Where Home Prices Grew the Most In 2023   

Despite the rocky economy and multi-decade-high mortgage rates, prices for US homes kept rising in 2023. Overall, US home prices increased 3.8%, according to the Lance Lambert house price tracker on data released through November 2023. 

Home price growth in 2023 varied across the metros, with increases concentrated along the eastern side of the US. The list further shows a shift in housing demand from dense urban areas into more affordable small cities and suburbs. It hints at how 2023 home buyers prioritized housing affordability in choosing where to live.

The top ten metros with the most home price growth last year were:

Oxford, MS 

Price growth: 14.5%

January 2024 median home list price: $533,000

Topping the list is a Deep South icon. Oxford, Mississippi, is known for its rich literary history. Nobel and Pulitzer Prize-winning American author William Faulkner came from Oxford, as did Tennessee Williams, Eudora Welty, and John Grisham. Those unfamiliar with literature greats likely know it for the iconic University of Mississippi, or “Ole Miss,” whose presence of 17,000 students makes Oxford a college town.

With a low crime rate, top-ranked arts culture, and school districts with high graduation rates, Oxford’s quality of life helped it draw interest from home buyers in 2023. It also makes it one of the most expensive places to buy a home in Mississippi and the most expensive market in the top ten.

Dodge City, KS 

Price growth: 13.25%

January 2024 median home price: $260,000

You can almost hear the click of spurs in this old frontier town in southwestern Kansas. Dodge City keeps its cowboy legacy alive through museums and events. While it’s a tourist destination for those who like the old West, it has a small-town and family-friendly vibe as a place to live. Find craft beer and pizza, farmer’s markets, golf courses, water parks, and more, all with an affordable cost of living.  

Clewiston, FL 

Price growth: 12.91%

January 2024 median home price: $360,000

“America’s Sweetest Town” is gaining in popularity because of its low cost of living and how close it is to Lake Okeechobee. The interest is leading to home price growth near 13%. Clewiston has long been a destination for boaters searching for prize bass in the state’s largest freshwater body. Find the town outside the lake’s southwestern shore and about halfway between Lehigh Acres and Wellington. 

Augusta, Maine 

Price growth: 12.48%

January 2024 median home price: $272,000

Scenic Augusta sits proudly on the Kennebec River. The elegant town doubles as the state capital, and its historic building perfectly captures New England’s charm every season. Only 19,000 people live here, so even though it’s the state center of government, it feels distinctly small town with all the shops on Main Street and close-knit neighborhoods. Lakes and creeks, forested hills, and farms surround residents. Visitors come here for the outdoor access. 

Lewiston, Maine 

Price growth: 12.29%

January 2024 median home price: $275,000

As Maine’s second-largest city, Lewiston attracts people for its opportunities. The location is perfect for accessing outdoor recreation, with the oceanfront, mountains, and the capital within a 30-minute drive. The Androscoggin River runs right through the historic downtown and is the scene of Riverfront festivals in the warmer months. Lewiston is nurturing a business-friendly environment and has a strong arts community.

Hartford, CT 

Price growth: 12.09%

January 2024 median home price: $225,000

Hartford pulses with dynamic energy. The contemporary spirit of a college town balances against its rich history as one of America’s oldest towns. US News and World ranked it as one of the top 50 places to live in the US. As a capital city, it weaves together a tapestry of diverse neighborhoods, cultural attractions, and picturesque parks along the Connecticut River. The strong economy is backed by plentiful jobs in the finance and insurance industries and a cost of living below the state’s average. Mark Twain loved Hartford and called it home, as do 120,000 residents. 

Kingsport, TN 

Price growth: 11.99%

January 2024 median home price: $320,000

Don’t imagine living with the Appalachians as your backdrop when it is your reality when living in Kingsport, Tennessee. The town of 56,000 people charmingly combines classic Southern hospitality with a scenic landscape of tree-lined streets and historic districts. Kingsport residents savor a relaxed pace of life while enjoying outdoor activities along the Holston River or in the nearby mountains. Kingsport nurtures its local arts and culture scene for those who prefer modern attractions. Families have a robust park system, including an aquatic center and adventure course. The all-around high quality of life has led to more demand for homes.

Johnson City, TN 

Price growth: 11.88%

January 2024 median home price: $310,000

The beautiful Tri-Cities region in northeastern Tennessee blends Appalachian charm and modern vitality. Johnson City’s backdrop of rolling hills and the nearby Cherokee National Forest is a haven for outdoor enthusiasts. As the state’s eighth-largest city, its revitalized downtown area bustles with local businesses, eclectic dining, and a thriving folk arts community. Johnson City embraces its heritage, creating a welcoming atmosphere that’s helped it feature throughout 2023 as a top real estate market. Over 1,000 people moved here in 2022.

Shawano, WI 

Price growth: 11.78%

January 2024 median home price: $260,000

Shawano radiates tranquility thanks to its scenic location amidst Wisconsin’s lakes and forests. Known as the “City of Hospitality,” Shawano is a welcoming small town enriched by local events, such as the annual Shawano Country Miles of Art and the farmers’ market. Shawano may be the smallest town in the top ten, but it takes pride in its rich Native American traditions as the county is home to three tribes. Life here revolves around its various outdoor recreational opportunities, as Shawano is riverfront and nearby Lake Shawano. It’s just 40 miles northwest of Green Bay.

Statesboro, GA 

Price growth: 11.76%

January 2024 median home price: $315,000

In the heart of Georgia’s charming countryside awaits a youthful small town that embodies Southern hospitality and small-college energy. Home to Georgia Southern University, Statesboro’s rich history and modern flair create a distinctive atmosphere. Statesboro is friendly to families, with parks and sports for the whole family, whitewater access, golfing, shopping, and theaters. It’s a well-rounded selection of amenities for a town of just 33,000 people. Locals prize its low crime rate and high living quality, including lower lifestyle expenses.

Most home price losses

As mentioned, not everywhere reported housing price growth during 2023. Some 107 of the 894 tracked housing markets saw home values decrease. The most significant losses were in:

Pecos, TX 

Price loss: 23.11%

January 2024 median list price: $293,000

This sparsely populated town lies in oil country near one of the largest oil fields in the US. Much of the land is rural or agricultural. An exodus towards regions with a stronger job market is causing home prices to drop. 

Clarksdale, MS 

Price loss: 21.20%

January 2024 median list price: $100,000

Known for its history in blues music, Clarksdale has faced economic challenges after major manufacturers shut down. That has caused a steady exodus of residents, retailers, and property values. High crime and poverty rates are contributing, too.

Bennettsville, SC 

Price loss: 17.51%

January 2024 median list price: $133,000

This historic small town was once a wealthy agricultural town, but this Pee Dee region city needs help to attract the industry needed to revitalize its economy. It’s in Marlboro County, one of the fastest-shrinking counties in South Carolina by population.

Greenwood, MS 

Price loss: 14.51%

January 2024 median list price: $146,000

This Mississippi Delta town has accolades behind it, like its beautiful oak-tree-lined Grand Boulevard. Unfortunately, a 30% poverty rate is pushing people out to see better employment and opportunities elsewhere.

Johnstown, PA 

Price loss: 13.12%

January 2024 median list price: $85,000

The steel industry brought growth and prosperity to Johnstown. Still, the industry’s decline and repeated floods have caused a decline in this central PA town. Steel and coal remain essential to its economy. Still, Johnstown is working to diversify to add stabilization and growth to its economy. 2023 saw some new investments, such as a defense contractfor a Johnstown-based weapons manufacturer.

* Data based looks at the home value index pulling from December 2022 to November 2023.