February saw the highest rate of year-over-year home price growth in history

Although Hartford experienced double-digit growth in home prices year over year, its growth lagged behind the growth of many other cities.

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February 2022 saw annual home price growth of 19.6%, according to the Black Knight Mortgage Monitor Report, the highest rate ever recorded since the company began analyzing this data in 2000. Data firm CoreLogic recorded a similar finding: “National home prices increased 20% year-over-year in February 2022, according to the latest CoreLogic Home Price Index Reportyou. The House Price Index gain for February 2022 was higher than the 10% gain for February 2021 and was the largest 12-month growth in the US index since the series began in 1976.” Additionally, each of the 100 markets measured by Black Knight posted double-digit annual growth in February. “That’s the first time it’s happened,” Black Knight writes. And three-quarters of those markets are still seeing home prices accelerate, even as interest rates continue to rise, and professionals say it will continue throughout 2022. (You can see the lowest mortgage rates you may qualify for here.)

But the growth is not universal, and in fact, in some major cities, growth is much slower than average. Minneapolis, Chicago, Baltimore and Milwaukee are among the cities with the slowest housing growth, with an annual home price growth rate of 11% or less. Meanwhile, in these five cities home prices grew at rates of 31.5% or more: Tampa, Austin, Raleigh, Phoenix and Nashville.

10 markets with the slowest growth in house prices

Annual growth rate of house prices, by market (only the top 100 markets are measured)



Washington D.C.











New Orleans


New York-Newark




10 markets with the fastest growing house prices

Annual growth rate of house prices, by market (only the top 100 markets are measured)



Washington D.C.












Las Vegas




San Diego


Source: Black Knight

What is it that contrasts so much between these fast-growing spots and the slower-growing ones? One big factor is the local job market, says Lawrence Yun, chief economist for the National Association of Realtors. “Austin has been creating jobs at a world-class rate for the past decade and continues. By contrast, job creation in Chicago has been slower,” says Yun. Adds Bankrate analyst Jeff Ostrowski: “Austin’s home price growth is the result of a surge in high-paying tech jobs and California-based tech companies have opened offices there as an alternative to the blazing prices in Silicon Valley”. (You can see the lowest mortgage rates you may qualify for here.)

Some markets had previously experienced strong growth. “New York, Boston, and Washington all saw huge increases in home values ​​in the decades leading up to the pandemic, so some people may be moving elsewhere for cheaper homes. But home price appreciation creates momentum of its own. Prices in California continued to rise long after the state became unaffordable, and prices in places like Milwaukee, Cleveland and Detroit have stayed low for decades,” says Ostrowski. Real estate attorney Michael Romer points out that many of the cities that have seen home price growth at a comparatively slower rate were already very expensive before the pandemic. “Any price growth from high levels is likely to be much less, in percentage terms, than growth from a lower benchmark,” Rober says.

And yet another factor is the greater ability of some people to live further away from their work. “With remote work becoming a staple of our society, the workforce has realized they don’t have to live close to where they work, which comes with a higher cost of living, and many have decided to move to more rural areas with a lower cost of living,” he says. real estate lawyer Pierre Debbas.

Whatever the reasons, one thing is clear: It’s hard to afford a house these days. “Affordability is now the worst it has been outside of 2004-2007,” Black Knight writes.

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