26 Cities Where the Population Is Growing Rapidly — but Home Prices Are Shrinking
Typically, as populations rise, so do home prices due to an increasing demand for a limited supply. However, this isn’t always the case.
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Zoocasa analyzed cities 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. In some cities, the population increased while home prices surprisingly dropped.
Here’s a look at the places where the population recently boomed, but homes have become more affordable.
Buckeye, Arizona
Population % change (July 2022 to July 2023): 3.2%
Median home price (2022): $440,000
Median home price (2024): $396,995
Home price % change: -9.8%
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San Antonio
Population % change (July 2022 to July 2023): 1.5%
Median home price (2022): $341,600
Median home price (2024): $314,000
Home price % change: -8.1%
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Glendale, Arizona
Population % change (July 2022 to July 2023): 0.7%
Median home price (2022): $463,500
Median home price (2024): $431,000
Home price % change: -7%
Jersey City, New Jersey
Population % change (July 2022 to July 2023): 0.7%
Median home price (2022): $557,500
Median home price (2024): $519,000
Home price % change: -6.9%
Meridian, Idaho
Population % change (July 2022 to July 2023): 3.9%
Median home price (2022): $589,990
Median home price (2024): $551,950
Home price % change: -6.5%
Surprise, Arizona
Population % change (July 2022 to July 2023): 2.7%
Median home price (2022): $467,500
Median home price (2024): $438,470
Home price % change: -6.2%
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Fort Worth, Texas
Population % change (July 2022 to July 2023): 2.2%
Median home price (2022): $355,000
Median home price (2024): $335,907
Home price % change: -5.4%
McKinney, Texas
Population % change (July 2022 to July 2023): 2.8%
Median home price (2022): $549,450
Median home price (2024): $525,000
Home price % change: -4.5%
Frisco, Texas
Population % change (July 2022 to July 2023): 2.4%
Median home price (2022): $549,450
Median home price (2024): $525,000
Home price % change: -4.5%
Arlington, Texas
Population % change (July 2022 to July 2023): 0.9%
Median home price (2022): $355,000
Median home price (2024): $339,500
Home price % change: -4.4%
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Nampa, Idaho
Population % change (July 2022 to July 2023): 3.1%
Median home price (2022): $491,600
Median home price (2024): $471,500
Home price % change: -4.1%
Lubbock, Texas
Population % change (July 2022 to July 2023): 1.1%
Median home price (2022): $245,000
Median home price (2024): $236,200
Home price % change: -3.6%
Goodyear, Arizona
Population % change (July 2022 to July 2023): 4%
Median home price (2022): $507,000
Median home price (2024): $490,000
Home price % change: -3.4%
Huntsville, Alabama
Population % change (July 2022 to July 2023): 1.6%
Median home price (2022): $324,900
Median home price (2024): $313,900
Home price % change: -3.4%
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Durham, North Carolina
Population % change (July 2022 to July 2023): 1.2%
Median home price (2022): $453,600
Median home price (2024): $440,900
Home price % change: -2.8%
Concord, North Carolina
Population % change (July 2022 to July 2023): 1.3%
Median home price (2022): $390,000
Median home price (2024): $380,000
Home price % change: -2.6%
Bend, Oregon
Population % change (July 2022 to July 2023): 1.3%
Median home price (2022): $739,900
Median home price (2024): $726,500
Home price % change: -1.8%
Centennial, Colorado
Population % change (July 2022 to July 2023): 0.9%
Median home price (2022): $605,500
Median home price (2024): $595,500
Home price % change: -1.7%
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St. George, Utah
Population % change (July 2022 to July 2023): 2%
Median home price (2022): $560,000
Median home price (2024): $552,000
Home price % change: -1.4%
Thornton, Colorado
Population % change (July 2022 to July 2023): 1.2%
Median home price (2022): $545,000
Median home price (2024): $538,450
Home price % change: -1.2%
Columbia, South Carolina
Population % change (July 2022 to July 2023): 2%
Median home price (2022): $269,900
Median home price (2024): $268,400
Home price % change: -0.6%
Fargo, North Dakota
Population % change (July 2022 to July 2023): 1.3%
Median home price (2022): $283,800
Median home price (2024): $282,500
Home price % change: -0.5%
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Henderson, Nevada
Population % change (July 2022 to July 2023): 1.8%
Median home price (2022): $466,400
Median home price (2024): $465,400
Home price % change: -0.2%
Las Vegas
Population % change (July 2022 to July 2023): 0.7%
Median home price (2022): $466,400
Median home price (2024): $465,400
Home price % change: -0.2%
Chesapeake, Virginia
Population % change (July 2022 to July 2023): 0.6%
Median home price (2022): $375,567
Median home price (2024): $375,000
Home price % change: -0.2%
Seattle
Population % change (July 2022 to July 2023): 0.8%
Median home price (2022): $756,200
Median home price (2024): $755,300
Home price % change: -0.1%
Data is sourced from Zoocasa and is accurate as of June 20, 2024.
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This article originally appeared on GOBankingRates.com: 26 Cities Where the Population Is Growing Rapidly — but Home Prices Are Shrinking