Home-Price Growth in All 50 of the Largest U.S. Metros Has Outpaced Inflation Since 2011

Home prices have at least tripled in 13 major metros since 2011. The tide has started to turn, however, with home prices in 27 metros increasing slower than inflation in the past year.

ST. LOUIS, Sept. 29, 2026 /PRNewswire/ -- Home prices in all 50 of the largest U.S. metros have grown faster than inflation since 2011, according to a new report from Clever Real Estate, a nationwide discount real estate broker where sellers can compare full-service, low-commission real estate agents near them and save money on their next sale.

Inflation rose 47.7% between January 2011 and January 2026, while home-price growth over that span ranged from 65.5% in Baltimore to 343.9% in Miami.

The gap runs even wider over the past four decades. The median U.S. home sold for $78,200 in 1984 and sells for $423,100 today, an increase of 441%. Inflation, on the other hand, rose just 210%. If home prices had risen only as much as inflation, the median home would cost $242,309, a gap of $180,791.

Miami home prices have outpaced inflation more than any other metro, rising from $107,000 in 2011 to $475,000 today. A Miami home would cost just $157,988 if prices had followed inflation alone, a difference of $317,012.

Phoenix, Orlando, Tampa, and Las Vegas round out the five metros where home-price growth has beaten inflation by the widest margin, all of them in the Sun Belt.

In dollar terms, the largest home price-inflation gaps are in expensive California metros. A San Jose home costs $1,375,000 but would run only $642,288 if prices had tracked inflation since 2011, a difference of $732,712. San Diego ($432,043), Los Angeles ($429,794), and San Francisco ($416,170) have the next-largest gaps.

Baltimore came closest to matching inflation with a 65.5% increase since 2011, leaving its median home just 12% above its inflation-adjusted price. Birmingham (70.5%), Hartford (75.9%), and Virginia Beach (76.3%) had the next-smallest increases.

Home prices have less than doubled in only nine metros in the past 15 years. Six of those nine were already among the 15 most expensive metros in 2011, a high starting point that held their percentage growth down.

The tide has started to turn over the past year, however. U.S. inflation rose 2.4% between January 2025 and January 2026 while home prices rose just 1.4% nationally, a full percentage point behind.

On a local level, home prices trailed inflation in 27 of the 50 largest metros, including 13 where prices fell outright, led by Portland (down 3.9%), San Antonio (down 3.3%), and Phoenix (down 2.2%).

Home prices in San Francisco, Dallas, Sacramento, Tampa, Nashville, and Austin have now trailed inflation two years running.

Not every large metro has cooled, though. Home prices rose fastest over the past year in Birmingham (13.3%), Columbus (12.7%), Memphis (11.7%), and Milwaukee (11.7%), all far ahead of inflation.

Read the full report at: https://listwithclever.com/research/housing-inflation

About Clever Real Estate
Clever Real Estate allows sellers to compare top-rated discount real estate brokers and low-commission realtors in their local area. Clever's content reaches over 12 million readers annually, and its nationwide agent matching service has a 4.9-star Trustpilot rating across more than 4,500 customer reviews. Since launching in 2017, Clever has reached over $17.3 billion in real estate sold, matched over 271,000 customers with realtors, and saved consumers over $250 million on commission fees. Clever's network spans over 13,000 agents across all 50 states.

CONTACT:
Nicole Lehman
Clever Real Estate
[email protected]
724-719-0406

SOURCE Clever Real Estate