Home Prices for Top 10 Memorial Day Weekend Destinations – CoreLogic

11 minutes, 40 seconds Read

How much are home prices in your vacation destination? Is it a hot spot for natural disasters? What are rents for Memorial Day trips?

Memorial Day weekend means a lot of things. First and foremost, it is a federal holiday honoring the nation’s men and women who gave their lives in the service of the United States. But it is also the unofficial start to summer.  

One of the most important considerations for the 44 million Americans expected to travel and kickstart their summer plans is where to visit. 


Buy/sell, rent/lease residential &
commercials real estate properties.

In anticipation of this national three-day weekend, the CoreLogic content team rounded up 10 getaway destinations for travelers to pay attention to. Whether it’s for sightseeing or house hunting, the stats on these destinations should help you better understand these American cities’ housing markets, as well as their exposure to natural hazard risk.

These 10 cities are worth looking at not only as vacation destinations but also because they are highlighted in the monthly CoreLogic Home Price Index. Note that the housing and rental data used in the analysis below was sourced from CoreLogic’s Real Estate Analytic Suite.

1. Boston

Source: Adobe Stock

This East Coast hub is a perfect Memorial Day getaway for those looking to imbibe history and explore some of the oldest areas in the U.S.

Given the age and the history of Boston, it would take a long list to share all the highlights. From visiting memorials dedicated to those who served the nation to a visit to Harvard’s Arnold Arboretum, the oldest public arboretum in North America, the list of things to do is so extensive that it’s no wonder many people stay in the city indefinitely.

With the Atlantic Ocean capping the eastern side of Boston, there are also plenty of water-related activities in which to partake. However, this seaside living also brings concerns about flooding.

Due to its proximity to the coast, some Boston homes are at risk for coastal flooding. While 148,005 homes in the MSA (metropolitan statistical area) have “Moderate” or greater risk of coastal flooding, only 5% of the homes in the MSA have a “High” to “Extreme” risk of coastal flooding.

Still, with the U.S. Census Bureau counting 676,000 residents in the Boston, it is clear that there is much to like about The City on a Hill, except for maybe the increasing price tag for homes.

Basic Stats:  

  • Single-Family Home Median Price in 2023: $638,251
  • Change in Median Price 2022 to 2023: 1.5%
  • Single Family Median Rent (Three Bedroom) in 2023: $3,134
  • Change in Median Rent 2022 to 2023: 3.6%
  • Coastal Flood Risk: 96,254 homes have a “High” to “Extreme” risk of coastal flooding.

2. Chicago

Source: Adobe Stock

The Windy City is perennially popular. For decades, this Midwestern locale has attracted newcomers.

While not many can say they are charmed by the weather — Chicago is located in Cook County, where risk of severe convective storms has the potential to produce $239 million in annual losses due to physical risk by 2050 — it hasn’t deterred people from moving. Whether it’s the city’s history or cosmopolitan allure, many visitors to Chicago have chosen to stay.

With 2.7 million residents, according to the U.S. Census Bureau, there is plenty to do in America’s third-largest city. From a visit to Cloud Gate to admire the gleaming sculpture to a stroll in the West Loop neighborhood where eating is the main order of business, Memorial Day vacationers may just find a favorite neighborhood to call home. But they won’t be alone, as housing prices in Chicago are on the rise.

Basic Stats:

  • Single-Family Home Median Price in 2023: $304,561
  • Change in Median Price 2022 to 2023: 2.5%
  • Single Family Median Rent (Three Bedroom) in 2023: $2,383
  • Change in Median Rent 2022 to 2023: 8.8%
  • Hail Risk: 76% of homes in the MSA have a “Moderate” risk of hail

3. Denver

Source: CoreLogic

© 2024 CoreLogic,Inc., All rights reserved.

Although Denver is often associated with skiing, it is also a worthy destination in the warmer months. The area is surrounded by breathtaking landscapes, making it unsurprising that people have flocked to this Rocky Mountain town over the last several years. Between 2020 and 2023, the population of Denver rose by 1.2%, according to U.S. Census Bureau data.

As an area nestled at the base of the Rocky Mountains, anyone considering moving to the area should be aware of wildfire risk. While the risk is relatively low in the more urban areas, low risk does not mean no risk. Within the MSA, 6% or 69,265 homes in the area do have “Moderate” or greater wildfire risk.

If you go only a slightly farther out of town, just outside of Summit County, Colorado, you’ll encounter the third least-risky county in the U.S. from a natural-hazard risk standpoint.

Basic Stats:

  • Single-Family Home Median Price in 2023: $563,067
  • Change in Median Price 2022 to 2023: -2.6%
  • Single Family Median Rent (Three Bedroom) in 2023: $2,827
  • Change in Median Rent 2022 to 2023: 10.9% 
  • Wildfire Risk: 6% of homes in the MSA have “Moderate” or greater wildfire risk

4. Houston

Source: Adobe Stock

Houston may not be a classic Memorial Day destination, but for foodies and art aficionados, this is a city not to be missed.  

