The Northeast and the Midwest lead the country on price growth this month, even though both lost households on net in the latest migration data, while the South and the West trail. Where households move is not, on its own, where prices rise.
The CITIZEN Housing Report is published monthly by Lualdi Advisors from CITIZEN, the firm's national read of the US housing market, scored ZIP code by ZIP code. This edition covers data through August 2026. Every metro named below links to its full report, with prices, rents and yields for each of its ZIP codes.
A two-speed market
Of the 100 largest metros, 72 have higher home values than a year ago, as do 77% of US ZIP codes. The split is regional.
In the Northeast, 13 of 14 metros are rising, and in the Midwest, 15 of 15. In the South the figure is 28 of 44, and in the West 16 of 27. The typical metro in the Northeast is up 3.7% over the year; in the West it is up 0.2%.
| Region | Metros | Typical 12-month change | Metros rising |
|---|---|---|---|
| Northeast | 14 | +3.7% | 13 of 14 |
| Midwest | 15 | +3.7% | 15 of 15 |
| South | 44 | +0.6% | 28 of 44 |
| West | 27 | +0.2% | 16 of 27 |
Where prices are rising fastest
Grand Rapids leads the 100 largest metros, with the typical home up 7.0% over the year, followed by Augusta, Winston-Salem, Milwaukee and Pensacola. Of the ten fastest-rising metros, seven are in the Northeast or the Midwest.
| Metro | Typical value | 12 months | 5 years, per year |
|---|---|---|---|
| Grand Rapids, MI | $315K | +7.0% | +5.0% |
| Augusta, GA | $194K | +5.9% | +4.0% |
| Winston-Salem, NC | $267K | +5.5% | +5.1% |
| Milwaukee, WI | $420K | +5.4% | +5.5% |
| Pensacola, FL | $291K | +5.3% | +3.7% |
| Hartford, CT | $442K | +5.0% | +7.7% |
| St. Louis, MO | $254K | +4.9% | +4.3% |
| Albany, NY | $332K | +4.8% | +5.8% |
| Bridgeport, CT | $686K | +4.8% | +7.1% |
| Buffalo, NY | $288K | +4.8% | +5.5% |
Where prices are falling
Of the 100 largest metros, 28 are below where they were a year ago. Austin has fallen furthest, down 5.5%, followed by Cape Coral, Las Vegas, Durham and Colorado Springs.
| Metro | Typical value | 12 months | 5 years, per year |
|---|---|---|---|
| Austin, TX | $425K | −5.5% | −1.8% |
| Cape Coral, FL | $330K | −3.8% | +2.0% |
| Las Vegas, NV | $408K | −2.7% | +3.2% |
| Durham, NC | $387K | −2.5% | +4.6% |
| Colorado Springs, CO | $446K | −2.4% | +1.3% |
| Jacksonville, FL | $315K | −1.9% | +3.4% |
| North Port, FL | $389K | −1.9% | +2.2% |
| Lakeland, FL | $285K | −1.8% | +3.7% |
| Stockton, CA | $549K | −1.7% | +0.8% |
| Dallas, TX | $345K | −1.7% | +2.6% |
Turning points
Twelve-month figures move slowly. The last three months, turned into a yearly rate, show where the direction is changing. Of the metros still below last year, four are rising again over the latest three months: North Port, Charleston, New Orleans and Denver. In the other direction, 13 of the metros that are higher than a year ago have slipped over the same three months, among them Winston-Salem, Baton Rouge, Greensboro, San Antonio, Fresno and Fayetteville.
| Metro | 12 months | Latest 3 months, yearly rate | Direction |
|---|---|---|---|
| North Port, FL | −1.9% | +1.1% | Turning up |
| Charleston, SC | −1.5% | +1.1% | Turning up |
| New Orleans, LA | −0.1% | +2.5% | Turning up |
| Denver, CO | −1.5% | +0.8% | Turning up |
| Winston-Salem, NC | +5.5% | −1.6% | Turning down |
| Baton Rouge, LA | +0.3% | −5.8% | Turning down |
| Greensboro, NC | +4.4% | −1.0% | Turning down |
| San Antonio, TX | +0.2% | −4.2% | Turning down |
| Fresno, CA | +2.4% | −1.9% | Turning down |
The highest rental yields
Gross rental yield is a year's rent divided by the home value, before costs. The typical US ZIP code with rent data yields 5.6%. Among the 100 largest metros, Akron yields the most, 8.0%, followed by Columbia, El Paso, Cleveland, Birmingham and Augusta. At the other end, San Jose yields 3.2%.
