Point2: Prices Have Doubled Over Decade in Many Large U.S. Cities

(Image courtesy of Point2; Breakout mage courtesy of Maria Orlova/pexels.com)

Point2, Saskatoon, Saskatchewan, recently released an analysis finding that prices have doubled in less than 10 years in 68 of the country’s largest 100 cities. Some, such as Detroit, have doubled at a significantly faster rate.

Moreover, the national median home price has now crept to nearly twice what it was 10 years ago. In 2014 it stood around $200,000, and now it’s at $400,000, pushed by a variety of factors including inflation, tight supply and demand.

Florida and Arizona are the states with the largest concentration of rapidly rising rates.

In Florida, all five of the largest markets–Miami, Tampa, Jacksonville, Orlando and St. Petersburg–have doubled in the past 6-8 years.

Arizona had seven big-city markets double in 6-7 years.

In terms of “time to double,” Detroit leads the pack with 4.9 years, followed by Spokane, Wash., at 5.9 years.

Rounding out the top 10 are Tampa, Miami, Baltimore, Scottsdale, Ariz., Buffalo, N.Y., St. Petersburg, Fla., Jersey City, N.J., and Phoenix.

While not in the top 10 for speed, Irvine, Calif., doubled to $1.5 million from $750,000 in 2017, making it the most expensive big market in the U.S.

Some markets took longer to hit the “twice the price” mark. The slowest was Anchorage, Alaska, which took 21 years to double.

Other slower markets include Arlington, Va., Chesapeake, Va., Urban Honolulu, Virginia Beach, Va., Washington, D.C., Corpus Christi, Texas, Brooklyn, N.Y., El Paso, Texas, and Philadelphia.

And in many places, the prices of single-family homes have accelerated even faster–in 45 of the 100 major cities, the median price for a single-family house has doubled faster than all other residential property types combined.