Ohio City Outpaces NYC, Miami in Home Value Growth

Toledo, Ohio, has emerged as a surprising leader in the U.S. housing market, recording the most significant annual increase in typical home values among 100 major cities analyzed. The Rust Belt city experienced a 5.6% rise in home values over the past year, outpacing major metropolitan areas like New York City and San Francisco.

Lincoln, Nebraska, followed Toledo with a 4.1% increase in home values. New York City and San Francisco each saw gains of approximately 4% during the same period. This trend stands in contrast to the broader market, where 70% of the analyzed cities experienced declining home values between February 2025 and February 2026.

Toledo's affordability is likely a key factor contributing to its strong performance. With a typical home value of $126,270 in February, the city offers a comparatively accessible entry point for buyers. Local real estate firm Wiens & Roth Real Estate cited limited housing inventory, with approximately 1.5 months of supply, and demand from buyers priced out of larger metropolitan areas as drivers of this growth.

Lincoln's housing market has also remained competitive, with Realtor.com classifying it as a seller's market in September. Despite an 11.4% increase in active listings, the median sale price in Lincoln rose by 6.5% year-over-year, reaching an average of $285,359 in February.

The data, compiled by SmartAsset, highlights significant regional variations in the housing market. While Toledo and Lincoln showed robust growth, other areas experienced notable declines. St. Petersburg, Florida, saw home values drop by 7.5%, Naples, Florida, by 6.4%, and Austin, Texas, by approximately 6%. San Francisco's gains were also striking given that nearby Oakland recorded the steepest decline in the study, with home values falling by 9.1%.

Meanwhile, at the higher end of the market, several exclusive enclaves continued to see substantial price increases. Atherton, California, a Silicon Valley community, reclaimed its title as America's most expensive ZIP code, with a median sale price of $10.725 million, a 29% increase from the previous year. PropertyShark's report indicated that over two-thirds of the top ZIP codes experienced rising median sale prices. Eliza Theiss, the report's author, noted that the upper echelon of the market is generally more resilient to economic downturns.

The Hamptons region also saw significant activity, with Sagaponack ranking second nationally with a median sale price of $7.35 million, up 24%. Bridgehampton experienced a dramatic 114% surge to a median sale price of $6.15 million, though Theiss cautioned that this increase was influenced by a lower volume of lower-priced transactions. Newport Coast, California, reached a record median sale price of $6.1 million, a nearly 20% increase, and Beverly Hills' 90210 ZIP code returned to the top 10 with a 24% increase to $5.39 million.

The New York metropolitan area, mirroring the San Francisco Bay Area, had 31 ZIP codes among the nation's most expensive. Westchester County, for instance, placed three ZIP codes in the top 100 for the first time. However, not all luxury markets saw price increases. Fisher Island, Florida, which topped the previous year's ranking, dropped to third place with a 24% decrease in median sale price to $7.22 million.

The SmartAsset study focused on changes in typical home values across major cities, while the PropertyShark report examined median prices from completed transactions in the most expensive ZIP codes. The combined findings illustrate a complex and diverging U.S. housing market landscape.