(NEXSTAR) — Even though recent data shows the housing market could be cooling, sales prices are still surging in several major cities, including Myrtle Beach.
According to a recent ranking from real estate company Redfin, the top 10 cities with the fastest-growing sales prices are located in only three states — and the majority are in just one state.
Detroit ranked first with a 37.1% year-over-year sales-price increase. The median sale price for a home in Detroit is $96,500 as of June. Redfin data shows buyers pay about $74 per square foot. Homes in Detroit stay on the market for about27 days and sell about 4% below the list price.
Myrtle Beach ranks second on the list, with a 34% sales price increase in the past year. The area’s median home sale price is $288,000. Despite this, Redfin says Myrtle Beach homes typically go for about 1% below list price and sell in about 52 days.
The rest of the list is dominated by the state with the most metros with fast-growing sales prices: Florida.
These Florida cities are (ranked 3-10): Lehigh Acres (32% growth); West Palm Beach (29.9%); St. Petersburg (28.9%); Port St. Lucie (28.6%); Cape Coral (27.9%); Palm Bay (27.8%); Riverview (27.7%) and Kissimmee (25.9%).
So how expensive are homes in Florida? Data from June 2022 shows the median sale price is $410,400 — with 39.1% of homes selling above the list price.
Nationwide, the median sale price for a home in June 2022 was $428,400, an 11.2% increase over the same time last year. But even though this is a double-digit increase in prices, it’s also the smallest year-over-year increase “in nearly two years,” Redfin market analyst Tim Ellis said.
On the flip side, some major U.S. metros are seeing slowing real estate markets.
A recent Redfin study showed the top 10 real estate markets that are cooling the fastest — a list that includes Seattle, Denver, Boise, Idaho, and Tacoma, Washington. Several California cities also made the list, including San Jose (No. 1), Sacramento (No. 2), and Oakland (No. 3).