From visiting Buffalo Bayou Park Cistern — a 90-year-old underground water reservoir — to wandering through the downtown underground tunnel system for a visit to the Houston Museum of Fine Art, there are plenty of stops to make that should keep things cool in the Southern summer heat. But art and food are not the only interesting things about Houston.

America’s fourth-largest city is part of a bigger metro area sitting in Harris County, which CoreLogic models as No. 8 for the highest risk of annual losses in physical risk terms when viewed with the severe climate risk scenario.

Nevertheless, this risk profile has not hindered Houston’s growth. According to the U.S. Census Bureau, Houston’ saw the second-largest numeric population increase of any U.S. metro between 2022 and 2023. And this popularity is understandable, as compared with many areas of the country, home prices in Houston are a relative bargain.

Basic Stats: 

  • Single-Family Home Median Price in 2023: $306,927
  • Change in Median Price 2022 to 2023: -3.0%
  • Single Family Median Rent (Three Bedroom) in 2023: $1,814
  • Change in Median Rent 2022 to 2023: 2.3% 
  • Hurricane Wind Risk: 76% or 2.07 million homes in the MSA have “Extreme” or “Very High” hurricane wind risk
  • Inland Flood Risk: 45% or 1.24 million homes in the MSA have “Moderate” or greater inland flood risk

5. Las Vegas

Aria Hotel Campus Exterior

Source: Adobe Stock

For decades, Las Vegas has been a popular destination for those looking to bask in the bright lights of the Las Vegas Strip and experience the beauty of unending desert vistas. Long a prominent destination for a weekend getaway, new residents and homeowners have arrived in droves in recent years. 

While nightlife is certainly a draw in Vegas, it’s not the only reason people seek out this oasis in the desert. From red rocks to Joshua trees, the nature that dots this arid landscape is otherworldly and a great draw for visitors and potential homeowners alike.

Although this landscape generally lacks water, there is a risk for concern when it does rain. According to CoreLogic data, 14% or 129,622 homes in the MSA have a “Moderate” or greater risk of flash flooding.

Basic Stats:

  • Single-Family Home Median Price in 2023: $414,200
  • Change in Median Price 2022 to 2023: -2.7%
  • Single Family Median Rent (Three Bedroom) in 2023: $2,153
  • Change in Median Rent 2022 to 2023: 2.6% 
  • Flash Flood Risk: 14% or 129,622 homes have “Moderate” or greater risk of flash flood

6. Los Angeles

Source: Adobe Stock

Although Los Angeles is synonymous with the U.S. entertainment industry, the country’s second-largest city (population, 3.8 million) also offers the same perks that have long made Southern California a sought-after destination: near-constant sunshine, mild weather all year round, a diverse population, and no shortage of both indoor and outdoor activities.

Given the City of Angels’ massive size and sprawling profile, it would be almost impossible to list even major highlights of things to do during a visit. Suffice to say that it’s possible to hit the beach in the morning, take a hike in Griffith Park or the Hollywood Hills in the afternoon, and be back in one of L.A.’s many trendy neighborhoods for dinner and nightlife after the sun sets.

Visitors to Los Angeles who aren’t comfortable navigating the region’s complex and often hectic network of freeways will be glad to know that ride-sharing services are generally quick and easy to find in the city. Those who are considering becoming permanent Angelenos should note that L.A. has both the highest median home sales price and second-most expensive rental cost on this list. It is also the top U.S. metro vulnerable to wildfires, according to a recent CoreLogic analysis.

Earthquake risk is also worth watching. In the Los Angeles MSA, 57% or 2.7 million homes in the MSA have “Moderate” or greater earthquake risk.

Basic Stats:

  • Median single-family home sales price, 2023: $818,000
  • Median single-family home sales price change, 2022 -2023: -0.6%
  • Median single-family three-bedroom rent, 2023: $3,600
  • Median single-family three-bedroom rent change, 2022 -2023: 2.6%
  • Earthquake Risk: 57% or 2.7 million homes in the MSA have “Moderate” or greater earthquake risk

7. Miami

Source: Adobe Stock

Miami has long been a popular destination with travelers of all ages, thanks to its perpetually warm weather, white-sand beaches, clear water, and elite nightlife scene centered around the city’s South Beach neighborhood. And judging from real estate costs over the past few years, Miami is also very attractive to those in search of a new location; of the 10 major cities included in this analysis, it had both the highest home price and rental cost growth between 2022 and 2023.

Besides rapidly growing housing prices, anyone considering relocating to South Florida should be well aware of the area’s climate-change risks. Miami is particularly vulnerable to hurricanes and the flooding that results, with a CoreLogic analysis showing that homeowners in the region could lose up to $7.9 billion in property values based on a severe climate-change scenario.