| Metro | Gross yield | Typical rent | Typical value |
|---|---|---|---|
| Akron, OH | 8.0% | $1,400 | $263K |
| Columbia, SC | 8.0% | $1,600 | $227K |
| El Paso, TX | 7.9% | $1,300 | $222K |
| Cleveland, OH | 7.8% | $1,400 | $282K |
| Birmingham, AL | 7.8% | $1,500 | $239K |
| Augusta, GA | 7.7% | $1,500 | $194K |
| McAllen, TX | 7.6% | $1,100 | $170K |
| Lakeland, FL | 7.6% | $1,800 | $285K |
| Dayton, OH | 7.6% | $1,400 | $249K |
| Memphis, TN | 7.4% | $1,500 | $239K |
Where buyers are moving
Household moves recorded between the 2022 and 2023 tax years, measured county by county and summed for each metro, show where people are arriving and leaving. Dallas gained the most households, +43,232 on net, followed by Phoenix, Austin, Charlotte and Tampa. The largest net losses were in New York, Los Angeles and Riverside. Yet of the eight metros gaining the most households, seven have lower home values than a year ago, Dallas, Phoenix, Austin and Tampa among them.
Money does not always follow headcount. Miami lost 57,158 households on net, yet the households that arrived brought $7.8bn more income than those that left.
| Metro | Net households | Net income moved | Home values, 12 months |
|---|---|---|---|
| Dallas, TX | +43,232 | +$4.5bn | −1.7% |
| Phoenix, AZ | +28,148 | +$4.6bn | −1.2% |
| Austin, TX | +27,732 | +$3.1bn | −5.5% |
| Charlotte, NC | +26,068 | +$2.1bn | +1.7% |
| Tampa, FL | +24,942 | +$4.4bn | −0.7% |
| Lakeland, FL | +23,340 | +$1.8bn | −1.8% |
| New York, NY | −155,876 | −$22.3bn | +4.6% |
| Los Angeles, CA | −112,508 | −$10.2bn | +1.4% |
| Riverside, CA | −81,218 | −$8.3bn | −0.4% |
| Miami, FL | −57,158 | +$7.8bn | +0.6% |
The metros gaining the most households are not the ones gaining the most value.
Every metro in detail
CITIZEN publishes a free report for each of the 100 largest US metros, rebuilt every month: the typical home value and its two-year path, the fastest-rising and falling ZIP codes, rents and yields, affordability against local incomes, county migration, and every ZIP code in the metro. Start from the US housing market overview, or go straight to a metro:
- New York
- Los Angeles
- Chicago
- Dallas
- Houston
- Miami
- Atlanta
- Washington
- Phoenix
- Philadelphia
- San Francisco
- Seattle
- Riverside
- Boston
- Detroit
- Minneapolis
- San Diego
- Tampa
- Denver
- Orlando
- Portland
- Charlotte
- Baltimore
- Sacramento
- All 100 metros
A national average describes no street in America. This month it says home values are up 3.0%; underneath, the Northeast and the Midwest are rising while the South and the West cool, and the metros gaining the most people are not the ones gaining the most value. The decision is made ZIP code by ZIP code, and that is the level CITIZEN reads.
About the report
The CITIZEN Housing Report is published every month by Lualdi Advisors. Figures come from CITIZEN, data through August 2026. Metro and regional figures are medians across ZIP codes, not a separate index; regions follow the four standard US regions; migration figures cover the 2022 and 2023 tax years and are measured by county. The next edition follows next month.
Journalists, researchers and analysts are welcome to cite the figures in this report with attribution to Lualdi Advisors, CITIZEN Housing Report (October 2026) and a link to this page. For ZIP-code-level data, custom cuts or CITIZEN access, contact the firm.
Source: CITIZEN, Lualdi Advisors, data through August 2026. For informational purposes only; not investment advice.
