In this article, we explore changes in rent and home values during the third quarter of 2024 (July–September) across major Metropolitan and Micropolitan Statistical Areas (MSAs) in the mainland United States. The study focuses on 144 major MSAs selected by Market Stadium, utilizing Zillow's data, which reflects typical market trends for homes within the 35th to 65th percentile range in terms of value and rent prices. Among these, four MSAs were excluded due to the unavailability of rent data, resulting in a total analysis of 140 MSAs.
By examining these metrics, we aim to uncover how markets balance short-term fluctuations with long-term stability, a dual perspective critical for understanding today’s housing dynamics. The analysis emphasizes rent and home value changes observed during Q3 2024, supplemented by year-over-year growth metrics and their rankings, to monitor a comprehensive view of how regional markets are changing over time.
Across the 140 analyzed MSAs, the median rent growth during Q3 2024 was 0.39%, while the median home value growth was 0.13%. The year-over-year metrics showed a similar trend, with median rent growth at 3.66% and home value growth at 3.23%. These figures provide a benchmark for understanding how individual MSAs performed relative to the broader market.
Table 1. Top 10 MSAs by Q3 2024 Rent Growth
Q3 Rent growth rank | MSA name | Q3 rent growth | YoY rent growth | YoY Rent growth rank |
1 | College Station-Bryan, TX | 3.27 | 6.41 | 16 |
2 | Salisbury, MD-DE | 2.86 | 5.02 | 34 |
3 | Rocky Mount, NC | 2.59 | 11.61 | 1 |
4 | Greenville, NC | 2.44 | 4.83 | 40 |
5 | Wilson, NC | 2.38 | 8.32 | 4 |
6 | Bloomington, IN | 2.20 | 5.76 | 23 |
7 | Myrtle Beach-Conway-North Myrtle Beach, SC-NC | 2.16 | 4.06 | 62 |
8 | Binghamton, NY | 2.09 | 7.40 | 8 |
9 | Lexington-Fayette, KY | 1.98 | 6.10 | 18 |
10 | Knoxville, TN | 1.70 | 3.72 | 68 |
Table 1 highlights the top 10 MSAs with the highest rent growth during Q3 2024. Among these, several MSAs stand out for their consistent performance. College Station-Bryan, TX, Rocky Mount, NC, Wilson, NC, Binghamton, NY, and Lexington-Fayette, KY not only secured spots in the top 10 for quarterly rent growth but also ranked within the top 30 for year-over-year rent growth, reflecting strong and sustained market trends.
In contrast, Myrtle Beach-Conway-North Myrtle Beach, SC-NC and Knoxville, TN exhibited a different pattern. While these MSAs ranked lower in year-over-year rent growth at 62nd and 68th place, respectively, their inclusion in the top 10 for Q3 highlights their impressive short-term growth, marking them as areas of noteworthy short-term improvement for recent market changes.
Table 2. Top 10 MSAs by Q3 2024 Home Value Growth
Q3 Value growth rank | MSA name | Q3 Value growth | YoY Value growth | YoY Value growth rank |
1 | San Jose-Sunnyvale-Santa Clara, CA | 1.57 | 8.64 | 2 |
2 | Syracuse, NY | 1.39 | 9.36 | 1 |
3 | Los Angeles-Long Beach-Anaheim, CA | 1.23 | 5.36 | 17 |
4 | Providence-Warwick, RI-MA | 1.19 | 6.82 | 6 |
5 | New York-Newark-Jersey City, NY-NJ-PA | 1.16 | 6.58 | 8 |
6 | Wichita, KS | 1.02 | 5.46 | 16 |
7 | New Haven-Milford, CT | 0.96 | 7.44 | 5 |
8 | Hartford-East Hartford-Middletown, CT | 0.88 | 7.84 | 4 |
9 | Binghamton, NY | 0.83 | 8.30 | 3 |
10 | Columbia, MO | 0.83 | 3.28 | 69 |
Similarly, Table 2 showcases the top 10 MSAs with the highest home value growth during Q3 2024. Among these, Columbia, MO stands out as a notable example. While its year-over-year home value growth rank is near the median at 69st, the MSA achieved a Q3 home value growth rate of 0.83%, placing it in the top 10.
This analysis highlights how examining both recent changes and long-term trends provides valuable insights into the dynamic nature of the housing market. By comparing Q3 rent and home value growth with year-over-year growth metrics, it becomes evident that some markets exhibit consistent performance over time, while others demonstrate significant short-term fluctuations. This dual perspective helps to better understand the evolving characteristics of various MSAs, offering a nuanced view of regional market dynamics.
The interactive scatter plot above provides a dynamic way to explore rent and value growth across all 140 MSAs. Users can easily identify outliers, compare short-term and long-term trends, and gain a deeper understanding of regional market shifts.
Additionally, Market Stadium provides comprehensive data on rent and sales listings, offering price information by housing type (multifamily, single-family) and number of bedrooms (studio to 4 bedrooms), down to the block level, updated monthly. Use this data to monitor your areas of interest!
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