And 2024’s Atlantic hurricane season has the potential to be a very active one, as sea surface temperatures have reached a record high, bringing the possibility of stronger and more frequent storms.

Basic Stats:

  • Median single-family home sales price, 2023: $471,000
  • Median single-family home sales price change, 2022 -2023: 9.9%
  • Median single-family three-bedroom rent, 2023: $2,900
  • Median single-family three-bedroom rent change, 2022 -2023: 12.9%
  • Hurricane Storm Surge Risk: 19% or 509,133 homes in the MSA have “Moderate” or greater risk
  • Hurricane Wind Risk: 78% or 2 million homes in the MSA have “Extreme” risk

8. Phoenix

Source: Adobe Stock

While a visit to America’s fifth-largest city in the middle of summer is likely not recommended to travelers who are averse to extreme heat, Memorial Day might offer a window to visit before the mercury hits triple digits.

If the weather cooperates, exploring the Phoenix area’s more than 41,000 acres of parks and preserves and 200 miles of trails can be an excellent way to take in the breathtaking Sonoran Desert landscape or the city’s Desert Botanical Garden. If outdoor temperatures are too intense, Phoenix visitors can unwind in one of the area’s many high-end spas or explore the Phoenix Art Museum’s diverse collection.

While Phoenix’s housing market was as hot as its weather in the aftermath of the pandemic, it has since cooled significantly, though rent growth remains elevated.

Basic Stats:

  • Median single-family home sales price, 2023: $428,000
  • Median single-family home sales price change, 2022 -2023: -2.9%
  • Median single-family three-bedroom rent, 2023: $2,400
  • Median single-family three-bedroom rent change, 2022 -2023: 8.1%
  • Wildfire Risk: 80% or 1.5 million homes in the MSA have “Low” risk

9. San Diego

Source: Adobe Stock

With miles of sunny beaches, a temperate year-round climate and a generally laid-back vibe, San Diego has long been popular with both in-migrating homebuyers and visitors alike. As the nation’s eighth most-populous city and California’s second largest, the U.S. Census Bureau estimated San Diego’s population at 1.4 million in 2023, virtually unchanged from 2020.

However, as with many other desirable coastal areas in California, owning or renting a home in San Diego doesn’t come cheap. And there are also natural hazards to consider.

The metro area ranks No. 3 for high to extreme wildfire risk in 2024, with more than 120,000 homes in potential jeopardy. As a California city near fault lines, earthquake risk is also on the radar for those in the area. In the MSA, 52% or 633,184 homes have “Moderate” or greater earthquake risk.

Basic Stats:

  • Median single-family home sales price, 2023: $806,000
  • Median single-family home sales price change, 2022 -2023: 2.1%
  • Median single-family three-bedroom rent, 2023: $3,800
  • Median single-family three-bedroom rent change, 2022 -2023: 8%
  • Earthquake Risk: 52% or 633,184 homes have “Moderate” or greater earthquake risk

10. Washington, D.C.

Source: Adobe Stock

Anyone traveling to the nation’s capital will find that a few visits to the National Mall could almost consume the entire trip. Besides the well-known U.S. landmarks, the renowned Smithsonian Institution operates more than 20 world-class museums that will appeal to visitors of all ages.

Thankfully, neither Washington, D.C.’s 679,000 residents nor tourists need to worry much about driving and parking thanks to its highly efficient rail system known as the Metro. Within minutes of leaving the tourist traffic that almost perennially characterizes the National Mall, visitors will find many diverse and bustling neighborhoods that feel light years away from the nation’s center of power. And if you opt not to road trip to D.C., the Metro railway offers easy access to two of the region’s major airports.

Basic Stats:

  • Median single-family home sales price, 2023: $518,000
  • Median single-family home sales price change, 2022 -2023: 0.7%
  • Median single-family three-bedroom rent, 2023: $2,900
  • Median single-family three-bedroom rent change, 2022 -2023: 6.1%
  • Coastal Flood Risk: 0.41% or 10,365 homes have “Moderate” or greater risk

Looking for more information on housing prices and the real estate market?

CoreLogic Home Price Index

The CoreLogic statements and information in this blog post may not be reproduced or used in any form without express written permission. While all the CoreLogic statements and information are believed to be accurate, CoreLogic makes no representation or warranty as to the completeness or accuracy of the statements and information and assumes no responsibility whatsoever for the information and statements or any reliance thereon. CoreLogic® and Marshall & Swift® are the registered trademarks of CoreLogic, Inc. and/or its subsidiaries.

This post was originally published on 3rd party site mentioned on the title of this site

Similar Posts

X
0
    0
    Your Interest
    Your Interest List is emptyReturn to Buying
    ×