14 Cities Where the Population and Home Prices Are Booming
Population increases often lead to an increase in home prices, as increase in demand and lack of supply can drive prices up. To find the places where a boom in population has also led to an increase in home prices, Zoocasa focused on places with a population of 100,000 or more where the population changed by more than 0.5%, either increasing or decreasing between July 2022 and July 2023. Zoocasa then compared median home prices from 2022 to 2024 to calculate the percentage difference in home prices in relation to these population shifts.
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The following cities all experienced population growth from 2022 to 2023, and home price increases of at least 10% from 2022 to 2024. Cities are sorted by percent increase in home price.
Providence, Rhode Island
Population % change (July 2022 to July 2023): 0.6%
Median home price (2022): $325,000
Median home price (2024): $457,450
Home price % change: 40.8%
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Tuscaloosa, Alabama
Population % change (July 2022 to July 2023): 0.7%
Median home price (2022): $258,500
Median home price (2024): $321,400
Home price % change: 24.3%
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Charleston, South Carolina
Population % change (July 2022 to July 2023): 1.1%
Median home price (2022): $565,836
Median home price (2024): $700,000
Home price % change: 23.7%
Irvine, California
Population % change (July 2022 to July 2023): 0.6%
Median home price (2022): $1,231,000
Median home price (2024): $1,440,000
Home price % change: 17%
Olathe, Kansas
Population % change (July 2022 to July 2023): 1.3%
Median home price (2022): $395,500
Median home price (2024): $454,261
Home price % change: 14.9%
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Wilmington, North Carolina
Population % change (July 2022 to July 2023): 1.3%
Median home price (2022): $362,100
Median home price (2024): $415,000
Home price % change: 14.6%
Cambridge, Massachusetts
Population % change (July 2022 to July 2023): 0.7%
Median home price (2022): $785,000
Median home price (2024): $895,000
Home price % change: 14%
Columbia, Missouri
Population % change (July 2022 to July 2023): 0.7%
Median home price (2022): $288,900
Median home price (2024): $329,000
Home price % change: 13.9%
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Scottsdale, Arizona
Population % change (July 2022 to July 2023): 0.6%
Median home price (2022): $1,055,000
Median home price (2024): $1,200,000
Home price % change: 13.7%
Madison, Wisconsin
Population % change (July 2022 to July 2023): 1.0%
Median home price (2022): $397,000
Median home price (2024): $450,000
Home price % change: 13.4%
Ramapo, New York
Population % change (July 2022 to July 2023): 0.7%
Median home price (2022): $660,000
Median home price (2024): $745,000
Home price % change: 12.9%
Pictured: Nyack, Rockland County, Hudson Valley, New York
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Suffolk, Virginia
Population % change (July 2022 to July 2023): 2.3%
Median home price (2022): $361,802
Median home price (2024): $402,707
Home price % change: 11.3%
Chattanooga, Tennessee
Population % change (July 2022 to July 2023): 1.6%
Median home price (2022): $310,000
Median home price (2024): $344,000
Home price % change: 11%
Elizabeth, New Jersey
Population % change (July 2022 to July 2023): 0.6%
Median home price (2022): $568,000
Median home price (2024): $630,000
Home price % change: 10.9%
Data is sourced from Zoocasa and is accurate as of June 20, 2024.
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