre-pandemic times with the exception of San Antonio (+12.8%), Austin (+11.7%) and New Orleans (+11.6%), which saw higher levels of inventory in December 2023 compared to typical 2017 to 2019 levels.

Prices Continue to Stabilize and Properties Move Faster

The median price of homes for sale in December remained relatively stable compared to the same time last year, growing by 1.2% with a few standout places experiencing a decrease including the surprising Nor Cal suburb of San Jose, which saw a decrease of 7.1% in median listing price year-over-year, as well as San Antonio (-3.9%) and Memphis (-2.5%).

When it comes to days on market, homes are moving quicker than before. Generally, homes spent 61 days on the market, which is four days shorter than December 2022 and about two weeks shorter than before the COVID-19 pandemic.

Additional details and full analysis of the market inventory levels, price fluctuations and stabilization as well as days on market tallies can be found in the Realtor.com® December Monthly Housing Report.

December 2023 Housing Overview by Top 50 Largest Metros

Metro AreaMedian Listing PriceMedian Listing Price YoYMedian Listing Price per Sq. Ft. YoYActive Listing Count YoYNew Listing Count YoYMedian Days on MarketMedian Days on Market Y-Y (Days)Price Reduced SharePrice Reduced Share Y-Y (Percentage Points)
Atlanta-Sandy Springs-Alpharetta, Ga.$415,0003.8 %4.2 %-3.6 %-5.0 %53-613.0 %-3.9 pp
Austin-Round Rock-Georgetown, Texas$540,0002.9 %2.3 %3.4 %20.9 %74220.0 %-5.6 pp
Baltimore-Columbia-Towson, Md.$345,0004.5 %4.9 %-4.8 %-3.6 %46-513.0 %0.6 pp
Birmingham-Hoover, Ala.$287,0004.2 %6.1 %13.8 %-11.1 %60-314.4 %-0.1 pp
Boston-Cambridge-Newton, Mass.-N.H.$800,0006.8 %9.9 %-7.8 %9.9 %53-59.1 %-2.1 pp
Buffalo-Cheektowaga, N.Y.$249,0008.3 %10.0 %-2.5 %8.8 %59-25.5 %-1.6 pp
Charlotte-Concord-Gastonia, N.C.-S.C.$400,0000.9 %5.9 %-7.6 %-3.4 %53-412.9 %-4 pp
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.$350,0008.4 %6.0 %-18.2 %-7.3 %51-311.2 %0 pp
Cincinnati, Ohio-Ky.-Ind.$335,0003.1 %6.0 %17.5 %10.3 %44-711.5 %1.9 pp
Cleveland-Elyria, Ohio$220,00015.8 %9.3 %-3.1 %16.1 %51-513.4 %-1.4 pp
Columbus, Ohio$360,0009.1 %6.2 %8.6 %-7.3 %49-118.0 %1 pp
Dallas-Fort Worth-Arlington, Texas$435,000-0.9 %1.2 %6.4 %4.4 %58-117.4 %-2.3 pp
Denver-Aurora-Lakewood, Colo.$610,0001.7 %6.3 %7.1 %3.1 %61212.6 %-5.8 pp
Detroit-Warren-Dearborn, Mich.$235,0002.3 %5.5 %-15.2 %-10.5 %50-212.3 %-5.7 pp
Hartford-East Hartford-Middletown, Conn.$390,0006.8 %6.6 %-14.7 %11.5 %45-106.7 %-0.8 pp
Houston-The Woodlands-Sugar Land, Texas$360,0000.0 %1.7 %6.7 %4.8 %56-313.2 %-2.1 pp
Indianapolis-Carmel-Anderson, Ind.$304,0003.2 %6.2 %7.6 %-7.3 %57419.3 %0.4 pp
Jacksonville, Fla.$408,0004.8 %4.5 %2.5 %10.0 %61-314.8 %-6.6 pp
Kansas City, Mo.-Kan.$400,000-2.5 %0.4 %0.0 %7.4 %64-79.9 %-0.8 pp
Las Vegas-Henderson-Paradise, Nev.$460,0003.8 %3.3 %-45.3 %-11.3 %54-1914.8 %-5.9 pp
Los Angeles-Long Beach-Anaheim, Calif.$1,100,00017.6 %10.5 %-18.2 %14.6 %54-77.5 %-3.6 pp
Louisville/Jefferson County, Ky.-Ind.$300,0001.7 %4.8 %4.2 %8.4 %50-216.3 %-0.9 pp
