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(NEXSTAR) — If you’ve been waiting for the housing market to cool off over the past few years, you know that hasn’t really happened. In fact, prices in some markets are actually rising despite falling inflation and still-high mortgage rates.

It’s not all bad news. Redfin reported earlier this week that U.S. home prices are rising at the slowest pace in nearly a year and a half, while new home listings are also rising. However, in a report released Thursday, Redfin noted that home prices have hit new highs.


According to an analysis by personal finance website SmartAsset, this is particularly true in several markets.

Nationally, SmartAsset found that home prices rose 6% last year, but have risen nearly 49% over the past five years. The report examined home sales data in the 100 largest U.S. cities to determine one-year and five-year price growth for single-family homes, condos and co-op apartments.

The analysis found that while coastal cities are primarily the most expensive, it has been the otherwise low-cost markets that have seen the highest price increases recently.

Topping the list was Wichita, Kansas (a state that will pay off your student debt if you move there). According to SmartAsset, home prices in Wichita increased more than 21% between April 2023 and April 2024, with the average sales price reaching $259,000. Since 2019, when home prices in Wichita averaged about $153,000, prices have increased more than 69%.

Below are the 10 cities where SmartAsset found the largest price changes in a year, along with the average home sale price in each city in April 2024:

rank metro 1-year price change Average selling price in April 2024
1 Wichita, Kansas 21.20% $259,264
2 Toledo, Ohio 16.40% 157,176 USD
3 Madison, Wisconsin 15.30% 387,610 USD
4 San Jose, California 12.90% $1,502,362
5 New Haven, Connecticut 12.80% 336,023 USD
6 Miami, Florida 12.60% 472,421 USD
7 Buffalo, New York 12.20% $231,596
8th Grand Rapids, Michigan 12.00% 314,511 USD
9 Harrisburg, Pennsylvania 11.00% $241,475
10 Charleston, South Carolina 10.90% 423,050 USD
Courtesy of SmartAsset

Just missing out was San Francisco, where the average sales price rose by almost 11% to $1.13 million last year. That is the second highest price in the US metropolises, just behind San Jose.

Also not in the top 10 is Knoxville, Tennessee, where home prices have risen 90% over the past five years, according to SmartAsset: In April, the average price was about $334,300, almost double the $176,400 asked for these homes in 2019.

If you’re looking for a bargain, SmartAsset found that home prices have fallen in five major metropolitan areas over the past year.

The biggest drop in prices was in Cape Coral, Florida, where the average price of a single-family home fell 5.3% in a year to $310,600. However, a recent analysis by Redfin found Cape Coral to be one of the few cities in Florida where listings have increased over the past year and homes are staying on the market longer. The increasing number of natural disasters, which drive up the cost of home insurance, is also impacting the region’s real estate market.

Below are the cities where prices have dropped recently.

metro 1-year price change Average selling price in April 2024
Cape Coral, Florida -5.30% 310,602 USD
Jackson, Mississippi -3.70% 223,310 USD
Birmingham, Alabama -1.80% $227,177
Lakeland, Florida -0.50% $297,820
Memphis, Tennessee -0.40% $226,295
Courtesy of SmartAsset

You can view SmartAsset’s full study here.

If you’re waiting for home prices to drop, you may be in luck. Redfin found in its report that sellers are lowering the prices of their listings to the highest level since November 2022. Mortgage rates have also dropped and asking price growth has slowed.