A low inventory of homes for sale, low mortgage interest rates, and a pandemic forcing many Americans to look for more space are just a few of the key drivers of the real estate market over the past few years. In fact, home prices have risen an average of 20% over the past year alone. What about over the past 22 years? Below we discuss which U.S. cities have actually seen their median prices triple.
Up, up, and away
A recent analysis looked at the median sale price of homes in the 50 largest metro areas around the country and found 13 cities saw home values more than triple since 2000. These cities were as follows:
- San Francisco, CA (290% increase)
- Los Angeles, CA (280% increase)
- Riverside, CA (278% increase)
- San Diego, CA (275% increase)
- San Jose, CA (261% increase)
- Sacramento, CA (237% increase)
- Seattle, WA (235% increase)
- Tampa, FL (223% increase)
- Miami, FL (220% increase)
- Austin, TX (209% increase)
- Portland, OR (207% increase)
- Phoenix, AZ (206% increase)
- Denver, CO (204% increase)
Not surprisingly, many cities on this list are in California. With this said, two Florida cities came in at #8 (Tampa) & #9 (Miami). It should be noted that over the same time period, the national average increased 156% – or roughly 2.5 times – from $127,215 to $325,677. With the migration trends throughout the country in recent years, it would not be at all surprising to see more Florida cities move up in these rankings over the next twenty years. Are you thinking about investing in South Florida real estate? It is not too late.
At Live South Florida Realty, Inc. we have assisted many clients with their real estate needs. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!