Memphis, Tenn.-Miss.-Ark.$318,000-2.2 %3.6 %28.5 %35.7 %63217.9 %-0.2 pp
Miami-Fort Lauderdale-Pompano Beach, Fla.$580,000-2.5 %2.8 %19.0 %13.5 %61-513.9 %0.1 pp
Milwaukee-Waukesha, Wis.$335,000-0.9 %3.4 %0.3 %-5.2 %44-214.2 %2.9 pp
Minneapolis-St. Paul-Bloomington, Minn.-Wis.$420,0005.1 %1.8 %2.6 %2.0 %55-310.4 %-1.1 pp
Nashville-Davidson-Murfreesboro-Franklin, Tenn.$555,0007.8 %5.9 %4.2 %0.2 %44-414.9 %-3.4 pp
New Orleans-Metairie, La.$325,0001.9 %0.6 %25.5 %19.2 %78311.3 %0 pp
New York-Newark-Jersey City, N.Y.-N.J.-Pa.$748,00011.6 %16.5 %-14.2 %3.4 %71-45.8 %-1.1 pp
Oklahoma City, Okla.$320,000-1.5 %0.1 %15.1 %27.3 %58-217.4 %-1.9 pp
Orlando-Kissimmee-Sanford, Fla.$439,0002.1 %3.5 %16.7 %19.7 %58-916.1 %-2.3 pp
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.$340,0004.6 %6.3 %-7.6 %1.6 %56-512.0 %0 pp
Phoenix-Mesa-Chandler, Ariz.$527,00010.9 %2.9 %-23.2 %-14.0 %53-1620.9 %-5.5 pp
Pittsburgh, Pa.$230,00015.0 %8.8 %-1.0 %6.5 %66-612.9 %1.3 pp
Portland-Vancouver-Hillsboro, Ore.-Wash.$600,0001.7 %2.6 %7.5 %15.1 %66112.1 %-1.2 pp
Providence-Warwick, R.I.-Mass.$500,0005.2 %0.9 %-3.8 %-5.3 %4508.3 %-1.7 pp
Raleigh-Cary, N.C.$448,000-0.1 %4.4 %-17.7 %-5.7 %63-510.2 %-6.8 pp
Richmond, Va.$430,00013.7 %8.0 %4.6 %-3.8 %5419.0 %-3.4 pp
Riverside-San Bernardino-Ontario, Calif.$579,0002.5 %6.2 %-17.0 %13.8 %59-710.8 %-4.1 pp
Rochester, N.Y.$250,0008.7 %8.1 %-4.9 %7.5 %35-38.9 %-0.3 pp
Sacramento-Roseville-Folsom, Calif.$625,0006.4 %4.6 %-19.5 %1.0 %52-1110.9 %-4.2 pp
San Antonio-New Braunfels, Texas$336,000-3.9 %-0.6 %20.9 %15.3 %68118.9 %-1.9 pp
San Diego-Chula Vista-Carlsbad, Calif.$980,0009.0 %14.3 %-17.1 %10.3 %44-1010.7 %-2.8 pp
San Francisco-Oakland-Berkeley, Calif.$998,0000.5 %0.5 %-15.3 %5.2 %58-37.4 %-2.5 pp
San Jose-Sunnyvale-Santa Clara, Calif.$1,299,000-7.1 %-0.4 %-12.9 %18.7 %43-106.1 %-6.7 pp
Seattle-Tacoma-Bellevue, Wash.*$749,0003.3 %5.0 %-8.4 %27.3 %57-29.3 %-6.3 pp
St. Louis, Mo.-Ill.$275,0002.2 %3.6 %10.1 %24.1 %53011.4 %-0.8 pp
Tampa-St. Petersburg-Clearwater, Fla.$420,0002.7 %5.4 %13.5 %6.7 %57-119.7 %-3.3 pp
Virginia Beach-Norfolk-Newport News, Va.-N.C.$379,0005.3 %7.0 %3.7 %-15.5 %45-416.1 %1.7 pp
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.$590,0004.4 %6.2 %-15.0 %13.8 %50-49.8 %-1.6 pp

Methodology

Realtor.com® housing data as of December 2023. Listings include the active inventory of existing single-family homes and condos/townhomes/rowhomes/co-ops for the given level of geography on Realtor.com®; new construction is excluded unless listed via an MLS that provides listing data to Realtor.com®. Realtor.com® data history goes back to July 2016. 50 largest U.S. metropolitan areas as defined by the Office of Management and Budget (OMB). With the publication of the December 2023 data, metro-level data has been updated to reflect the latest OMB metro area definitions, published July 2023, and historical data has been revised to be consistent with the new geographies.

About Realtor.com®

Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today’s on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.

