In this article, we examine changes in rent and home values during the fourth quarter of 2024 (October–December) across major Metropolitan and Micropolitan Statistical Areas (MSAs) in the mainland United States. This article is part of our ongoing series following our Q3 article on housing market trends. Using updated Zillow data that represents typical market trends for homes in the 35th to 65th percentile range, the current analysis now focuses on 157 key MSAs—up from 140 in Q3, as additional markets were included in the Q4 dataset despite the previous exclusion of four MSAs due to missing rent data.
By examining both quarterly and year-over-year growth metrics, we aim to uncover how local housing markets balance short-term fluctuations with long-term stability. For Q4 2024, the median rent growth across the 157 MSAs was -0.17%, while the median home value growth was 0.41%. Compared to Q3 2024—where the median rent growth was 0.45% and the median home value growth was 0.20%—this quarter shows a notable shift. The negative median rent growth in Q4 suggests that the rental market may be softening, possibly due to changing demand or other local factors, whereas the stronger home value growth indicates that property appreciation has accelerated, reflecting continued robustness in the sales market despite the decline in rents.
Table 1. Top 10 MSAs by Q4 2024 Rent Growth
Q4 Rent growth rank | MSA NAME | Q4 rent growth | YoY rent growth | YoY Rent growth rank |
1 | Hattiesburg, MS | 9.46 | 14.38 | 1 |
2 | Muskegon, MI | 3.90 | 10.16 | 3 |
3 | St. Marys, GA | 3.29 | 5.64 | 32 |
4 | Huntington-Ashland, WV-KY-OH | 2.64 | 5.70 | 30 |
5 | Lynchburg, VA | 2.56 | 4.81 | 55 |
6 | Tuscaloosa, AL | 2.31 | 8.33 | 6 |
7 | South Bend-Mishawaka, IN-MI | 2.01 | 5.61 | 33 |
8 | Jonesboro, AR | 1.68 | 6.55 | 19 |
9 | San Angelo, TX | 1.59 | 5.02 | 48 |
10 | Greenville-Anderson, SC | 1.39 | 4.26 | 71 |
Table 1 presents the top 10 MSAs based on Q4 2024 rent growth, detailing both quarterly and year-over-year (YoY) increases. Notably, regions such as Hattiesburg, MS, Muskegon, MI, and Tuscaloosa, AL stand out by exhibiting high rent increases in both the short term and over the year. In particular, Hattiesburg, MS leads with an exceptional Q4 rent growth of 9.46%, highlighting its rapid short-term market surge.
Conversely, areas like Lynchburg, VA, San Angelo, TX, and Greenville-Anderson, SC show YoY rent growth figures around the median value of approximately 4%, which may seem moderate. However, these markets still register significant short-term rent gains, indicating a strong quarterly performance that could signal potential for future growth despite their steadier long-term trends.
Table 2. Top 10 MSAs by Q4 2024 Home Value Growth
Q4 Value growth rank | MSA NAME | Q4 Value growth | YoY Value growth | YoY Value growth rank |
1 | Peoria, IL | 1.93 | 5.68 | 20 |
2 | San Jose-Sunnyvale-Santa Clara, CA | 1.58 | 7.78 | 4 |
3 | Huntington-Ashland, WV-KY-OH | 1.54 | 6.06 | 14 |
4 | Bloomington, IL | 1.36 | 6.22 | 13 |
5 | Jackson, MS | 1.31 | 2.64 | 92 |
6 | Toledo, OH | 1.27 | 5.35 | 27 |
7 | Dover, DE | 1.17 | 3.80 | 56 |
8 | Midland, TX | 1.09 | 4.71 | 38 |
9 | Ogden-Clearfield, UT | 1.08 | 2.31 | 99 |
10 | Odessa, TX | 1.07 | 7.24 | 5 |
Table 2 shows the top 10 MSAs by Q4 2024 home value growth. Notably, Peoria, IL; San Jose-Sunnyvale-Santa Clara, CA; Huntington-Ashland, WV-KY-OH; Bloomington, IL; and Odessa, TX are markets that perform strongly in both the short term (Q4 growth) and long term (YoY growth), suggesting robust and sustainable value appreciation. In fact, Huntington-Ashland, WV-KY-OH stands out as the only MSA that made the top 10 in both Q4 rent and home value growth, underscoring its broad market strength.
In contrast, Jackson, MS and Ogden-Clearfield, UT, while showing respectable short-term gains, rank significantly lower in YoY growth (92nd and 99th, respectively). This discrepancy indicates that these markets have experienced a recent surge in value, highlighting a more abrupt increase rather than a prolonged growth trend.
The interactive scatter plot above provides a dynamic way to explore rent and value growth across all 157 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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