On Friday, October 24th, Realtor.com, a real estate website in the United States, released a research report highlighting the staggering differences in housing price increases across major metropolitan areas from 1975 to 2024. Coastal cities saw triple-digit increases in housing prices after adjusting for inflation, while some areas in the Midwest and South only experienced single-digit growth, reflecting the structural differentiation of the housing market due to the economic transformation in the United States.
According to data from the Federal Housing Finance Agency (FHFA), housing prices in the top 50 metropolitan areas in the U.S. have increased over the past 50 years. Leading the pack is San Jose, Silicon Valley, California, with an inflation-adjusted increase of a remarkable 396%, making it the city with the highest housing price surge in the United States. In 2024, San Jose became the first city where the median price of a single-family home exceeded $2 million.
Also in California, San Francisco and Los Angeles ranked second and third respectively, with housing prices surging by 300% and 292% each. Seattle in Washington state took the fourth spot with a 280% increase, while San Diego, California followed with a 271% surge. Overall, five out of the top ten cities with the largest housing price increases in the U.S. are in California, showing the strong influence of the technology and innovation industries on the housing market.
Senior economist at Realtor.com, Jake Krimmel, pointed out, “The shift in the U.S. from manufacturing to a service and information economy has made some areas big winners, while others have suffered significant losses.” He explained that cities like Silicon Valley and Seattle have seen long-term increases in housing prices due to the concentration of the tech industry and ample research and development funding.
On the East Coast, traditional financial hubs have also shown impressive performance. Over the past half-century, Boston’s housing prices have risen by 196%, ranking sixth overall. New York City and Denver tied for eighth place with a 161% increase. Krimmel noted that the modernization and digitization of the financial industry on the East Coast have driven employment and property appreciation, coupled with limited land supply, making the uptrend in housing prices in these cities more pronounced.
The cities with the largest housing price increases in the U.S. from 1975 to 2024 are as follows:
• San Jose, California – 396%
• San Francisco, California – 300%
• Los Angeles, California – 292%
• Seattle, Washington – 280%
• San Diego, California – 271%
• Boston, Massachusetts – 196%
• Riverside, California – 179%
• New York City, New York – 161%
• Denver, Colorado – 161%
• Portland, Oregon – 154%
In contrast, former manufacturing hubs have shown significantly slower housing market performance. Memphis, Tennessee, and Cleveland, Ohio, saw housing prices rise by only 2% over the past 50 years, the lowest in the country. Birmingham, Alabama, experienced a 9% increase, while Pittsburgh, Pennsylvania, saw a 26% increase, both well below the national average.
Krimmel stated, “The outsourcing of manufacturing has led to a significant loss of jobs in these areas, which lack the funds and human resources to transition into tech or financial centers.” As of September 2025, the median list prices for homes in Pittsburgh and Cleveland were $254,950 and $259,950, respectively, the lowest in the country.
The ten cities with the smallest housing price increases in the U.S. from 1975 to 2024 are:
• Memphis, Tennessee – 2%
• Cleveland, Ohio – 2%
• Birmingham, Alabama – 9%
• St. Louis, Missouri – 18%
• Cincinnati, Ohio – 22%
• Oklahoma City, Oklahoma – 24%
• Pittsburgh, Pennsylvania – 26%
• Kansas City, Missouri-Kansas – 27%
• Detroit, Michigan – 27%
• Indianapolis, Indiana – 28%
This report highlights the structural differentiation of the U.S. housing market, where West Coast cities benefit from high-tech innovation, East Coast cities benefit from the thriving financial industry, and old industrial cities in the Midwest and South struggle to regain their former glory amidst economic transformation.