Media Contact
press@move.com 

SOURCE realtor.com

Realtor.com® September Rental Report: Rent Prices Dip for Fifth Straight Month

Posted on by
Reply

In September, an uptick in multifamily home construction drove price declines, while quick absorption signals still-high demand from renters, especially for more affordable units

Santa Clara, CA – Oct. 23, 2023 (PRNewswire) The Realtor.com® September Rental Report revealed the housing market balance continues to tip in favor of renters amid an uptick in construction rates of multi-family homes, which helped push down rents for 0-2 bedroom properties (-0.7%) for the fifth consecutive month. Meanwhile, compared to pre-pandemic years, faster absorption rates of newly constructed apartments within the first three months after completion signal strong renter demand, particularly for lower-priced units.

In September, median asking rents in the 50 largest metros dropped to $1,747, down $29 from the peak seen in July 2022. Rent prices, while still significantly higher than pre-pandemic levels, dipped on an annual basis for units of all sizes.

“As rents ease and both home prices and mortgage rates continue to climb, it’s become more economical to rent than to buy in nearly all major markets,” said Danielle Hale, Chief Economist at Realtor.com®. “However, even with an influx of new apartment units coming onto the market and putting a lid on rent growth, renters are claiming these new apartments faster than prior to the pandemic. Those considering new housing options will want to do their research on their desired neighborhoods, determine their priorities, and set their budget well ahead of time if possible, so they’re ready to move quickly when the time comes.”

September 2023 Rental Metrics by Unit Size – National

Unit SizeMedian RentRent YoYRent Change – July 2019
Overall$1,747-0.7 %24.0 %
Studio$1,447-0.5 %17.5 %
1-bed$1,630-0.3 %24.0 %
2-bed$1,934-0.7 %26.3 %

Rent prices continue downward trend for units of all sizes

In September 2023, rental affordability continued to improve, although rent prices remained well above pre-pandemic levels. Median asking rents for two-bedroom units dropped for the fifth consecutive month (-0.7%), followed by a fourth straight month of declines for one-bedroom units (-0.3%) and a third consecutive month for studios (-0.5%). Median asking rents for larger units remain the most elevated from pre-pandemic levels, with two-bedroom units renting for $403 more per month than they did four years ago. Meanwhile, rents for studios are dropping at a slightly faster pace year-over-year than larger one-bedroom units.

As inventory rises nationwide, renters quickly claim affordable units

While a near-record-high number of new apartment units coming into the market is helping drive down rent prices, these units are being absorbed swiftly by renters, signaling robust rental demand. In September 2023, the annual completion rate of multi-family buildings with five or more units increased 10.1% month over month and 15.0% year over year. Renters are moving particularly quickly on affordable units. The absorption rate for affordable rental units – those renting for $1,850 or lower, approximately 30% of the median household income – was 69.8% within three months of completion. Within the same timeframe, 57.2% of those priced over $1,850 were rented.

As renters across the country move more quickly on new multifamily construction, absorption rates within three months after completion (for apartments built in the first quarter of 2023) exceeded pre-pandemic levels in all four regions. The Midwest experienced the most significant increase in absorption rates within this window, likely due to greater affordability, although increasing demand may begin to erode those savings.

More affordable Midwest metros lead growth in rent prices

Among the top 10 metros experiencing the fastest year-over-year rent growth, four are in the Midwest: Milwaukee (3.9%), Cincinnati (3.6%), Cleveland (3.2%), and Indianapolis (3.0%). The other six metros with the highest annual rent growth are spread throughout the South and Northeast: Louisville/Jefferson, Ky.-Ind. (4.6%), Richmond, Va. (4.6%), New York, (4.5%), Birmingham, Ala. (4.4%), Washington, DC (4.2%), and Boston (4.0%).

In the West, the median rent in September dropped by -3.1% compared to a year ago. Big metros such as San Francisco (-4.8%) and Los Angeles (-3.4%) continue to see some of the largest year-over-year declines. Interestingly, the West also saw a higher absorption rate for new apartments, which may be driven by a growing demand for newer, more affordable apartments, rather than an increase in overall demand.

The South is home to the top three metros with the most significant year-over-year rent declines: Austin, Texas (-7.3%), Dallas (-6.2%) and Orlando, Fla. (-5.4%). Austin, a prominent tech hub, saw the greatest decrease in median asking rents compared to the previous year, similar to its counterparts in the West. Rent price trends in Dallas and Orlando, areas that also experienced tech growth during the pandemic, closely resemble their western tech peers.

“With a record number of new units coming onto the market driving rent prices down, those who may have given up hope of homeownership may be able to leverage more affordable rental options – including downsizing to a smaller unit or considering a roommate for the near term – to help build savings for a future home,” said Jiayi Xu, Economist at Realtor.com®. “Households considering their next move can tap into tools like the free Realtor.com® rent or buy calculator to help weigh their options.”

