The U.S. housing market in 2024 has shown various changes by region.

The national average home price was recorded at approximately $424,000 as of Q3 2024, which is a 1.4% increase from the previous quarter.

Current Home Prices by Major Regions:

• Hawaii: The median home price was the highest at approximately $986,352.

• West Virginia: The median home price was the lowest at approximately $167,341.

• Colorado: The median home price maintained a mid-high range at approximately $553,534.

Home Price Growth Rates by Major Cities (as of December 2023):

• Las Vegas: 12.5% increase

• Phoenix: 11.2% increase

• Miami: 10.6% increase

• San Diego: 9.8% increase

• Washington D.C.: 9.7% increase

Overall, the U.S. housing market has shown varying price fluctuations by region, with some areas experiencing notable increases in home prices.

The U.S. housing market is closely related to population movement. Especially after the COVID-19 pandemic, many people moved from large cities to suburbs or smaller cities, significantly impacting housing demand and prices.

Population Movement and Home Price Fluctuations:

• Movement from Cities to Suburbs: During the pandemic, the spread of remote work led many people to leave large cities for suburbs or smaller towns. This resulted in increased housing demand in suburban areas, leading to rising home prices.

• Population Exodus from Major Cities: In some large cities like New York, San Francisco, and Chicago, population outflow accelerated, resulting in oversupply and price declines in those cities' housing markets.

• Population Influx to Major Cities: Cities like Austin, Phoenix, Denver, and Nashville experienced an influx of people due to relatively low home prices and high job creation, leading to increased housing demand and price growth.

Home Price Fluctuations by Major Regions:

• Western Region: The western region, including California, faced challenges in the housing market due to high home prices and supply shortages.

• Southern Region: The southern region, including Texas and Florida, experienced increased housing demand and price growth due to relatively low home prices and economic growth.

• Midwestern Region: The Midwestern region, including Illinois and Michigan, saw some cities facing housing market stagnation due to population outflow, while suburban areas showed increasing housing demand.

Future Outlook:

In 2025, the housing market is expected to show a gradual upward trend due to fluctuations in mortgage rates and an increase in housing inventory. However, home price fluctuations are likely to vary by region, and trends in the housing market will change according to population movement patterns.

Therefore, investing in the housing market is crucial to analyze regional population movements and economic trends closely before making decisions.