By Jennifer Torres
The average Florida home value doubled in six years. Tampa and Miami tied for having the third-fastest price doubling among large U.S. cities.
MIAMI – The national median home price is twice what it was ten years ago. Molded by a storm of inflation, tight supply and surging demand, the average home price in the U.S. went from around $200,000 to $400,000, according to a new study from Point2.
However, in Florida, it took much less than a decade for home prices to achieve a twofold increase.
Average home values across Florida have undergone a seismic transformation, doubling in value within the short span of just six years. This surge, saw Miami’s average home price soar from around $290,000 in 2018 to the current median of $583,000. In Tampa, homes went from $213,500 in 2018 to $430,000.
For their study, analysts looked at historical data to calculate how many years it took for home prices in the 100 largest U.S. cities to double — and Tampa tied with Miami for having the third fastest price doubling among the country’s largest cities.
The trend of rapid price doubling extended to other big Florida cities, with home prices in St. Petersburg, Orlando and Jacksonville, increasing twofold in the past six to eight years.
Median home prices in St. Petersburg doubled within 6.6 years. In Orlando home prices doubled within 7.5 years — and in Jacksonville it took 7.9 years to see a twofold increase.
The research notes that, “Fluctuating mortgage rates, steep property prices, or supply deficits are no new challenges. But they have never unleashed such a rapid-fire onslaught on homebuyers in the U.S. as they have in today’s housing market.”
Orlando and Tampa also secured spots among the top 10 hottest markets in 2024, according to Zillow’s latest report, which reveals they boast a blend of swiftly selling homes on the market, an abundance of potential buyers, the expectation of stable home values and job growth relative to new construction.
Among the top 10 states attracting new construction buyers, Florida draws significant attention, with approximately one in every eight new construction buyers opting to purchase their homes in the Sunshine State. In November, the U.S. Census Bureau reported that for the year, more than 1.5 million new residential construction projects broke ground across the state — a 9.3% increase from the year prior.
But across the country, what state doubled its median home price the fastest? That would be Detroit, Michigan, where it took just 4.9 years for home prices to increase twofold. At the start of 2019, you could buy a home in the Motor City for $40,000 — but as of March 2024, the median sale price of homes there is $80,163.
Similarly, in the second-place spot, data shows that prices also doubled quickly in Spokane, Washington, where not that long ago, in March 2018, a home cost just $184,500 as compared to $371,000 today.
©2024 Advance Local Media LLC. Visit gulflive.com. Distributed by Tribune Content Agency, LLC.
