Homes.com Report: Home Price Increases Slowed for the Third Consecutive Month in March

The median home price increased 2.2% in March over last year. The Northeast and Midwest markets continued to see the strongest price growth

ARLINGTON, Va.--(BUSINESS WIRE)--Homes.com, a CoStar Group leading online residential marketplace, today released a new report analyzing home prices in March (based on the data collected to date), price trends across major cities, and what the latest developments in the housing market mean for homebuyers.

According to the preliminary estimates, home prices continued to go up in March, but the rate of price increases slowed for the third consecutive month. Year-over-year, prices rose 2.2% in March, 2.7% in February, and 3.6% in January. In dollar terms, the median home price went up $8,000 from March of last year to March of this year, rising from $372,000 to $380,000. Prices have increased for 21 consecutive months, with price appreciation peaking at 5.6% in December.

In addition to the slowing price growth in recent months, there was an increase in the number of homes for sale and a small decline in mortgage rates in March. Lower mortgage rates make buying a home more affordable, and more homes for sale equates to higher leverage for homebuyers. Combined, these factors point to a slight shift away from a seller's market and towards a buyer's market.

The Northeast and Midwest continued to see the strongest price appreciation in March. Of the 10 markets with the largest price increases, four were in the Northeast, and four were in the Midwest. Cleveland led the way, with prices rising more than 10% in the past year, followed by Chicago, New York, and Pittsburgh. By contrast, the South only had one market, Austin, among the 10 cities with the largest price increases, while five Southern markets were among the bottom 10. Four markets saw price declines in March, with the state of Florida accounting for three of the four. The four markets with declines were Orlando, Jacksonville, San Francisco, and Tampa.

The data shared in this report could change slightly once all home sales are accounted for. Melina Duggal, Senior Director of Market Analytics at CoStar Group and Homes.com, is available for interviews to provide insights on these data and the residential real estate market in general. For more information and insights on the latest home buying and selling market trends, visit Homes.com.

About Homes.com

Homes.com is the fastest-growing residential real estate marketplace and the second largest portal in the United States. Homes.com is a brand of CoStar Group (NASDAQ: CSGP), a global leader in commercial real estate information, analytics, and online marketplaces, which acquired the platform in 2021.

Homes.com is the first major U.S. real estate portal to focus first on helping homeowners and their agents leverage the marketing power of the internet to bring more potential buyers to their listings. Homes.com’s unparalleled content and search capabilities bring millions of buyers and sellers to the site where they can seamlessly connect with agents. On average, Homes.com’s Members are winning 58% more listings* because they offer the home sellers a real estate portal that works for them not against them.

The Homes.com Network reached an audience of 110 million average monthly unique visitors in the fourth quarter ending December 31, 2024.** Consumer brand awareness skyrocketed from 4% to 33% in just one year since CoStar Group launched the industry’s largest marketing campaign to date in February 2024, reintroducing the platform to the market. For more information, visit Homes.com.

* Based on internal analyses comparing Members to non-Members on Homes.com.

** Homes.com Network (which includes Homes.com, the Apartments Network, and the Land Network) average monthly unique visitors for the quarter ended December 31, 2024, according to Google Analytics.

About CoStar Group

CoStar Group (NASDAQ: CSGP) is a global leader in commercial real estate information, analytics, online marketplaces and 3D digital twin technology. Founded in 1986, CoStar Group is dedicated to digitizing the world’s real estate, empowering all people to discover properties, insights, and connections that improve their businesses and lives.

CoStar Group’s major brands include CoStar, a leading global provider of commercial real estate data, analytics, and news; LoopNet, the most trafficked commercial real estate marketplace; Apartments.com, the leading platform for apartment rentals; and Homes.com, the fastest-growing residential real estate marketplace. CoStar Group’s industry-leading brands also include Matterport, a leading spatial data company whose platform turns buildings into data to make every space more valuable and accessible, STR, a global leader in hospitality data and benchmarking, Ten-X, an online platform for commercial real estate auctions and negotiated bids and OnTheMarket, a leading residential property portal in the United Kingdom.

CoStar Group’s websites attracted over 134 million average monthly unique visitors in the fourth quarter of 2024, serving clients around the world. Headquartered in Arlington, Virginia, CoStar Group is committed to transforming the real estate industry through innovative technology and comprehensive market intelligence. From time to time, we plan to utilize our corporate website as a channel of distribution for material company information. For more information, visit CoStarGroup.com.