For most of the metros on the list, excess demand over the past few years gave way to new home construction that in turn relieved upward pressure on prices. There are several exceptions across more affordable Midwestern metros that buck the national trend with prices that are rising steadily, albeit from a much lower starting baseline.
Realtor.com indexed the median price per square foot in the 100 largest metro areas and compared median prices for May 2023 against May 2022. They also selected only one metro per U.S. state to provide geographical diversity.