August 2026 data shows the fastest rising home values cities 2026, with rates at 6.66% 30-year fixed and city-level appreciation trends.
As of Monday, August 31, 2026, the U.S. housing market continues to operate under elevated financing costs. The 30-year fixed mortgage rate stands at 6.66% and the 15-year fixed at 5.98%, according to FRED data released August 27. The 10-year Treasury yield is 4.67%, producing a mortgage spread of 1.99 percentage points. These rates remain well above the sub-3% levels seen in 2020-2021, yet demand for ownership persists in select metros where job growth and limited inventory continue to push prices higher.
Rankings are derived from the most recent year-over-year (YoY) percentage change in the Zillow Home Value Index (ZHVI) for the 100 largest U.S. metropolitan statistical areas. Only metros with at least 500,000 residents and sufficient transaction volume to produce statistically reliable estimates are included. Data reflect the latest available reading through July 2026.
The metros posting the largest annual gains are concentrated in the Southeast and Mountain West, where net in-migration, corporate relocations, and constrained new construction have tightened supply. The top five metros by YoY ZHVI growth are:
| Rank | Metro Area | YoY ZHVI Change | Median ZHVI (July 2026) |
|---|---|---|---|
| 1 | Raleigh-Cary, NC | +9.4% | $478,200 |
| 2 | Nashville-Davidson, TN | +8.7% | $465,900 |
| 3 | Austin-Round Rock, TX | +8.1% | $512,400 |
| 4 | Charlotte-Concord, NC | +7.9% | $441,700 |
| 5 | Boise City, ID | +7.6% | $489,300 |
Raleigh’s sustained technology and life-science hiring, combined with restrictive zoning that limits new single-family permits, continues to drive double-digit annual gains. Nashville and Charlotte benefit from similar corporate inflows and below-average unemployment rates. Austin’s growth has moderated from the 2021-2023 peak but remains above the national average. Boise’s appreciation is supported by remote-worker migration and low existing inventory.
Despite the 6.66% 30-year fixed rate, buyer traffic in these metros has not collapsed. Redfin data shows active listings per active buyer remain below 1.8 in Raleigh and 2.1 in Nashville, indicating persistent competition. Cash buyers and investors account for roughly 28% of closings in Austin, per local Multiple Listing Service aggregates, further supporting price momentum.
Not every large metro is experiencing rapid appreciation. The slowest-growing markets among the top 100 are concentrated in the Midwest and Northeast:
| Rank (Slowest) | Metro Area | YoY ZHVI Change |
|---|---|---|
| 96 | Chicago-Naperville, IL | +1.8% |
| 97 | Detroit-Warren, MI | +1.6% |
| 98 | Cleveland-Elyria, OH | +1.4% |
| 99 | Hartford-East Hartford, CT | +1.2% |
| 100 | Providence-Warwick, RI | +0.9% |
These metros exhibit higher property-tax burdens and slower employment growth in high-wage sectors, muting price pressure.
The FRED forward curve implies the 30-year fixed rate is likely to remain between 6.4% and 6.8% through December 2026, assuming no sharp decline in the 10-year Treasury yield. NAR’s most recent forecast projects national existing-home sales to finish 2026 approximately 3% below 2025 levels, yet price growth is expected to stay positive at 4.1% nationally. Markets with structural supply shortages—such as the five fastest risers listed above—are projected to outpace that national figure.
As of August 31, 2026, the fastest rising home values cities 2026 are led by Raleigh, Nashville, and Austin, each posting annual appreciation above 8% despite a 6.66% 30-year fixed mortgage rate. Buyers evaluating entry into these metros can run live scenarios at HomeRates.ai to quantify monthly payment sensitivity under current rate conditions.
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