26 Cities Where the Population Is Growing Rapidly — but Home Prices Are Shrinking

lucky-photographer / Getty Images

Typically, as populations rise, so do home prices due to an increasing demand for a limited supply. However, this isn’t always the case.

Find Out: 7 Worst States To Buy Property in the Next 5 Years, According to Real Estate Agents

Read More: Become a Real Estate Investor for Just $1K Using This Bezos-Backed Startup

Zoocasa analyzed cities with a population of 100,000 or more where the population changed by more than 0.5%, either increasing or decreasing, between July 2022 and July 2023. Zoocasa then compared median home prices from 2022 to 2024 to calculate the percentage difference in home prices in relation to these population shifts. In some cities, the population increased while home prices surprisingly dropped.

Here’s a look at the places where the population recently boomed, but homes have become more affordable.

Obeezyjay / Shutterstock.com

Buckeye, Arizona

• Population % change (July 2022 to July 2023): 3.2%

• Median home price (2022): $440,000

• Median home price (2024): $396,995

• Home price % change: -9.8%

Be Aware: 10 Fastest-Cooling Housing Markets in the U.S. — 6 Are in Florida

Check Out: Why Many Regret Moving to Texas Post-Pandemic

Wealthy people know the best money secrets. Learn how to copy them.

dszc / Getty Images

San Antonio

• Population % change (July 2022 to July 2023): 1.5%

• Median home price (2022): $341,600

• Median home price (2024): $314,000

• Home price % change: -8.1%

Explore More: In Less Than a Year, You Might Not Be Able To Afford To Live in These 6 US Housing Markets