Rental Data – 50 Largest Metropolitan Areas – September 2023

MetroMedian Rent
(0-2 Bedrooms)		YOY
(0-2 Bedrooms)
Atlanta-Sandy Springs-Roswell, GA$1,659-4.9 %
Austin-Round Rock, TX$1,638-7.3 %
Baltimore-Columbia-Towson, MD$1,8631.1 %
Birmingham-Hoover, AL$1,2594.4 %
Boston-Cambridge-Newton, MA-NH$3,0434.0 %
Buffalo-Cheektowaga-Niagara Falls, NYNANA
Charlotte-Concord-Gastonia, NC-SC$1,604-2.2 %
Chicago-Naperville-Elgin, IL-IN-WI$1,801-0.6 %
Cincinnati, OH-KY-IN$1,2613.6 %
Cleveland-Elyria, OH$1,2643.2 %
Columbus, OH$1,2052.1 %
Dallas-Fort Worth-Arlington, TX$1,530-6.2 %
Denver-Aurora-Lakewood, CO$1,957-1.0 %
Detroit-Warren-Dearborn, MI$1,3122.1 %
Hartford-West Hartford-East Hartford, CTNANA
Houston-The Woodlands-Sugar Land, TX$1,4021.6 %
Indianapolis-Carmel-Anderson, IN$1,3053.0 %
Jacksonville, FL$1,5311.5 %
Kansas City, MO-KS$1,2981.4 %
Las Vegas-Henderson-Paradise, NV$1,509-3.3 %
Los Angeles-Long Beach-Anaheim, CA$2,887-3.4 %
Louisville/Jefferson County, KY-IN$1,1994.6 %
Memphis, TN-MS-AR$1,293-3.3 %
Miami-Fort Lauderdale-West Palm Beach, FL$2,486-2.4 %
Milwaukee-Waukesha-West Allis, WI$1,6073.9 %
Minneapolis-St. Paul-Bloomington, MN-WI$1,5131.2 %
Nashville-Davidson–Murfreesboro–Franklin, TN$1,649-0.2 %
New Orleans-Metairie, LANANA
New York-Newark-Jersey City, NY-NJ-PA$2,8534.5 %
Oklahoma City, OK$1,0082.5 %
Orlando-Kissimmee-Sanford, FL$1,710-5.4 %
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD$1,790-0.4 %
Phoenix-Mesa-Scottsdale, AZ$1,563-5.2 %
Pittsburgh, PA$1,5290.8 %
Portland-Vancouver-Hillsboro, OR-WA$1,681-5.4 %
Providence-Warwick, RI-MANANA
Raleigh, NC$1,562-4.3 %
Richmond, VA$1,5334.6 %
Riverside-San Bernardino-Ontario, CA$2,316-1.6 %
Rochester, NYNANA
Sacramento–Roseville–Arden-Arcade, CA$1,864-3.3 %
San Antonio-New Braunfels, TX$1,279-2.4 %
San Diego-Carlsbad, CA$2,891-2.0 %
San Francisco-Oakland-Hayward, CA$2,925-4.8 %
San Jose-Sunnyvale-Santa Clara, CA$3,305-0.6 %
Seattle-Tacoma-Bellevue, WA$2,058-3.9 %
St. Louis, MO-IL$1,3463.0 %
Tampa-St. Petersburg-Clearwater, FL$1,720-3.9 %
Virginia Beach-Norfolk-Newport News, VA-NC$1,5222.6 %
Washington-Arlington-Alexandria,DC-VA-MD-WV$2,2384.2 %

Methodology

Rental data as of September for studio, 1-bedroom, or 2-bedroom units advertised as for-rent on Realtor.com®. Rental units include apartments as well as private rentals (condos, townhomes, single-family homes). We use rental sources that reliably report data each month within the top 50 largest metropolitan areas. Realtor.com® began publishing regular monthly rental trends reports in October 2020 with data history stretching back to March 2019.

With the release of its July rent report, Realtor.com® incorporated a new and improved methodology for capturing and reporting more comprehensive rental listing trends and metrics. The new methodology is expected to yield a cleaner, more representative and more consistent measurement of rental listings and trends at both the national and local level. The methodology has been adjusted to better represent the true cost of primary housing for renters. Most areas across the country will see minor changes with a smaller handful of areas seeing larger updates. As a result of these changes, the rental data released since July 2023 will not be directly comparable with previous releases and Realtor.com® economics blog posts. However, future data releases, including historical data, will consistently apply the new methodology.

About Realtor.com®

Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today’s on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.

Media contact: press@realtor.com

SOURCE Realtor.com