halbergman / Getty Images

Glendale, Arizona

• Population % change (July 2022 to July 2023): 0.7%

• Median home price (2022): $463,500

• Median home price (2024): $431,000

• Home price % change: -7%

John Penney / Getty Images

Jersey City, New Jersey

• Population % change (July 2022 to July 2023): 0.7%

• Median home price (2022): $557,500

• Median home price (2024): $519,000

• Home price % change: -6.9%

©Shutterstock.com

Meridian, Idaho

• Population % change (July 2022 to July 2023): 3.9%

• Median home price (2022): $589,990

• Median home price (2024): $551,950

• Home price % change: -6.5%

MattGush / Getty Images

Surprise, Arizona

• Population % change (July 2022 to July 2023): 2.7%

• Median home price (2022): $467,500

• Median home price (2024): $438,470

• Home price % change: -6.2%

Discover More: Cheapest Places To Buy a Home in Every State

DenisTangneyJr / Getty Images/iStockphoto

Fort Worth, Texas

• Population % change (July 2022 to July 2023): 2.2%

• Median home price (2022): $355,000

• Median home price (2024): $335,907

• Home price % change: -5.4%

dhughes9 / Getty Images/iStockphoto

McKinney, Texas

• Population % change (July 2022 to July 2023): 2.8%

• Median home price (2022): $549,450

• Median home price (2024): $525,000

• Home price % change: -4.5%

Andrew Fuller / Shutterstock.com

Frisco, Texas

• Population % change (July 2022 to July 2023): 2.4%

• Median home price (2022): $549,450

• Median home price (2024): $525,000

• Home price % change: -4.5%

Dorti / Shutterstock.com

Arlington, Texas

• Population % change (July 2022 to July 2023): 0.9%

• Median home price (2022): $355,000

• Median home price (2024): $339,500

• Home price % change: -4.4%

For You: 3 Florida Cities Where You Can Buy Homes For $100,000 or Less

Charles Knowles / Shutterstock.com

Nampa, Idaho

• Population % change (July 2022 to July 2023): 3.1%

• Median home price (2022): $491,600

• Median home price (2024): $471,500

• Home price % change: -4.1%

Grossinger / Shutterstock.com

Lubbock, Texas

• Population % change (July 2022 to July 2023): 1.1%

• Median home price (2022): $245,000

• Median home price (2024): $236,200

• Home price % change: -3.6%

MattGush / Getty Images/iStockphoto

Goodyear, Arizona

• Population % change (July 2022 to July 2023): 4%

• Median home price (2022): $507,000

• Median home price (2024): $490,000

• Home price % change: -3.4%

DenisTangneyJr / iStock.com

Huntsville, Alabama

• Population % change (July 2022 to July 2023): 1.6%

• Median home price (2022): $324,900

• Median home price (2024): $313,900

• Home price % change: -3.4%

Find Out: 10 Housing Markets That Will Plummet in Value Before the End of 2024

Davel5957 / Getty Images/iStockphoto

Durham, North Carolina

• Population % change (July 2022 to July 2023): 1.2%

• Median home price (2022): $453,600

• Median home price (2024): $440,900

• Home price % change: -2.8%

JillLang / Getty Images/iStockphoto

Concord, North Carolina

• Population % change (July 2022 to July 2023): 1.3%

• Median home price (2022): $390,000

• Median home price (2024): $380,000

• Home price % change: -2.6%

benedek / Getty Images

Bend, Oregon

• Population % change (July 2022 to July 2023): 1.3%

• Median home price (2022): $739,900

• Median home price (2024): $726,500

• Home price % change: -1.8%

©Shutterstock.com

Centennial, Colorado

• Population % change (July 2022 to July 2023): 0.9%

• Median home price (2022): $605,500

• Median home price (2024): $595,500

• Home price % change: -1.7%

Explore More: Barbara Corcoran: 3 Cities To Invest In Real Estate Now Before Prices Skyrocket

©Shutterstock.com

St. George, Utah

• Population % change (July 2022 to July 2023): 2%

• Median home price (2022): $560,000

• Median home price (2024): $552,000

• Home price % change: -1.4%

SimeonDonov / Getty Images/iStockphoto

Thornton, Colorado

• Population % change (July 2022 to July 2023): 1.2%

• Median home price (2022): $545,000

• Median home price (2024): $538,450

• Home price % change: -1.2%

Kruck20 / Getty Images/iStockphoto

Columbia, South Carolina

• Population % change (July 2022 to July 2023): 2%

• Median home price (2022): $269,900

• Median home price (2024): $268,400

• Home price % change: -0.6%

DenisTangneyJr / Getty Images

Fargo, North Dakota

• Population % change (July 2022 to July 2023): 1.3%

• Median home price (2022): $283,800

• Median home price (2024): $282,500

• Home price % change: -0.5%

Check Out: 8 Places Where Houses Are Suddenly Major Bargains

James Mattil / Shutterstock.com

Henderson, Nevada

• Population % change (July 2022 to July 2023): 1.8%

• Median home price (2022): $466,400

• Median home price (2024): $465,400

• Home price % change: -0.2%

georgeclerk / Getty Images

Las Vegas

• Population % change (July 2022 to July 2023): 0.7%

• Median home price (2022): $466,400

• Median home price (2024): $465,400

• Home price % change: -0.2%

JoMo333 / Shutterstock.com

Chesapeake, Virginia

• Population % change (July 2022 to July 2023): 0.6%

• Median home price (2022): $375,567

• Median home price (2024): $375,000

• Home price % change: -0.2%

Sean Pavone / Getty Images/iStockphoto

Seattle

• Population % change (July 2022 to July 2023): 0.8%

• Median home price (2022): $756,200

• Median home price (2024): $755,300

• Home price % change: -0.1%

Data is sourced from Zoocasa and is accurate as of June 20, 2024.

More From GOBankingRates

• 5 Best Deals To Buy at Big Lots in July 2024

• I'm a Bank Teller: 9 Reasons You Should Never Ask for $2 Bills From the Bank

• 3 Things to Do This Week If You Have Debt

• 3 Things You Must Do When Your Savings Reach $50,000

This article originally appeared on GOBankingRates.com: 26 Cities Where the Population Is Growing Rapidly — but Home Prices Are Shrinking